<SEC-DOCUMENT>0001387131-23-003224.txt : 20230309
<SEC-HEADER>0001387131-23-003224.hdr.sgml : 20230309
<ACCEPTANCE-DATETIME>20230309161418
ACCESSION NUMBER:		0001387131-23-003224
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		22
FILED AS OF DATE:		20230309
DATE AS OF CHANGE:		20230309
EFFECTIVENESS DATE:		20230309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDL FUND
		CENTRAL INDEX KEY:			0001378701
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21969
		FILM NUMBER:		23719908

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>gdl-ncsr_123122.htm
<DESCRIPTION>CERTIFIED ANNUAL SHAREHOLDER REPORT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2022" xmlns:cef="http://xbrl.sec.gov/cef/2022" xmlns:gdl="http://gabelli.com/20221231">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html" />
</head>
<!-- Field: Set; Name: xdx; ID: xdx_02C_CEF%2D2022 -->
<!-- Field: Set; Name: xdx; ID: xdx_033_gdl_gabelli.com_20221231 -->
<!-- Field: Set; Name: xdx; ID: xdx_048_20230309_20230309 -->
<!-- Field: Set; Name: xdx; ID: xdx_052_edei%2D%2DEntityCentralIndexKey_0001378701 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_074_XDX_P%2D%2D\Clients\Gabelli Funds\The GDL Fund %2D GDL\2023\q23%2D03085__NCSR\gdl%2Dncsr__123122.xdx -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_065_Ratio_4_xbrli%2D%2Dpure -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
 <ix:hidden>
  <ix:nonNumeric contextRef="From2023-03-09to2023-03-09" name="dei:EntityCentralIndexKey">0001378701</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2023-03-09to2023-03-09" name="dei:AmendmentFlag">false</ix:nonNumeric>
  <ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0046" unitRef="USD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0047" unitRef="USD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0048" unitRef="USD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0049" unitRef="USD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0052" unitRef="Shares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0053" unitRef="Shares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0054" unitRef="Shares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0055" unitRef="Shares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0058" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0059" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0060" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0061" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0064" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0065" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0066" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0067" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0070" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0071" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0072" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember" id="xdx2ixbrl0073" unitRef="USDPShares" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="From2023-03-092023-03-09_custom_PurchaseTransactionMember" id="xdx2ixbrl0090" unitRef="USD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="From2023-03-092023-03-09_custom_SaleTransactionMember" id="xdx2ixbrl0091" unitRef="USD" xs:nil="true"></ix:nonFraction>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="gdl-20221231.xsd" xlink:type="simple" />
  </ix:references>
 <ix:resources>
    <xbrli:context id="From2023-03-09to2023-03-09">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-12-312022-12-31_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-12-31</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2017-01-01</xbrli:startDate>
        <xbrli:endDate>2017-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2016-01-01</xbrli:startDate>
        <xbrli:endDate>2016-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2015-01-01</xbrli:startDate>
        <xbrli:endDate>2015-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2014-01-01</xbrli:startDate>
        <xbrli:endDate>2014-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2013-01-01</xbrli:startDate>
        <xbrli:endDate>2013-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_CumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-03-31_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-03-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-04-012021-06-30_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-04-01</xbrli:startDate>
        <xbrli:endDate>2021-06-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-07-012021-09-30_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-07-01</xbrli:startDate>
        <xbrli:endDate>2021-09-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-10-012021-12-31_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-10-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-03-31_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-03-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-04-012022-06-30_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-04-01</xbrli:startDate>
        <xbrli:endDate>2022-06-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-07-012022-09-30_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-07-01</xbrli:startDate>
        <xbrli:endDate>2022-09-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-10-012022-12-31_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-10-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-12-31</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-12-312022-12-31_custom_SeriesECumulativePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-12-31</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_MarketRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MarketRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_InterestRateRiskGenerallyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:InterestRateRiskGenerallyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_InflationRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:InflationRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_MergerArbitrageRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MergerArbitrageRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_EquityRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:EquityRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_CommonStockRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:CommonStockRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_PreferredStockRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:PreferredStockRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_ConvertibleSecuritiesRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ConvertibleSecuritiesRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_FixedIncomeSecuritiesRisksMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:FixedIncomeSecuritiesRisksMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_LiborRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LiborRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_CorporateBondsRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:CorporateBondsRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_NonInvestmentGradeSecuritiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:NonInvestmentGradeSecuritiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SignificantHoldingsRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SignificantHoldingsRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_ForeignSecuritiesRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ForeignSecuritiesRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_RestrictedAndIlliquidSecuritiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:RestrictedAndIlliquidSecuritiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_ShortSalesRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ShortSalesRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_LeverageRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LeverageRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SpecialRisksRelatedToInvestmentinDerivativesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksRelatedToInvestmentinDerivativesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_CounterpartyRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:CounterpartyRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SwapsRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SwapsRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_ForwardForeignCurrencyExchangeContractsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ForwardForeignCurrencyExchangeContractsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_FuturesContractsAndOptionsonFuturesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:FuturesContractsAndOptionsonFuturesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_OptionsRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:OptionsRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_DerivativesRegulationRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:DerivativesRegulationRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_MarketDiscountRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MarketDiscountRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_LongTermObjectiveNotACompleteInvestmentProgramMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LongTermObjectiveNotACompleteInvestmentProgramMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_ManagementRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ManagementRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_DecisionMakingAuthorityRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:DecisionMakingAuthorityRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_DependenceOnKeyPersonnelMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:DependenceOnKeyPersonnelMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_MarketDisruptionAndGeopoliticalRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MarketDisruptionAndGeopoliticalRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_EconomicEventsAndMarketRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:EconomicEventsAndMarketRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_RegulationAndGovernmentInterventionRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:RegulationAndGovernmentInterventionRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_DeflationRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:DeflationRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_LegislationRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LegislationRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_RelianceOnServiceProvidersRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:RelianceOnServiceProvidersRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_CyberSecurityRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:CyberSecurityRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_MisconductOfEmployeesAndOfServiceProvidersRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MisconductOfEmployeesAndOfServiceProvidersRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_PortfolioTurnoverRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:PortfolioTurnoverRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_InvestmentDilutionRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:InvestmentDilutionRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_LegalTaxAndRegulatoryRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LegalTaxAndRegulatoryRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_AntiTakeoverProvisionsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:AntiTakeoverProvisionsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksToHoldersOfNotesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfFixedRatePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksToHoldersOfFixedRatePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesAndPreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksToHoldersOfNotesAndPreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SpecialRisksOfNotesToHoldersOfPreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksOfNotesToHoldersOfPreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfCommonSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksToHoldersOfCommonSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SpecialRiskToHoldersOfSubscriptionRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRiskToHoldersOfSubscriptionRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_PurchaseTransactionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:PurchaseTransactionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_SaleTransactionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SaleTransactionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001378701</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:DividendsOnPreferredSharesNotIncludedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-03-09</xbrli:startDate>
        <xbrli:endDate>2023-03-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    <xbrli:unit id="Ratio">
      <xbrli:measure>xbrli:pure</xbrli:measure>
    </xbrli:unit>
  </ix:resources>
 </ix:header>
</div>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">UNITED
STATES<br />
SECURITIES AND EXCHANGE COMMISSION<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">&#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>FORM
<span id="xdx_900_edei--DocumentType_c20230309__20230309_zjyMlJvxOVJ9"><ix:nonNumeric contextRef="From2023-03-09to2023-03-09" name="dei:DocumentType">N-CSR</ix:nonNumeric></span></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: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#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">Investment
Company Act file number <span style="text-decoration: underline">&#160;&#160;&#160;&#160;&#160;811-21969&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</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">&#160;</span></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%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
  <td style="border-bottom: Black 1pt solid; text-align: center; width: 44%"><span id="xdx_901_edei--EntityRegistrantName_c20230309__20230309_zRFHPlcio9u3" style="font-family: Arial, Helvetica, Sans-Serif"><ix:nonNumeric contextRef="From2023-03-09to2023-03-09" name="dei:EntityRegistrantName">The
  GDL Fund</ix:nonNumeric></span></td>
  <td style="width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
  <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">(Exact name of registrant as specified in charter)</span></td>
  <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
</table>

<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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: top; text-align: left">
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 50%"><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,
                                            New York 10580-1422</span></p></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">(Address of principal executive offices) (Zip
    code)</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  </table>

<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%">
  <tr style="vertical-align: top; text-align: left">
    <td style="width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 44%"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">John
                                            C. Ball</span></p>
                                                                               <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,
                                            New York 10580-1422</span></p></td>
    <td style="width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">(Name and address of agent for service)</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  </table>

<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; text-indent: 2.5in"><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: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Registrant&#8217;s
telephone number, including area code: <span style="text-decoration: underline">1-800-422-3554</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">&#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">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">&#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">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">&#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">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">&#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
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">&#160;</p>


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

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

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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-weight: normal">(a)</span></td><td><span style="font-weight: normal">The Report to Shareholders is attached herewith.</span></td></tr></table>

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

<p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #12110B"><b>Annual
Report </b></span><b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #1D1D1B">&#8212;</span></b><b>
<span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #12110B">December 31, 2022</span></b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>(Y)our
Portfolio Management Team</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, 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: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;<img src="gdlncsr123122001.jpg" alt="" /></span></td>
    <td style="width: 20%; text-align: center; padding-right: 8pt; padding-left: 8pt"><img src="gdlncsr123122002.jpg" alt="" /><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 20%; text-align: center; padding-right: 8pt; padding-left: 8pt"><img src="gdlncsr123122003.jpg" alt="" /><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt; padding-top: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><b>Mario
    J. Gabelli, CFA</b></span></td>
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt; padding-top: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><b>Willis
    M. Brucker</b></span></td>
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt; padding-top: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><b>Regina
    M. Pitaro</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><i>Chief
    Investment Officer</i></span></td>
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><i>Portfolio
    Manager</i></span></td>
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><i>Managing
    Director</i></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><i>BS,
    Boston College</i></span></td>
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><i>BA,
    Fordham University</i></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><i>MA,
    Loyola University, Chicago</i></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 8pt; padding-left: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1D1D1B"><i>MBA,
    Columbia Business School</i></span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>To
Our Shareholders,</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">For
the year ended </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">December 31, 2022</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">,
the net asset value (NAV) total return of The GDL Fund was (0.6)%, compared with a total return of 1.5% for the ICE BofA 3 Month
U.S. Treasury Bill Index. The total return for the Fund&#8217;s publicly traded shares was (6.9)%. The Fund&#8217;s NAV per share
was $9.98, while the price of the publicly traded shares closed at $7.84 on the New York Stock Exchange (NYSE). See page 3 for
additional performance information.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">Enclosed
are the financial statements, including the schedule of investments, as of </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">December
31, 2022</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">.</span></p>

<p style="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment
Objective (Unaudited)</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&#8217;s primary investment objective is to achieve absolute returns in various market conditions without excessive risk of
capital. The Fund will seek to achieve its objective by investing primarily in merger arbitrage transactions and, to a lesser
extent, in corporate reorganizations involving stubs, spin-offs, and liquidations.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="6" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="border: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Performance
Discussion (Unaudited)</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
Mergers &amp; Acquisitions (M&amp;A) activity totaled $1.1 trillion in the first quarter 2022, with more than 13,000 deals announced.
Geographically, M&amp;A for US targets totaled $521 billion accounting for about half of total global deal volumes. European and
Asia Pacific based targets totaled $236 billion and $174 billion respectively in the quarter. A record, $259 billion worth of
transactions were announced in the technology sector, with energy and power and industrials also particularly active. A majority
of these deals were mega deals, or deals with values greater than $10 billion. Fourteen mega deals were announced in the quarter
totaling $254 billion, a 46% increase year-over-year, the highest period in three years.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
second quarter saw a record eight consecutive quarter of total deals greater than $1 trillion, with $1.1 trillion announced worldwide,
a 13% increase from the first quarter. Globally there were nearly 27,000 deals announced and 6,600 in the U.S., a 6% and 2% increase
respectively. Cross border deal activity remained below very robust 2021 levels, but there was a 9% increase quarter-over-quarter,
with $359 billion announced. The technology sector continues to be the hot spot for targets, as in the second quarter $272 billion
worth of acquisitions were announced, a 5% increase versus the first quarter and still the most active group. Mega deals, or deals
greater than $10 billion, increased by 40% quarter-over-quarter globally to $355 billion, with several well-known targets entering
into merger agreements. In May, software company, VMware Inc. agreed to be acquired by Broadcom Inc. in a cash and stock transaction
valued at $61 billion, and Stockholm based smoke-less tobacco manufacturer Swedish Match AB agreed to be acquired by Philip Morris
International for $16 billion. And, of course, Elon Musk&#8217;s well publicized acquisition of Twitter for $44 billion.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
M&amp;A announcements totaled $643 billion in the third quarter, with 13,500 deals being announced. The U.S. accounted for about
one third of this volume, contributing $217 billion and nearly 3,800 deals to the total. Cross-border activity totaled $930 billion
through the end of September, a decrease of 38% year-over-year, as a number of global concerns worried potential buyers and sellers.
The technology sector remained the most active, with nearly 8,600 deals announced globally or $609 billion through the first nine
months, followed by energy and power and industrials. The healthcare sector saw an uptick in activity as Pfizer, Amgen, and Bristol-Myers
Squibb all announced transactions; buyers saw an opportunity to acquire strategic pipeline assets amid lower valuations. More
than 8,500 deals have been announced by financial sponsors year to date, contributing a record 23% to global total deal volumes.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">M&amp;A
activity was not immune to the fluctuations in the equity and fixed income markets in 2022. For the full year, global
M&amp;A activity totaled $3.6 trillion, down 37% year-over-year. While 2022 numbers may appear depressed year-over-year,
comparatively to the $3.1 and $2.8 trillion announced in 2018 and 2019 respectively, deal values certainly remain strong. A
total of 55,000 deals were announced worldwide, with more than 14,000 in the United States. The Federal Reserve&#8217;s fight
with inflation, increased global regulatory scrutiny and tightening financing markets all impacted the deal making landscape.
Technology remained the most active sector for new deal announcements, with $720 billion announced globally.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Selected
holdings that contributed positively to performance in 2022 were: Aerojet Rocketdyne Holdings (3.1% of total investments as December
31, 2022), which manufactures aerospace and defense products and systems, specifically propulsion systems for defense and space
applications; PNM Resources (2.3%) is a regulated utility company serving customers in New Mexico and Texas; and Swedish Match
(no longer held) which manufactures smokeless tobacco products including nicotine pouches around the world.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Some
of our weaker performing securities were: Rogers Corporation (1.3%) which manufactures specialty materials and components for
industrial and electronic applications; iRobot Corporation (0.9%) which</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">develops
consumer robot devices, most notably the Roomba vacuum cleaner; and Siltronic AG (0.1%), which produces silicon wafers used in
semiconductor manufacturing for computers, smartphones and other electronic devices.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thank
you for your investment in The GDL Fund.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
appreciate your confidence and trust.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="6" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="border: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
views expressed reflect the opinions of the Fund'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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Comparative
Results&#160;</b></span></p>
<div style="border: BLACK 2px solid; padding-left: 1%; padding-right: 1%; width: 96%">
<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b><span style="text-decoration: underline">Average
Annual Returns through December 31, 2022 (a) (Unaudited)</span></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">  </span></p>

<p style="font: 11pt 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 cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 36%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 2%; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 2%; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 2%; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 2%; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 2%; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Since</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Inception</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">1
    Year</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">3
    year</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">5
    year</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">10
    year</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">15
    year</span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">(1/31/07)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>GDL Fund (GDL)</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>NAV Total Return (b)</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">(0.60)%</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.89%</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">1.18%</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">2.45%</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">2.32%</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">2.40%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Investment Total Return (c)</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">(6.94)&#160;&#160;&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">(0.16)&#160;&#160;&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.71&#160;&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">2.46&#160;&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">2.72&#160;&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">1.56&#160;&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">ICE BofA 3 Month U.S. Treasury
    Bill Index </span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">1.46</span>&#160;&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.72</span>&#160;&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">1.26</span>&#160;&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.76</span>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.68</span>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.93</span>&#160;</td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0.25pt"></td><td style="width: 21.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Returns
                                         represent past performance and do not guarantee future results. Investment returns and
                                         the principal value of an investment will fluctuate. The Fund'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 ICE BofA 3 Month U.S. Treasury
                                         Bill Index is comprised of a single issue purchased at the beginning of the month and
                                         held for a full month. At the end of the month, that issue is sold and rolled into the
                                         outstanding Treasury Bill that matures closest to, but not beyond three months from the
                                         re-balancing date. To qualify for selection, an issue must have settled on or before
                                         the re-balancing (month end) date. Dividends are not reinvested for the ICE BofA 3 Month
                                         U.S. Treasury Bill Index. You cannot invest directly in an index.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0.25pt"></td><td style="width: 21.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
                                         returns and average annual returns reflect changes in the NAV per share and reinvestment
                                         of distributions at NAV on the ex-dividend date and are net of expenses. Since inception
                                         return is based on an initial NAV of $19.06.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0.25pt"></td><td style="width: 21.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
                                         returns and average annual returns reflect changes in closing market values on the NYSE
                                         and reinvestment of distributions. Since
inception return is based on an initial offering price of $20.00.</span></td></tr></table>

<p style="font: 11pt 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: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: rgb(18,17,11)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Investors
should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.</b></span></p>
</div>
<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMPARISON
OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>THE
GDL FUND (INVESTMENT TOTAL RETURN) AND ICE BOFA 3 MONTH U.S. TREASURY BILL INDEX</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(Unaudited)</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -215.55pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 45%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: top">
    <td colspan="4" style="border: Black 1pt solid; text-align: center"><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-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 35%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1
    Year</span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 19%; text-align: center"><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; border-left: Black 1pt solid; width: 26%; text-align: center"><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-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Investment</span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">(6.94)%</span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.71%</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2.46%</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red; text-align: center">&#160;<img src="gdlncsr123122004.jpg" alt="" /></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*
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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Summary
of Portfolio Holdings (Unaudited)</b></span>&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 5pt; margin-bottom: 5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following table presents portfolio holdings as a percent of total investments before securities sold short as <span style="color: #1D1D1B">of
</span><span style="color: #12110B">December 31, 2022</span><span style="color: #1D1D1B">:</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-size: 11pt">The GDL Fund</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 11pt">&#160;</span></td><td><span style="font-size: 11pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-size: 1pt">&#160;</span></td><td><span style="font-size: 1pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 1pt">&#160;</span></td><td><span style="font-size: 1pt">&#160;</span></td><td><span style="font-size: 1pt">&#160;</span></td>
    <td><span style="font-size: 1pt">&#160;</span></td><td><span style="font-size: 1pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 1pt">&#160;</span></td><td><span style="font-size: 1pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 37%; font-weight: bold; text-align: left">Long Positions</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%">&#160;</td>
    <td style="width: 37%">Retail</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%; text-align: right">0.4</td><td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td>&#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>Machinery</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.3</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">U.S. Government Obligations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">66.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">Paper and Forest Products</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.3</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Health Care</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">Wireless Communications</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Financial Services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">Specialty Chemicals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Energy and Utilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td>Automotive</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td>Aerospace</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.3</td><td style="text-align: left">%</td><td>&#160;</td>
    <td>Semiconductors</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td>Electronics</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">Food and Beverage</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Computer Software and Services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.3</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">Hotels and Gaming</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.0</td><td style="white-space: nowrap; text-align: left">%*</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">Transportation</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="text-align: right; padding-bottom: 1pt">1.5</td><td style="text-align: left; padding-bottom: 1pt">%</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">Consumer Services</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.0</td><td style="text-align: left; padding-bottom: 1pt">%*</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt">Cable and Satellite</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="text-align: right; padding-bottom: 2.5pt">1.5</td><td style="text-align: left; padding-bottom: 2.5pt">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">100.0</td><td style="text-align: left; padding-bottom: 2.5pt">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Building and Construction</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td>&#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">Consumer Products</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">Short Positions</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>Broadcasting</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.9</td><td style="text-align: left">%</td><td>&#160;</td>
    <td>&#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>Telecommunications</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.9</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">Building and Construction</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1.1</td><td style="text-align: left">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Diversified Industrial</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.9</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">Business Services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.2</td><td style="text-align: left">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt">Closed-End Funds</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="text-align: right; padding-bottom: 1pt">0.8</td><td style="text-align: left; padding-bottom: 1pt">%</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">Financial Services</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.1</td><td style="text-align: left; padding-bottom: 1pt">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt">Real Estate</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="text-align: right; padding-bottom: 2.5pt">0.7</td><td style="text-align: left; padding-bottom: 2.5pt">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1.4</td><td style="text-align: left; padding-bottom: 2.5pt">)%</td></tr>
<tr style="vertical-align: bottom">
    <td>Entertainment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td>&#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">Business Services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td>&#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">Metals and Mining</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 8pt">* &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Amount
    represents less than 0.05%.</span></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>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 7; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Schedule
of Investments &#8212; December 31, 2022</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: center; 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<div style="position: relative; float: left; width: 49%">
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    <br />
    Value</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></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>
    <td style="font-weight: bold; text-align: left; 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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">COMMON
    STOCKS &#8212; 32.9%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aerospace &#8212; 3.3%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">110,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 55%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aerojet Rocketdyne
    Holdings Inc.&#8224;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,466,296</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,152,300</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hexcel Corp.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">261,351</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">294,250</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,700</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Spire Global Inc.&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,063</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,352</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,766,710</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,454,902</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Automotive &#8212; 0.1%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Iveco Group NV&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">284,210</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">237,982</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Broadcasting &#8212;
    0.9%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TEGNA Inc.</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,959,573</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,864,720</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Building
    and Construction &#8212; 1.4%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37,500</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lennar Corp., Cl. B</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,461,371</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,804,250</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Business
    Services &#8212; 0.4%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Biffa plc</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,208</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61,566</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clear Channel Outdoor
    Holdings Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">133,278</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dawson Geophysical Co.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">173,675</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">147,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Evo Payments Inc., Cl.
    A&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,750</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,040</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ework Group AB</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,512</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,383</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IAA Inc.&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">312,246</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">320,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">891,669</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">859,989</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    and Satellite &#8212; 1.5%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lee Enterprises Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,509</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,960</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liberty Global plc, Cl.
    A&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,251,972</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">757,200</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liberty Latin America
    Ltd., Cl. A&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">359,404</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">225,900</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,351</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liberty Latin America
    Ltd., Cl. C&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,206</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,668</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shaw Communications Inc.,
    Cl. B</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,973,639</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,872,710</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,698,730</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,961,438</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer
    Software and Services &#8212; 2.3%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVEVA Group plc</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,991</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,687</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Black Knight Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,064,206</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">926,250</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Coupa Software Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">707,751</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">712,530</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dell Technologies Inc.,
    Cl. C</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">390,676</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">321,760</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EMIS Group plc</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91,848</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">90,526</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ForgeRock Inc., Cl. A&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">562,455</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">569,250</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,352</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gen Digital Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,152</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,834</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,495</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KnowBe4 Inc., Cl. A&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,099,917</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,102,586</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Playtech plc&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,348</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,921</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UserTesting Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">296,142</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">300,400</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VMware Inc., Cl. A&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">232,234</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245,520</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,647,720</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,455,264</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Products &#8212; 1.1%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,700</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">iRobot Corp.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,191,713</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,766,371</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
</div><div style="position: relative; float: right; width: 49%">
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Shares</b></span></td><td style="font-size: 11pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market <br />
Value</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="font-size: 11pt; text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; 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 style="font-weight: bold; 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" style="font-weight: bold; text-align: center; 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 style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; 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></tr>
<tr style="vertical-align: bottom">
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 55%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vivint Smart
    Home Inc.&#8224;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">357,125</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">357,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weber Inc., Cl. A</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96,180</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96,600</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,645,018</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,219,971</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Services &#8212; 0.0%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Poshmark Inc., Cl. A&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,665</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,880</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diversified
    Industrial &#8212; 0.9%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Altra Industrial Motion
    Corp.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,543,422</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,553,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Maxar Technologies Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103,454</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103,480</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Valmet Oyj</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">128,266</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">107,730</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,775,142</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,764,710</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Electronics &#8212;
    2.5%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,100</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bel Fuse Inc., Cl. A</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,210,640</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,900,859</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,208</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MKS Instruments Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">253,368</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">187,084</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,200</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rogers Corp.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,459,465</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,649,348</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Yamada Holdings Co. Ltd.</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">182,289</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">220,619</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,105,762</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,957,910</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy
    and Utilities &#8212; 3.4%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,333</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alvopetro Energy Ltd.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,910</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,050</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Avista Corp.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">505,241</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">532,080</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">300</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DCP Midstream LP</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,332</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,637</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Endesa SA</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,023,527</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">755,096</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">460,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gulf Coast Ultra Deep
    Royalty Trust</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,398</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,940</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PNM Resources Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,571,610</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,586,260</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">South Jersey Industries
    Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">288,509</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">302,005</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Southwest Gas Holdings
    Inc.</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">544,270</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">495,040</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,996,797</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,774,108</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Entertainment &#8212;
    0.7%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Activision Blizzard Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">319,343</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">306,200</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fox Corp., Cl. B</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,280,292</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">995,750</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,599,635</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,301,950</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    Services &#8212; 4.0%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aareal Bank AG&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">568,851</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">599,452</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">875</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brookfield Asset Management
    Ltd., Cl. A&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,630</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,086</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brookfield Corp.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142,306</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">110,110</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cadence Bank</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">322,143</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">295,920</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,237</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CNFinance Holdings Ltd.,
    ADR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,883</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,826</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Columbia Banking System
    Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,051</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">90,390</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cowen Inc., Cl. A</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,159,207</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,158,600</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fanhua Inc., ADR</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,560</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,400</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">First Horizon Corp.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">764,654</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">808,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Malvern Bancorp Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140,033</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
</div>
<div style="clear: both"></div><br />


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

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

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

<!-- Field: Page; Sequence: 8; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- 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="margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b>Schedule of Investments (Continued) &#8212; December 31, 2022</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: center; 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="margin-top: 0; margin-bottom: 0; text-align: left"></p>
<div style="position: relative; float: left; width: 49%">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    <br />
    Value</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></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>
    <td style="font-weight: bold; text-align: left; 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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">COMMON
    STOCKS (Continued)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    Services (Continued)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">275,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 55%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MoneyGram
    International Inc.&#8224;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,663,627</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,994,750</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SouthState Corp.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,649</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,360</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,600</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel Partners Holdings
    LP&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">272,818</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,010,080</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Community Financial
    Corp.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,004</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,800</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trean Insurance Group
    Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">269,347</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">270,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Webster Financial Corp.</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,610</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,680</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,769,373</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,840,954</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Food
    and Beverage &#8212; 0.1%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chr. Hansen Holding A/S</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">182,559</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">179,831</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">325,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Yashili International
    Holdings Ltd.&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">146,830</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,051</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">329,389</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">226,882</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health
    Care &#8212; 5.6%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1Life Healthcare Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">935,072</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">919,050</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Apollo Endosurgery Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,550</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,925</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AstraZeneca plc, ADR</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">407,050</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">474,600</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVEO Pharmaceuticals
    Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">597,196</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">598,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Biohaven Ltd.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,700</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">124,920</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bioventus Inc., Cl. A&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">124,752</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,880</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">F-star Therapeutics Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,840</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,640</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Horizon Therapeutics
    plc&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">565,093</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">569,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Idorsia Ltd.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">433,364</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">507,976</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">117,436</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Imago Biosciences Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,212,051</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,221,824</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LHC Group Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,469</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,338</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meridian Bioscience Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,888</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">116,235</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Myovant Sciences Ltd.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,071,370</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,078,400</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Opiant Pharmaceuticals
    Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61,052</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,840</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oyster Point Pharma Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,287,978</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,284,550</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">QIAGEN NV&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">290,061</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">349,090</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signify Health Inc.,
    Cl. A&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">585,009</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">573,200</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TherapeuticsMD Inc.&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">167,151</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95,030</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,987,646</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,063,498</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hotels
    and Gaming &#8212; 0.0%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">500</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Flutter Entertainment
    plc&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,049</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68,245</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Machinery &#8212; 0.3%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CFT SpA&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">138,180</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">123,101</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CIRCOR International
    Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160,799</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">239,600</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CNH Industrial NV</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140,236</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160,193</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLM Solutions Group AG&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,518</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,208</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">517,733</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">608,102</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metals
    and Mining &#8212; 0.3%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alamos Gold Inc., Cl.
    A</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">596,862</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">465,060</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
</div><div style="position: relative; float: right; width: 49%">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: center; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    <br />
Value</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: center; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,000</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 55%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Artemis Gold
    Inc.&#8224;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">152</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,845</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sierra Metals Inc.&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">185,088</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,096</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paper
    and Forest Products &#8212; 0.3%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Resolute Forest Products
    Inc.&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">485,034</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">518,160</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real
    Estate &#8212; 0.7%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corem Property Group
    AB, Cl. B</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,768</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,040</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Healthcare Realty Trust
    Inc., REIT</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,860</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,810</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Indus Realty Trust Inc.,
    REIT</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">447,147</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">444,430</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">STORE Capital Corp.,
    REIT</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">959,200</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">961,800</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,487,975</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,472,080</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Retail &#8212; 0.4%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Albertsons Companies
    Inc., Cl. A</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,300</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,480</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Home24 SE&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,692</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,971</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sportsman's Warehouse
    Holdings Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">979,798</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">602,240</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Fresh Market Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tod's SpA&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,007</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97,240</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,162,797</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">756,931</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Semiconductors &#8212;
    0.1%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">800</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Entegris Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,608</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,472</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,500</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Siltronic AG</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">295,012</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">182,378</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">369,620</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234,850</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Specialty
    Chemicals &#8212; 0.1%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mativ Holdings Inc.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">266,107</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SGL Carbon SE&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,366</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,673</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tronox Holdings plc</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,436</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,484</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">309,909</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">244,157</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecommunications &#8212;
    0.9%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">175,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Koninklijke KPN NV</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">535,802</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">541,380</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Orange Belgium SA&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,126,084</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">867,364</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Parrot SA&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,153</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97,561</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,047</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telesat Corp.&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">642,404</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262,853</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,380,443</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,769,158</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-size: 11pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation &#8212;
    1.5%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Abertis Infraestructuras
    SA&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">373,493</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,667</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Atlas Air Worldwide Holdings
    Inc.&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,998,516</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,016,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Atlas Corp.</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">739,158</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">767,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,111,167</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,990,667</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
</div>
<div style="clear: both"></div><br />


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

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

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

<!-- Field: Page; Sequence: 9; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- 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="margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b>Schedule of Investments (Continued) &#8212; December 31, 2022</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: center; 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="margin-top: 0; margin-bottom: 0; text-align: left"></p>
<div style="position: relative; float: left; width: 49%">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Value</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">COMMON STOCKS (Continued)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wireless
    Communications &#8212; 0.1%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">713,121</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 55%; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NII Holdings
    Inc., Escrow&#8224;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">184,194</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">249,592</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL
    COMMON STOCKS</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,771,433</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,260,351</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CLOSED-END
    FUNDS &#8212; 0.8%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">425,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Altaba Inc., Escrow&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,447,875</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,615,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PREFERRED
    STOCKS &#8212; 0.0%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    Services &#8212; 0.0%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel Partners Holdings
    LP, Ser. A, 6.000%, 02/07/26</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,852</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,940</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RIGHTS &#8212; 0.3%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer
    Software and Services &#8212; 0.0%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Flexion Therapeutics
    Inc., CVR&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">650</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health
    Care &#8212; 0.2%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ABIOMED Inc., CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Achillion Pharmaceuticals
    Inc., CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adamas Pharmaceuticals
    Inc., CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,200</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adamas Pharmaceuticals
    Inc., CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,200</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Akouos Inc., CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,391</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ambit Biosciences Corp.,
    CVR&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">134,171</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103,040</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dova Pharmaceuticals
    Inc., CVR&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,880</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Epizyme Inc., CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">300,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Innocoll, CVR&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ipsen SA/Clementia, CVR&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">168,750</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ocera Therapeutics, CVR&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,210</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,910</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Prevail Therapeutics
    Inc., CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,500</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Radius Health Inc.,
    CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">346,322</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Teva Pharmaceutical Industries
    Ltd., CCCP, expire 02/20/23&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">164,073</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tobira Therapeutics Inc.,
    CVR&#8224;(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">660</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,500</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zogenix Inc., CVR&#8224;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,500</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">519,693</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">261,581</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metals
    and Mining &#8212; 0.1%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kinross Gold Corp., CVR&#8224;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
</div><div style="position: relative; float: right; width: 49%">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Shares</b></span></td>
    <td colspan="3" style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market <br />
Value</span></td>
                                                               <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; font-size: 1pt">
    <td style="font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left; font-size: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: right; width: 12%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">419,000</span></td>
    <td style="text-align: left; width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; width: 55%; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pan American Silver Corp.,
    CVR&#8224;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96,370</span></td><td style="text-align: left; width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">239,249</span></td><td style="text-align: left; width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96,370</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">239,249</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">&#160;</td>
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">&#160;</td>
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">&#160;</td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL RIGHTS</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">616,063</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">501,480</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#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 colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Principal <br />
Amount</td>
    <td colspan="3" style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; 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 colspan="2" style="font-weight: bold; text-align: left"></td><td>&#160;</td>
    <td>&#160;</td>
    <td colspan="7" style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><b>U.S. GOVERNMENT OBLIGATIONS &#8212; 66.0%</b></td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 1%; text-align: left; padding-bottom: 1pt; vertical-align: top">$</td>
    <td style="width: 12%; text-align: right; padding-bottom: 1pt; vertical-align: top">131,517,000</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 55%; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">U.S. Treasury Bills, 3.317% to 4.657%&#8224;&#8224;, 01/05/23 to 06/01/23(b)</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">130,598,960</td><td style="width: 1%; text-align: left; padding-bottom: 1pt">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">130,636,005</td><td style="width: 1%; text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2">&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 2.5pt">TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT &#8212; 100.0%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200,462,183</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="text-align: right; padding-bottom: 2.5pt">198,058,776</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-weight: bold; text-align: left; 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 colspan="5" style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">SECURITIES SOLD SHORT &#8212; (1.4)%</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 colspan="5" style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">(Proceeds received $1,872,048)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="text-align: right; padding-bottom: 1pt">&#160;</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">(2,652,046</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="text-align: left; 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 colspan="5" style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Other Assets and Liabilities (Net)</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">3,139,041</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-weight: bold; text-align: left; 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 colspan="6" style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">PREFERRED SHARES</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="5" style="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">(4,188,932 preferred shares outstanding)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="text-align: right; padding-bottom: 1pt">&#160;</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">(69,446,600</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" 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 colspan="6" style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">NET ASSETS&#160;COMMON SHARES</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="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt">(12,929,843 common shares outstanding)</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="text-align: right; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">.</span></td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">129,099,171</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="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="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">NET ASSET VALUE PER COMMON SHARE</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="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt">($129,099,171 &#247; 12,929,843 shares outstanding)</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="text-align: right; padding-bottom: 2.5pt">&#160;</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9.98</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</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; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    <br />
Value</span></td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="5" style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SECURITIES
    SOLD SHORT &#8212; (1.4)%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Building
    and Construction &#8212; (1.1)%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,500</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 55%; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lennar Corp.,
    Cl. A</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,451,360</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,217,250</span></td><td style="width: 1%; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Business
    Services &#8212; (0.2)%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,643</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ritchie Bros Auctioneers
    Inc.</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">256,209</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">268,505</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    Services &#8212; (0.1)%</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,186</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">First Bank</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,108</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,119</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,657</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shore Bancshares Inc.</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,371</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,172</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">164,479</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166,291</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL
    SECURITIES SOLD SHORT(c)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,872,048</span></td><td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,652,046</span></td><td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to financial statements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 10; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Schedule
of Investments (Continued) &#8212; December 31, 2022</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: center; 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<div style="position: relative; float: left; width: 49%">
<!-- 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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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; font-size: 8pt; color: #1D1D1B">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Security
                                         is valued using significant unobservable inputs and is classified as Level 3 in the fair
                                         value hierarchy.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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%"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">At
                                         December 31, 2022, $13,000,000 of the principal amount was reserved and/or pledged with
                                         the custodian for securities sold short and forward foreign exchange contracts.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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%"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">At
                                         December 31, 2022, these proceeds are being held at Pershing LLC.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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%"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8224;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-income
                                         producing security.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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%"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8224;&#8224;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Represents
                                         annualized yields at dates of purchase.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B">
<tr style="vertical-align: top">
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADR</span></td>
    <td style="width: 91%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Depositary Receipt&#160;</span></td></tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B">
<tr style="vertical-align: top">
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CCCP</span></td>
    <td style="width: 91%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Contingent Cash Consideration
    Payment&#160;</span></td></tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B">
<tr style="vertical-align: top">
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CVR</span></td>
    <td style="width: 91%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Contingent Value Right&#160;</span></td></tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B">
<tr style="vertical-align: top">
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REIT</span></td>
    <td style="width: 91%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real Estate Investment Trust</span></td></tr>
</table>


</div><div style="position: relative; float: right; width: 49%">

<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; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Geographic
Diversification</b></span></td><td style="color: black; font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%
    of Total<br />
    Investments</span></td><td style="color: black; font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market<br />
    Value</span></td><td style="color: black; font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Long
    Positions</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North
    America</span></td><td style="width: 1%; color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 12%; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95.9</span></td><td style="width: 1%; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td><td style="width: 1%; color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 12%; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">189,871,779</span></td><td style="width: 1%; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Europe</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.9</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,834,102</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Japan</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.1</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">220,619</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asia/Pacific </span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.1</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132,276</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Investments
    &#8212; Long Positions</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.0</span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,058,776</span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#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: left">&#160;</td><td style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Short
    Positions</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North America</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.4</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,652,046</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Investments
    &#8212; Short Positions</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.4</span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,652,046</span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

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

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As
of December 31, 2022, forward foreign exchange contracts outstanding were as follows:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td style="color: #12110B"><b>&#160;</b></td>
    <td colspan="2" style="color: #12110B; text-align: center"><b>Unrealized</b></td><td style="color: #12110B"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td><b>&#160;</b></td><td style="color: #12110B"><b>&#160;</b></td>
    <td colspan="2" style="color: #12110B; text-align: center"><b>Settlement</b></td><td style="color: #12110B"><b>&#160;</b></td><td style="color: #12110B"><b>&#160;</b></td>
    <td colspan="2" style="color: #12110B; text-align: center"><b>Appreciation/</b></td><td style="color: #12110B"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="border-bottom: Black 1pt solid; text-align: center"><b>Currency Purchased</b></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><b>Currency Sold</b></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: center"><b>Counterparty</b></td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12110B; text-align: center"><b>Date</b></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12110B; text-align: center"><b>(Depreciation)</b></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 5%; color: #12110B">USD</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 12%; color: #12110B; text-align: right">3,518,813</td><td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 5%; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">EUR</span></td><td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 12%; color: #12110B; text-align: right">3,300,000</td><td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 26%; color: #12110B; text-align: center">State Street Bank and Trust Co.</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 12%; color: #12110B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">01/27/23</span></td><td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">$</td><td style="width: 12%; color: #12110B; text-align: right">(20,634</td><td style="width: 1%; color: #12110B; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B">USD</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">1,481,796</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">CAD</span></td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">2,000,000</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: center">State Street Bank and Trust Co.</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">01/27/23</span></td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">4,493</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B">GBP</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">1,000,000</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">USD</span></td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">1,205,159</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: center">State Street Bank and Trust Co.</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">01/27/23</span></td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">4,734</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; padding-bottom: 1pt">USD</td><td style="color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">1,203,069</td><td style="padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">GBP</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">1,000,000</td><td style="padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="color: #12110B; text-align: center; padding-bottom: 1pt">State Street Bank and Trust Co.</td><td style="color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">01/27/23</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">(6,824</td><td style="padding-bottom: 1pt; color: #12110B; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="17" style="color: #12110B; font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS</td><td style="text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="color: #12110B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; color: #12110B; text-align: left">$</td><td style="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; color: #12110B; text-align: right">(18,231</td><td style="padding-bottom: 2.5pt; color: #12110B; text-align: left">)</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to financial statements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 11; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>
<div style="position: relative; float: left; width: 49%">
<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Statement
of Assets and Liabilities</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 -->

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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="color: black; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">Assets:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 85%; color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Investments
    in securities, at value (cost $200,462,183)</span></td><td style="width: 1%; color: black"><span style="font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: black; text-align: left"><span style="font-size: 8pt">$</span></td><td style="width: 12%; color: black; text-align: right"><span style="font-size: 8pt">198,058,776</span></td><td style="width: 1%; color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Foreign
    currency, at value (cost $1,406,269)</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">1,413,342</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Deposit
    at brokers for securities sold short</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">2,689,967</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Receivable
    for investments in securities sold</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">3,987</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Dividends
    and interest receivable</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">197,654</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Deferred
    offering expense</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">133,232</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Unrealized
    appreciation on forward foreign currency contracts</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-size: 8pt">9,227</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Total
    Assets</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-size: 8pt">202,506,185</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">Liabilities:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Securities
sold short, at value (proceeds $1,872,048)</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">2,652,046</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Payable
    to bank</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">14,883</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Distributions
    payable</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">38,581</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Payable
    for investment securities purchased</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">775,356</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Payable for Fund shares
    repurchased</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">139,883</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Payable
    for investment advisory fees</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">84,063</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Payable
    for payroll expenses</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">77,097</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Payable
    for accounting fees</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">11,250</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Unrealized
    depreciation on forward foreign currency contracts</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">27,458</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Series
    C Cumulative Preferred Shares, callable and mandatory redemption 03/26/25 (See Notes 2 and 6)</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">34,446,600</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Series
    E Cumulative Preferred Shares, callable and mandatory redemption 03/26/25 (See Notes 2 and 6)</span></td><td style="color: black"><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; text-align: right"><span style="font-size: 8pt">35,000,000</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Other
    accrued expenses</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-size: 8pt">139,797</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Total
    Liabilities</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">73,407,014</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></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"><span style="font-size: 8pt">Net
    Assets Attributable to Common Shareholders</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 8pt">129,099,171</span></td><td style="text-align: left; padding-bottom: 2.5pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    Assets Attributable to Common Shareholders Consist of:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Paid-in
    capital</span></td><td style="color: black"><span style="font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-size: 8pt">$</span></td><td style="color: black; text-align: right"><span style="font-size: 8pt">134,754,288</span></td><td style="color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Total
    accumulated loss</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-size: 8pt">(5,655,117</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    Assets</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font-size: 8pt">129,099,171</span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    Asset Value per Common Share:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">($129,099,171
    &#247; <span id="xdx_906_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zUjN2riKdwg2"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,929,843</ix:nonFraction></span> shares outstanding at $0.001 par value; unlimited number of shares authorized)</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font-size: 8pt"><span id="xdx_903_ecef--LatestNav_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zinkXiaVJyzb"><ix:nonFraction name="cef:LatestNav" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.98</ix:nonFraction></span></span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-size: 8pt">&#160;</span></td></tr>
</table>
</div><div style="position: relative; float: right; width: 49%">
<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Statement
of Operations</b></span></p>

<p style="margin-top: 0; margin-bottom: 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><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 -->

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

<table cellpadding="0" cellspacing="0" style="font-family: Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">Investment Income:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 85%; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Dividends
    (net of foreign withholding taxes of $130,070)</span></td><td style="width: 1%"><span style="font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-size: 8pt">1,205,206</span></td><td style="width: 1%; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Interest</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">1,867,693</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Total
    Investment Income</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">3,072,899</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">Expenses:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Investment advisory
    fees</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">994,206</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Interest expense on
    preferred shares</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">2,443,420</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Payroll expenses</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">234,594</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Trustees&#8217; fees</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">134,000</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Legal and audit fees</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">76,630</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Shareholder communications
    expenses</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">76,378</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Dividend expense on
    securities sold short</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">47,248</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Accounting fees</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">45,000</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Offering expense for
    issuance of preferred shares</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">43,268</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Shareholder services
    fees</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">37,151</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Custodian fees</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">26,981</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Service fees for securities
    sold short (See Note 2)</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">10,098</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Interest expense</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">949</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Miscellaneous
    expenses</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">107,809</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Total
    Expenses</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">4,277,732</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Less:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.375in; text-indent: -0.125in"><span style="font-size: 8pt">Advisory fee reduction
    on unsupervised assets (See Note 3)</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">(7,425</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.375in; text-indent: -0.125in"><span style="font-size: 8pt">Expenses paid indirectly
    by broker (See Note 5)</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">(3,175</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.375in; text-indent: -0.125in"><span style="font-size: 8pt">Custodian
    fee credits</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">(16,067</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Total
    Credits and Reductions</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">(26,667</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    Expenses</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">4,251,065</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    Investment Loss</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">(1,178,166</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Forward Foreign Exchange Contracts,
    and Foreign Currency:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net realized loss on
    investments in securities</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">(372,223</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net realized loss on
    securities sold short</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">(108,714</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net realized gain on
    forward foreign exchange contracts</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">608,337</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    realized gain on foreign currency transactions</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">35,069</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    realized gain on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency
    transactions</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">162,469</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net change in unrealized
    appreciation/depreciation:</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.375in; text-indent: -0.125in"><span style="font-size: 8pt">on investments in
    securities</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">(3,252,584</span></td><td style="text-align: left"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.375in; text-indent: -0.125in"><span style="font-size: 8pt">on securities sold
    short</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">1,466,961</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.375in; text-indent: -0.125in"><span style="font-size: 8pt">on forward foreign
    exchange contracts</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">19,005</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.375in; text-indent: -0.125in"><span style="font-size: 8pt">on
    foreign currency translations</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">(4,462</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-size: 8pt">Net
    change in unrealized appreciation/depreciation on investments in securities, securities sold short, forward foreign exchange
    contracts, and foreign currency translations</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">(1,771,080</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-size: 8pt">Net
    Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Forward Foreign Exchange Contracts,
    and Foreign Currency</span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 8pt">(1,608,611</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 8pt">)</span></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"><span style="font-size: 8pt">Net
    Decrease in Net Assets Attributable to Common Shareholders Resulting from Operations</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 8pt">(2,786,777</span></td><td style="text-align: left; padding-bottom: 2.5pt"><span style="font-size: 8pt">)</span></td></tr>
</table>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to financial statements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 12; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Year
    Ended</span></td><td style="color: #12110B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Year
    Ended</span></td><td style="color: #12110B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December
    31, 2022</span></td><td style="padding-bottom: 1pt; color: #12110B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December
    31, 2021</span></td><td style="padding-bottom: 1pt; color: #12110B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operations:</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 64%; color: #12110B; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    investment loss</span></td><td style="width: 1%; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 14%; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,178,166</span></td><td style="width: 1%; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td><td style="width: 1%; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 14%; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,700,120</span></td><td style="width: 1%; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Net realized
    gain on investments in securities, securities sold short, forward foreign exchange contracts, and foreign currency transactions</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">162,469</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,293,038</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Net
    change in unrealized appreciation/depreciation on investments in securities, securities sold short, forward foreign exchange
    contracts, and foreign currency translations</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,771,080</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,352,918</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,786,777</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,240,000</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions
    to Common Shareholders:</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Accumulated
    earnings</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"></span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8212;</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,774,962</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Return
    of capital</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,465,459</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,889,049</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#160;Total
    Distributions to Common Shareholders</b></span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,465,459</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,664,011</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fund
    Share Transactions:</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
    from repurchase of common shares</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,308,675</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,366,693</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Net
    Decrease in Net Assets from Fund Share Transactions</b></span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,308,675</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,366,693</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Net
    Decrease in Net Assets Attributable to Common Shareholders</b></span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,560,911</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,790,704</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Assets Attributable to Common Shareholders:</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Beginning
    of year</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">145,660,082</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151,450,786</span></td><td style="padding-bottom: 1pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">End
    of year</span></td><td style="color: #12110B; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">129,099,171</span></td><td style="padding-bottom: 2.5pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12110B; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">145,660,082</span></td><td style="padding-bottom: 2.5pt; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>


<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to financial statements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font: 8pt Arial, Helvetica, Sans-Serif"></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 13; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Statement
of Cash Flows</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 -->

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 83%; color: black; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    decrease in net assets attributable to common shareholders resulting from operations</span></td><td style="width: 1%; color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 14%; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,786,777</span></td><td style="width: 1%; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjustments
    to Reconcile Net Decrease in Net Assets Resulting from Operations to Net Cash used in Operating Activities:</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,786,777</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchase
    of long term investment securities</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(222,853,069</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from sales of long term investment securities</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">241,459,396</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from short sales of investment securities</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,937,599</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchase
    of securities to cover short sales</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">662,749</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net purchases
    of short term investment securities</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,378,660</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net realized
    loss on investments</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">372,223</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net realized
    loss on securities sold short</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">108,714</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net change
    in unrealized depreciation on investments</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,252,584</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net amortization
    of discount</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,847,261</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net decrease
    in unrealized appreciation on forward foreign exchange contracts</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19,005</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net decrease
    in unrealized depreciation on securities sold short</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,466,961</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
    in deposit at broker for securities sold short</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,640,074</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase
    in receivable for investments sold</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,921</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
    in dividends and interest receivable</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,715</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase
    in deferred offering expense</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,020</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
    in prepaid expenses</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">453</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase
    in payable for investments purchased</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">618,856</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
    in payable for investment advisory fees</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,136,343</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase
    in payable for payroll expenses</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,162</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase
    in payable for accounting fees</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,500</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
    in other accrued expenses</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(74,371</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net cash
    used in operating activities</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(20,324,561</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net increase
    in net assets resulting provided by financing activities:</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,378,080</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Issuance of Series E
    Cumulative Preferred Shares</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,000,000</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions
    to common shareholders</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,446,015</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
    from repurchase of common shares</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,308,675</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase
    in payable for Fund shares repurchased</span></td><td style="color: black"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132,770</span></td><td style="color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase
    in payable to bank</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,883</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net cash
    provided by financing activities</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,392,963</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net increase
    in cash</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,068,402</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash (including
    foreign currency and restricted cash):</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Beginning of year</span></td><td style="color: black; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">344,940</span></td><td style="color: black; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">End of year</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,413,342</span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>

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

<p style="margin-top: 0; margin-bottom: 0"></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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Supplemental disclosure of cash flow information:</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 83%; text-align: left; padding-left: 0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest
    paid on preferred shares</span></td><td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,443,420</span></td><td style="width: 1%; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest
    paid on bank overdrafts</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">949</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The following
    table provides a reconciliation of and foreign currency reported within the Statement of Assets and Liabilities that sum to
    the total of the same amount above at December 31, 2022:</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    currency, at value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,413,342</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,413,342</span></td><td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to financial statements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 14; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Selected
data for a common share of beneficial interest outstanding throughout each year:</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_49F_20220101__20221231_z9DCtm76zktd" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_491_20210101__20211231_zV47WaMpevCe" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_496_20200101__20201231_zEypviB7wmo5" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_491_20190101__20191231_zHKXd2WXDACi" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_49C_20180101__20181231_z4M08sYs1BYg" style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><b>&#160;</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="18" style="border-bottom: Black 1pt solid; text-align: center"><b>Year Ended December 31,</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: right; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">2022</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">2021</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">2020</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">2019</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: right">2018</td><td style="color: black; font-weight: bold; text-align: right; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; 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: 35%; color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net asset value, beginning of year</td><td style="width: 1%; color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: black; text-align: right">10.53</td><td style="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="width: 1%; color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: black; text-align: right">10.74</td><td style="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="width: 1%; color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: black; text-align: right">11.15</td><td style="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="width: 1%; color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: black; text-align: right">10.99</td><td style="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="width: 1%; color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: black; text-align: right">11.59</td><td style="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net investment loss</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.10</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.20</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.28</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.42</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.14</td><td style="color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net realized and unrealized gain/(loss) on investments in securities, securities sold short, swap contracts, forward foreign exchange contracts, and foreign currency transactions</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.08</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.44</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.14</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.88</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.15</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Total from investment operations</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.18</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.24</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.14</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.46</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.29</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; 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="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net investment income</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.19</td><td style="color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net realized gain</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.20</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.07</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.18</td><td style="color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Return of capital</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.48</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.28</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.46</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.33</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.03</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Total distributions to common shareholders</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.48</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.48</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.46</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.40</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.40</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; 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="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Increase in net asset value from repurchase of common shares</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.11</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.03</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.19</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.10</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.09</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Offering costs for preferred shares charged to paid-in capital</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.00</td><td style="color: black; text-align: left; padding-bottom: 1pt">)(a)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Total Fund share transactions</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.11</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.03</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.19</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.10</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.09</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt">Net Asset Value Attributable to Common Shareholders, End of Year</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">9.98</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">10.53</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">10.74</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">11.15</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">10.99</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt">NAV total return &#8224;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">(0.60</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">)%</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">2.54</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">%</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">0.74</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">%</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">5.15</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">%</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">(1.76</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt">Market value, end of year</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">7.84</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">8.93</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">8.72</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">9.30</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">9.17</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt">Investment total return &#8224;&#8224;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">(6.94</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">)%</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">7.95</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">%</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">(0.93</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">)%</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">5.81</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">%</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right">(1.62</td><td style="color: black; text-align: left; padding-bottom: 2.5pt">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; 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="color: black; 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 style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">198,546</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">180,107</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">185,897</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">305,887</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">314,633</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; 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 style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">129,099</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">145,660</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">151,451</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">174,686</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">183,431</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Ratio of net investment loss to average net assets attributable to common shares including interest and offering costs (b)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.86</td><td style="color: black; text-align: left">)%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(1.81</td><td style="color: black; text-align: left">)%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(2.49</td><td style="color: black; text-align: left">)%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(3.64</td><td style="color: black; text-align: left">)%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(1.18</td><td style="white-space: nowrap; color: black; text-align: left">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; 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)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">3.09</td><td style="white-space: nowrap; color: black; text-align: left">%(e)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">2.89</td><td style="white-space: nowrap; color: black; text-align: left">%(e)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">3.17</td><td style="white-space: nowrap; color: black; text-align: left">%(e)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">5.76</td><td style="white-space: nowrap; color: black; text-align: left">%(e)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">4.04</td><td style="color: black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Portfolio turnover rate</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">263</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">329</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">228</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">380</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">390</td><td style="color: black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#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: left">&#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: left">&#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: left">&#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: left">&#160;</td><td style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; 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="color: black; font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Series C Preferred</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left"></td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_40F_ecef--SeniorSecuritiesAmount_pn3n3_hcef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zPHl3skwRJp7" style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Liquidation value, end of year (in 000&#8217;s)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,447</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,447</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,447</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">131,201</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">131,201</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecef--OutstandingSecurityNotHeldShares_pn3n3_hcef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zwVL1V1Py0tg" style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Total shares outstanding (in 000&#8217;s)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">689</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">689</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">689</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,624</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,624</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_405_ecef--SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit_pip0_hcef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zFKBHQ6m4upg" style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in">Liquidation preference per share</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pip0_hcef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zEKnrCFTESB" style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in">Average market value (f)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.21</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">51.51</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">51.15</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.71</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">51.63</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_403_ecef--SeniorSecuritiesCoveragePerUnit_pip0_hcef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zhgZIULztPp1" style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in">Asset coverage per share</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">142.95</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">261.43</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">269.83</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">116.57</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">119.90</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Series E Preferred</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_404_ecef--SeniorSecuritiesAmount_pn3n3_hcef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_zoAnt22exoMb" style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Liquidation value, end of year (in 000&#8217;s)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35,000</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0046">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0047">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0048">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0049">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_407_ecef--OutstandingSecurityNotHeldShares_pn3n3_hcef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_zBA8Ygqu7jfl" style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Total shares outstanding (in 000&#8217;s)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">3,500</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0052">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0053">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0054">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0055">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_400_ecef--SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit_pip0_hcef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_z3Q12hEcKOL4" style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in">Liquidation preference per share</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">10.00</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0058">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0059">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0060">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0061">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_403_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pip0_hcef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_zvEvVX3bKWO3" style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in">Average market value (f)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">100.00</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0064">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0065">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0066">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0067">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecef--SeniorSecuritiesCoveragePerUnit_pip0_hcef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_zJXhL8EF1kwk" style="vertical-align: bottom">
    <td style="color: black; padding-left: 0.25in; text-indent: -0.125in">Asset coverage per share</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">28.59</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0070">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0071">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0072">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0073">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Asset Coverage</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">286</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">523</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">540</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">233</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">240</td><td style="color: black; text-align: left">%</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to financial statements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 15; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"></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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8224;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Based
                                         on net asset value per share, adjusted for reinvestment of distributions at the net asset
                                         value per share on the ex-dividend dates.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8224;&#8224;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Based
                                         on market value per share, adjusted for reinvestment of distributions at prices determined
                                         under the Fund&#8217;s dividend reinvestment plan.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount
                                         represents less than $0.005 per share.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         Fund incurred interest expense during all periods presented. Interest expense on Preferred
                                         Shares relates to the $50 Series B Preferred Shares to May 29, 2018, the $50 Series C
                                         Preferred Shares from March 26, 2018 through December 31, 2022 (see Footnotes 2 and 5).</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         ratio of operating expenses excluding interest, dividends and service fees on securities
                                         sold short, and offering costs to average net assets attributable to common shares for
                                         the years ended December 31, 2022, 2021, 2020, 2019, and 2018 would have been 3.05%,
                                         2.79%, 2.61%, 2.41%, and 1.28%, respectively.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(e)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         ratio of operating expenses excluding the custodian fee credit for the years ended December
                                         31, 2022, December 31, 2020, and 2019 would have been 3.10%, 3.18%, and 5.75%. For the
                                         year ended December 31, 2021 there was no impact on the expense ratios.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(f)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Based
                                         on weekly prices.</span></td></tr></table>

<p style="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
accompanying notes to financial statements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 16; Value: 5 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Notes
to Financial Statements</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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b>1.&#8194;
Organization</b></span><b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">.</span></b><span style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B">
GDL Fund was organized on October 17, 2006 as a Delaware statutory trust. The Fund is a 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 January 31, 2007.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&#8217;s primary investment objective is to achieve absolute returns in various market conditions without excessive risk of
capital. The Fund will seek to achieve its objective by investing primarily in merger arbitrage transactions and, to a lesser
extent, in corporate reorganizations involving stubs, spin-offs, and liquidations. The Fund will invest at least 80% of its assets,
under normal market conditions, in securities or hedging arrangements relating to companies involved in corporate transactions
or reorganizations, giving rise to the possibility of realizing gains upon or within relatively short periods of time after the
completion of such transactions or reorganizations. The principal risk associated with the Fund&#8217;s investment strategy is
that certain of the proposed reorganizations in which the Fund invests may involve a longer time frame than originally contemplated
or be renegotiated or terminated, in which case losses may be realized. The Fund invests all or a portion of its assets to seek
short term capital appreciation. This can be expected to increase the portfolio turnover rate and cause increased brokerage commission
costs. The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially
greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in
a particular sector of the market, positive or negative, and may experience increased volatility to the Fund&#8217;s NAV and a
magnified effect in its total return.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b>2.&#8194;
Significant Accounting Policies</b></span><b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">.
</span></b><span style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B">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: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Security
Valuation. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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,</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 237pt; text-align: justify; text-indent: -237.45pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 17; Options: NewSection; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
1 &#8212; quoted prices in active markets for identical securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 18; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
summary of the Fund&#8217;s investments in securities and other financial instruments by inputs used to value the Fund&#8217;s
investments as of December 31, 2022 is as follows:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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"><b>&#160;</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center"><b>Valuation Inputs</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="color: #12110B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12110B; font-weight: bold; text-align: center">Level 1 <br />
Quoted
    Prices</td><td style="padding-bottom: 1pt; color: #12110B; font-weight: bold">&#160;</td><td style="color: #12110B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12110B; font-weight: bold; text-align: center">Level 2 Other
    <br />
Significant     <br />
Observable Inputs</td><td style="padding-bottom: 1pt; color: #12110B; font-weight: bold">&#160;</td><td style="color: #12110B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12110B; font-weight: bold; text-align: center">Level 3
    Significant Unobservable     <br />
Inputs (a)</td><td style="padding-bottom: 1pt; color: #12110B; font-weight: bold">&#160;</td><td style="color: #12110B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12110B; font-weight: bold; text-align: center">Total Market
    Value <br />
at 12/31/22</td><td style="padding-bottom: 1pt; color: #12110B; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">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="color: #12110B; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">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="color: #12110B; text-align: left; padding-left: 0.125in; text-indent: -0.125in">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="width: 40%; color: #12110B; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Health Care</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">$</td><td style="width: 12%; color: #12110B; text-align: right">9,778,948</td><td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">$</td><td style="width: 12%; color: #12110B; text-align: right">1,284,550</td><td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 12%; color: #12110B; text-align: right">&#8212;</td><td style="width: 1%; color: #12110B; text-align: left">&#160;</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">$</td><td style="width: 12%; color: #12110B; text-align: right">11,063,498</td><td style="width: 1%; color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; padding-left: 0.25in; text-indent: -0.125in">Machinery</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">485,001</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">$</td><td style="color: #12110B; text-align: right">123,101</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">608,102</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; padding-left: 0.25in; text-indent: -0.125in">Retail</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">756,931</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">756,931</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; padding-left: 0.25in; text-indent: -0.125in">Transportation</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">2,783,000</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">207,667</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">2,990,667</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Wireless Communications</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">249,592</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">249,592</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Other Industries (b)</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">49,591,561</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">49,591,561</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Total Common Stocks</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">63,395,441</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">1,534,142</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">330,768</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">65,260,351</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Closed-End Funds</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">1,615,000</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">1,615,000</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Preferred Stocks (b)</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">45,940</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">45,940</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Rights (b)</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">239,249</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">111,270</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">150,961</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">501,480</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">U.S. Government Obligations</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">130,636,005</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">130,636,005</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: #12110B; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">TOTAL INVESTMENTS IN SECURITIES &#8211; ASSETS</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">63,680,630</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">133,896,417</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">481,729</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">198,058,776</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; font-weight: bold; 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><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="color: #12110B; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">LIABILITIES (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="border-bottom: Black 1pt solid; color: #12110B; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Common Stocks Sold Short (b)</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">(2,652,046</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">(2,652,046</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: #12110B; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">TOTAL INVESTMENTS IN SECURITIES &#8211; LIABILITIES</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">(2,652,046</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">(2,652,046</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; font-weight: bold; text-align: left; 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><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="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">OTHER FINANCIAL INSTRUMENTS:*</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="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">ASSETS (Unrealized Appreciation):</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="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">FORWARD CURRENCY EXCHANGE CONTRACTS</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="color: #12110B; text-align: left; padding-left: 0.375in; text-indent: -0.125in">Forward Foreign Exchange Contracts</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">$</td><td style="color: #12110B; text-align: right">9,227</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">&#8212;</td><td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">$</td><td style="color: #12110B; text-align: right">9,227</td><td style="color: #12110B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">LIABILITIES (Unrealized 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><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="color: #12110B; font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">FORWARD CURRENCY EXCHANGE CONTRACTS</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="border-bottom: Black 1pt solid; color: #12110B; text-align: left; padding-bottom: 1pt; padding-left: 0.375in; text-indent: -0.125in">Forward Foreign Exchange Contracts</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">(27,458</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">(27,458</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #12110B; text-align: left">)</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, 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">(a)</span></td><td style="text-align: justify; padding-right: 17pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, 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">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please
                                         refer to the Schedule of Investments (SOI) for the industry classifications of these
                                         portfolio holdings.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, 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">*</span></td><td style="text-align: justify; padding-right: 34pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
                                         financial instruments are derivatives reflected in the SOI, such as options, futures,
                                         forwards, and swaps, which may be valued at the unrealized appreciation/(depreciation)
                                         of the instrument.</span></td></tr></table>

<p style="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During
the year ended December 31, 2022, the Fund did not have material transfers into or out of Level 3.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>Additional
Information to Evaluate Qualitative Information.</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>General.
</i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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
</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 237pt; text-align: justify; text-indent: -237.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 19; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 unreliable, prices will be sought from another
pricing service or from a broker/dealer that trades that security or similar securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Fair
Valuation. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Derivative
Financial Instruments. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 20; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Swap
Agreements</i>.</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. During the year ended December 31, 2022, the Fund held no investments
in equity contract for difference swap agreements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Forward
Foreign Exchange Contracts. </b>The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific
transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate
by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in
market value is included in unrealized appreciation/depreciation on forward foreign exchange contracts. When the contract is closed,
the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and
the value at the time it was closed.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund&#8217;s
portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign
exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential
gain that might result should the value of the currency increase. Forward foreign exchange contracts at December 31, 2022 are
reflected within the Schedule of Investments. The Fund&#8217;s volume of activity in forward foreign exchange contracts
during the year ended December 31, 2022 had an average monthly notional amount of approximately $7,701,056.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
December 31, 2022, the value of forward foreign exchange contracts can be found in the Statement of Assets and Liabilities under
Assets, Unrealized appreciation on forward foreign exchange contracts and under Liabilities, Unrealized depreciation on forward
foreign exchange contracts. For the year ended December 31, 2022, the effect of forward foreign exchange contracts can be found
in the Statement of Operations under Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short,
Forward Foreign Exchange Contracts, and Foreign Currency, within Net realized gain on forward foreign exchange contracts and Net
change in unrealized appreciation/depreciation on forward foreign exchange contracts.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 21; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
December 31, 2022, the Fund&#8217;s derivative assets (by type) are as follows:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 40%; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 20%; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Gross
    Amounts of</span></td>
    <td style="width: 20%; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Gross
    Amounts</span></td>
    <td style="width: 20%; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Recognized
    Assets</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Available
    for</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Net
    Amounts of</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Presented
    in the</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Offset
    in the</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Assets
    Presented in</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Statement
    of</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Statement
    of Assets</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">the
    Statement of</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Assets
    and Liabilities</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">and
    Liabilities</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Assets
    and Liabilities</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Assets</b></span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Forward Foreign Exchange Contracts</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$9,227</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$(9,227)</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Gross
    Amounts of</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Gross
    Amounts</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Recognized
    Liabilities</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Available
    for</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Net
    Amounts of</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Presented
    in the</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Offset
    in the</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Liabilities
    Presented in</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Statement
    of</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Statement
    of Assets</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">the
    Statement of</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Assets
    and Liabilities</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">and
    Liabilities</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Assets
    and Liabilities</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Liabilities</b></span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Forward Foreign Exchange Contracts</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$27,458</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$(9,227)</span></td>
    <td style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$18,231</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following table presents the Fund&#8217;s derivative liability by counterparty net of the related collateral segregated by the
Fund for the benefit of the counterparty as of December 31, 2022:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-right: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Net
    Amounts Not Offset in the Statement of</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-right: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Assets
    and Liabilities</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 28%; text-align: left; padding-right: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 18%; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Net
    Amounts of</span></td>
    <td style="width: 18%; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 18%; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 18%; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-right: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Liabilities
    Presented in</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-right: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">the
    Statement of</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Securities
    Pledged</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Cash
    Collateral</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-right: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Assets
    and Liabilities</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">as
    Collateral</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Pledged</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Net
    Amount</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-right: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Counterparty</b></span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-right: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">State Street Bank and Trust Co.</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$18,231</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td style="text-align: center; padding-right: 3pt; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$18,231</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Limitations
on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 (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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 22; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Securities
Sold Short</i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">. The Fund entered
into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing
the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The
proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of
the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records
a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of
an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund
on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of
the open positions, which is adjusted periodically as the value of the position fluctuates. Securities sold short and details
of collateral at December 31, 2022 are reflected within the Schedule of Investments. For the year ended December 31, 2022, the
Fund incurred $10,098 in service fees related to its investment positions sold short and held by the broker. These amounts are
included in the Statement of Operations under Expenses, Service fees for securities sold short.</span></p>

<p style="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Series
C and Series E Cumulative Preferred Shares. </i></b>For financial reporting purposes only, the liquidation value of preferred
shares that have a mandatory call date is classified as a liability within the Statement of Assets and Liabilities and the dividends
paid on these preferred shares are included as a component of &#8220;Interest expense on preferred shares&#8221; within the Statement
of Operations. Offering costs are amortized over the life of the preferred shares.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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
approximately 1 basis point.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Foreign
Currency Translations. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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>

<p style="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Foreign
Securities. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 237pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 23; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Foreign
Taxes. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Restricted
Securities. </i></b>The Fund may invest up to 15% of its net assets 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Securities
Transactions and Investment Income. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Custodian
Fee Credits and Interest Expense. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">When
cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross
expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding
expense offset, if any, shown as &#8220;Custodian fee credits.&#8221; When cash balances are overdrawn, the Fund is charged an
overdraft fee of 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be included in
the Statement of Operations.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Distributions
to Shareholders. </i></b>Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders
are 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. See Series C and Series E Cumulative Preferred Shares above for discussion of GAAP
treatment. The distributions on these Preferred Shares are treated as dividends for tax purposes. These differences are also due
to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund,
timing differences, and differing characterizations of distributions made by the Fund. 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 disallowed expenses, and the reclassification
of prior year post financial statement adjustments. These reclassifications have no impact on the NAV of the Fund.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 237pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 24; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the year ended December 31, 2022, reclassifications were made to increase paid-in capital by $121,177, with an offsetting adjustment
to total accumulated loss.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under
the Fund&#8217;s current common share distribution policy, the Fund declared and paid quarterly distributions from net investment
income, capital gains, and paid-in capital. The actual sources of the distribution are determined after the end of the year. To
the extent such distributions were made from current earnings and profits, they are considered ordinary income or long term capital
gains. Distributions during the year may be made in excess of required distributions. That portion of a distribution that is paid-in
capital (and is not sourced from net investment income or realized gains) should not be considered as the yield or total return
on an investment in the Fund.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions
to shareholders of the Fund&#8217;s Series C and Series E Cumulative Preferred Shares are recorded on a daily basis and are determined
as described in Note 5.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
tax character of distributions paid during the years ended December 31, 2022 and 2021, were as follows:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: center; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended <br />
December 31, <br />
2022</td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended <br />
December 31, <br />
2021</td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Common</td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Common</td><td style="font-weight: bold; text-align: center; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: justify">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></tr>
<tr style="vertical-align: bottom">
    <td style="width: 50%; color: #12110B; text-align: justify">Ordinary income (inclusive of short term capital gains)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,774,962</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: justify; 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">6,465,459</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">3,889,049</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: justify; padding-bottom: 2.5pt">Total distributions paid</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,465,459</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,664,011</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr>
</table>


<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
December 31, 2022, the components of accumulated earnings/losses on a tax basis were as follows:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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: 56%; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Capital loss carryforwards</td><td style="width: 1%; color: #12110B">&#160;</td>
    <td style="width: 1%; color: #12110B; text-align: left">$</td><td style="width: 12%; color: #12110B; text-align: right">(1,087,242</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Net unrealized depreciation on investments, forward foreign exchange contracts, and foreign currency translations</td><td style="color: #12110B">&#160;</td>
    <td style="color: #12110B; text-align: left">&#160;</td><td style="color: #12110B; text-align: right">(4,529,294</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Other temporary differences</td><td style="color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12110B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12110B; text-align: right">(38,581</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="color: #12110B; padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; color: #12110B; text-align: left">&#160;</td><td style="padding-bottom: 1pt; color: #12110B; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in; text-indent: -0.125in">Total</td><td style="color: #12110B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12110B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12110B; text-align: right">(5,655,117</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #12110B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
temporary differences are due to preferred share class distributions payable.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
December 31, 2022, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future
required distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited
period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"></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="text-align: left; padding-left: 0.125in; text-indent: -0.125in; width: 81%">Short
term capital loss carryforward with no expiration</td><td style="color: #12110B; width: 1%">&#160;</td>
    <td style="color: #12110B; text-align: left; width: 1%">$</td>
    <td style="color: #12110B; text-align: left; width: 1%">&#160;</td><td style="color: #12110B; text-align: right; width: 16%">1,087,242</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 25; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
December 31, 2022, the temporary differences between book basis and tax basis net unrealized depreciation 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 and investments no longer considered passive foreign investment
companies.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">The
following summarizes the tax cost of investments and derivatives and the related net unrealized depreciation at </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">December
31, 2022</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 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: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 95%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="width: 31%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 14%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Gross</b></span></td>
    <td style="width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 14%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Gross</b></span></td>
    <td style="width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Cost/</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Unrealized</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Unrealized</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Net
    Unrealized</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>(Proceeds)</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Appreciation</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Depreciation</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Depreciation</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">Investments
and other derivative instruments</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$199,928,298</span></td>
    <td style="padding-left: 9pt; text-align: center">&#160;</td>
    <td style="padding-left: 9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$5,649,945</span></td>
    <td style="padding-left: 9pt; text-align: center">&#160;</td>
    <td style="padding-left: 9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$(10,153,282)</span></td>
    <td style="padding-left: 9pt; text-align: center">&#160;</td>
    <td style="padding-left: 9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$(4,503,337)</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. For 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 base fee, computed weekly and paid monthly, equal
on an annual basis to 0.50% of the value of the Fund&#8217;s average weekly managed assets. Managed assets consist of all of the
assets of the Fund without deduction for borrowings, repurchase transactions, and other leveraging techniques, the liquidation
value of any outstanding preferred shares, or other liabilities except for certain ordinary course expenses. In addition, the
Fund may pay the Adviser an annual performance fee at a calendar year end if the Fund&#8217;s total return on its managed assets
during the year exceeds the total return of the 3 Month U.S. Treasury Bill Index (the T-Bill Index) during the same period. For
every four basis points that the Fund&#8217;s total return exceeds the T-Bill Index, the Fund will accrue weekly and pay annually
a one basis point performance fee up to a maximum performance fee of 150 basis points. Under the performance fee arrangement,
the annual rate of the total fees paid to the Adviser can range from 0.50% to 2.00% of the average weekly managed assets. During
the year ended December 31, 2022, the Fund did not accrue a performance fee. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
was a reduction in the advisory fee paid to the Adviser relating to Bel Fuse, Inc., i.e., unsupervised assets, of the Fund with
respect to which the Adviser transferred dispositive and voting control to the Fund&#8217;s Proxy Voting Committee. During the
year ended December 31, 2022, the Fund&#8217;s Proxy Voting Committee exercised control and discretion over all rights to vote
or consent, and exercised dispositive control, with respect to such securities, and the Adviser reduced its fee with respect to
such securities by $7,425.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 26; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 to $224,933,238 and $242,300,044, respectively. Purchases and sales of U.S. Government
Obligations for the year ended December 31, 2022, aggregated $422,980,137 and $385,601,477, respectively.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b>5.&#8194;Transactions
with Affiliates and Other Arrangements. </b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">During
the year ended December 31, 2022, the Fund paid $29,416 in brokerage commissions on security trades to G.research, LLC, an affiliate
of the Adviser.</span></p>

<p style="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 $3,175.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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). For the
year ended December 31, 2022, the Fund accrued $234,594 in payroll expenses in the Statement of Operations.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:CapitalStockTableTextBlock"><p id="xdx_806_ecef--CapitalStockTableTextBlock_dU_zFNMoOtr30ed" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 the Fund&#8217;s common shares on the open market when its shares are trading at a discount
of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV per share. During the years
ended December 31, 2022 and 2021, the Fund repurchased and retired 900,714 and 265,048 common shares in the open market at an
investment of $7,308,675 and $2,366,693 and an average discount of approximately 19.47% and 17.46%, respectively, from its NAV.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has an effective shelf registration authorizing an additional $200 million of common or preferred shares.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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_z8tOokD4VFCd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. The 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
March 28, 2022, the Fund issued 3,500,000 shares of Series E Cumulative Term Preferred Shares (Series E Preferred), receiving
$34,750,000 after the deduction of estimated offering expenses of $250,000. The Series E Preferred has a liquidation value of
$10 per share, and pays dividends at the rate of 4.00% per annum of the $10 per share liquidation preference for the dividend
period beginning with the date of original issuance and</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 27; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_239_zXsr6WAKNbC8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zKYyrcSpmj6g" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Notes
to Financial Statements (Continued)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_234_zQSh5tQJ0Hxc" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ending
on June 26, 2022 and the three dividend periods thereafter, and 4.25% per annum of the $10 per share liquidation preference for
all subsequent dividend periods. The Series E Preferred Shares are callable at the Fund&#8217;s option on March 26, 2024, are
puttable in each 60-day period ending March 26, 2023 and March 26, 2024, and have a mandatory redemption date of March, 26, 2025.
At December 31, 2022, there were 3,500,000 Series E Preferred outstanding and distributions amounted to $19,444.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Series C Preferred paid distributions at an annualized rate of 4.000% on the $50 per share liquidation preference for the
quarterly dividend periods ended on or prior to March 26, 2019 (Year 1). On February 22, 2019, the Fund&#8217;s Board
announced a reset fixed dividend rate of 4.000% that will apply for the next eight quarterly dividend periods (Year 2 and
Year 3). On March 1, 2021, the Board continued the 4.000% dividend rate for Series C Preferred through the mandatory
redemption date of March 26, 2025. On March 26, 2020, 1,935,093 Series C Preferred were put back to the Fund at the
liquidation value of $96,754,650, plus accumulated and unpaid dividends. At December 31, 2022, there were 688,932 Series C
Preferred outstanding and distributions amounted to $19,137.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends
on the Preferred Shares are cumulative. 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 Preferred Shares at the respective redemption
prices 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>

</ix:nonNumeric><p id="xdx_856_zJ6hnXf0O3Va" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CumulativePreferredStockMember" escape="true" name="cef:SecurityVotingRightsTextBlock"><p id="xdx_84E_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxrnjB2QcjM5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders
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 shares, 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_85B_zTPUXnD8Ma1a" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_819_zBpVh1vbZwhh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b>7.&#8194;
Indemnifications. </b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 28; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.&#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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 29; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To
the Shareholders and the Board of Trustees of&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
GDL Fund</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have audited the accompanying statement of assets and liabilities of The GDL Fund (the &#8220;Fund&#8221;), including the schedule
of investments, as of December 31, 2022, and the related statements of operations and cash flows for the year then ended, the
statements of changes in net assets attributable to common shareholders for each of the two years in the period then ended, the
financial highlights for each of the five years in the period then ended and the related notes (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 at December 31, 2022, the results of its operations and its cash flows for the year then ended, the changes
in its net assets attributable to common shareholders for each of the two years in the period then ended and its financial highlights
for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
conducted our audits 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. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund&#8217;s internal control over
financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting
but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 procedures included confirmation of securities owned as
of December 31, 2022, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed
other auditing procedures. 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. We believe that our audits provide a reasonable
basis for our opinion.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red; text-align: right"><img src="gdlncsr123122005.jpg" alt="" /></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have served as the auditor of one or more Gabelli Funds investment companies since 1992.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New
York, New York&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">March
1, 2023</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 30; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 202pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual
Approval of Continuance of Investment Advisory Agreement (Unaudited)</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
its meeting on November 10, 2022, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory
agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the
Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the
Independent Board Members as well as their conclusions relative to such factors.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Nature,
Extent, and Quality of Services. </b>The Independent Board Members considered information regarding the portfolio manager, the
depth of the analyst pool available to the Adviser, the scope of supervisory, administrative, shareholder and other services supervised
or provided by the Adviser, and the absence of significant service problems reported to the Board. The Independent Board Members
noted the experience, length of service, and reputation of the portfolio management team in the merger arbitrage area.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Independent Board Members also noted that they were impressed with the overall quality of the materials relating to the Board&#8217;s
consideration of the Advisory Agreement.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment
Performance. </b>The Independent Board Members noted that the performance fulcrum point for the Adviser to either earn incentive
compensation or give up a portion of its compensation was the three month Treasury Index (T-Bill Index) plus 300 basis points
(the Fulcrum Point). The Independent Board Members recognized that the Fund had underperformed the Fulcrum Point for the one,
three, five and ten year periods ended September 30, 2022. The Independent Board Members also reviewed information regarding the
investment performance of the Fund over one, three, five, and ten year periods (as of September 30, 2022) in comparison to a group
of event driven funds selected by the Adviser, which were primarily open-end funds, and noted that there were no closely comparable
closed-end funds. The Fund&#8217;s performance was above the average for the one-year period, which the Independent Board Members
noted as an improvement relative to the three, five, and ten-year periods as compared to the comparison group of event driven
funds. Apart from the Fulcrum Point, the Independent Board Members also discussed their understanding of the Fund&#8217;s arbitrage
strategy as an alternative for investors to Treasury Bills as a short-term parking place for money and, in this regard, noted
the Fund&#8217;s generally positive performance relative to the T-Bill Index for the three and ten-year periods ended September
30, 2022. The Independent Board Members discussed the factors that may have affected Fund performance for the one-year period,
including the impact of inflation and other economic headwinds on global merger and acquisition activity.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Profitability.
</b>The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser and also noted
that the fulcrum fee was designed so that the Adviser would likely experience higher than average profitability if the Fund substantially
outperformed the T-Bill Index and that the performance to date has resulted in fee rates that have varied from the lowest fee
under the formula to the highest.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Economies
of Scale. </b>The Independent Board Members discussed the major elements of the Adviser&#8217;s cost structure and the relationship
of those elements to potential economies of scale and reviewed data provided by the Adviser, noting that meaningful economies
of scale could not occur in the absence of very substantial secondary offerings.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sharing
of Economies of Scale. </b>The Independent Board Members noted that the investment management fee for the Fund did not take into
account any potential economies of scale.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 31 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->


<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 202pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual
Approval of Continuance of Investment Advisory Agreement (Unaudited) (Continued)</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Service
and Cost Comparisons. </b>The The Independent Board Members reviewed the Fund&#8217;s expense ratios and found them to be generally
higher than average within the group of event driven funds selected by the Adviser. The Independent Board Members recognized,
however, that the Adviser&#8217;s fee would increase or decrease depending on the Fund&#8217;s performance from year-to-year.
The Independent Board Members were presented with, but did not consider to be material to their decision, various information
comparing the advisory fee with the fee for other types of accounts managed by the Adviser.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Conclusions.
</b>The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary
services, and acceptable performance. The Independent Board Members determined that the reference index chosen for the fulcrum
fee structure was appropriate inasmuch as arbitrage performance is often measured against risk-free returns, that the rate of
profit sharing built into the formula was fair, that the maximum fee was not unreasonable (particularly in light of the requirement
that the higher returns necessary for higher fee levels must be earned net of the higher fees) and that the one year measuring
period was sufficient and consistent with the short-term nature of the Fund&#8217;s investment program. The Independent Board
Members concluded that the profitability of the Fund to the Adviser was reasonable in view of the performance necessary to achieve
any particular level of profitability and that potential economies of scale and potential additional profit to the Adviser and
its affiliates from portfolio execution services were not a significant factor in their thinking. On the basis of the foregoing
and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation
of the Advisory Agreement to the full Board.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based
on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members,
determined that the Fund&#8217;s advisory fee was appropriate in light of the quality of services provided and in light of the
other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation
of the Fund&#8217;s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole
and did not consider any one factor as all-important or controlling.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 32; Value: 111 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->31<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delaware
Statutory Trust Act &#8211; Control Share Acquisitions</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%
or more, but less than 15% of all voting power;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15%
or more, but less than 20% of all voting power;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20%
or more, but less than 25% of all voting power;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25%
or more, but less than 30% of all voting power;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30%
or more, but less than a majority of all voting power; or</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
majority or more of all voting power.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 192pt 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 33 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->


<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 C and Series E 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>

<!-- Field: Page; Sequence: 34; Value: 119 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->33<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SUMMARY
OF FUND EXPENSES</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 165pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:PurposeOfFeeTableNoteTextBlock"><p id="xdx_80C_ecef--PurposeOfFeeTableNoteTextBlock_dU_zMDfFxLn4Sxc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following tables are intended to assist you in understanding the various costs and expenses directly or indirectly associated
with investing in our common shares as a percentage of net assets attributable to common shares. The table is based on the capital
structure of the Fund as of December 31, 2022.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; color: #1D1D1B"></p>

</ix:nonNumeric><p id="xdx_817_z1zGxqV4rHE7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; color: #1D1D1B">&#160;</p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:ShareholderTransactionExpensesTableTextBlock"><p id="xdx_803_ecef--ShareholderTransactionExpensesTableTextBlock_dU_zEUjWNBZK176" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b><i>Shareholder Transaction Expenses</i></b></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Sales Load (as a percentage of
    offering price)</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><span id="xdx_909_ecef--SalesLoadPercent_d0_c20230309__20230309_ztNOWukBtk4"><ix:nonFraction name="cef:SalesLoadPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:zerodash" decimals="INF" sign="-" unitRef="Ratio">-</ix:nonFraction></span>%
    (a)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Offering Expenses
    Borne by the Fund</span></td>
    <td style="width: 10%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    </tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(as
    a percentage of offering price) </span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><span id="xdx_90B_ecef--OtherTransactionExpensesPercent_d0_c20230309__20230309_zLv7QscjNnG"><ix:nonFraction name="cef:OtherTransactionExpensesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:zerodash" decimals="INF" sign="-" unitRef="Ratio">-</ix:nonFraction></span>%
    (a)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Dividend
    Reinvestment and Voluntary Cash Purchase Plan Fees </span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_d0_c20230309__20230309_zY57kLaWR4Xa"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1.00</ix:nonFraction></span>
    (b)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.375in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Purchase
    Transactions </span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><span id="xdx_901_ecef--DividendReinvestmentAndCashPurchaseFees_pdp0_c20230309__20230309__cef--SecurityAxis__custom--PurchaseTransactionMember_zgfPRFQzKXVc"><span style="-sec-ix-hidden: xdx2ixbrl0090">-</span></span></span></td>
    </tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.375in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">One-time
    Fee for Deposit of Share Certificates</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_pdp0_c20230309__20230309__cef--SecurityAxis__custom--SaleTransactionMember_zkurrTL39dD2"><span style="-sec-ix-hidden: xdx2ixbrl0091">-</span></span></span></td>
    </tr>
</table>

</ix:nonNumeric><p id="xdx_81E_zTIGBSA4FImj" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:AnnualExpensesTableTextBlock"><p id="xdx_808_ecef--AnnualExpensesTableTextBlock_dU_zdvpLCai9Ztk" style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    Expenses</span></td><td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Percentages
    of Net Assets Attributable to Common Shares</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 64%; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Management
    Fees</span></td><td style="width: 1%; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_90A_ecef--ManagementFeesPercent_dp_c20230309__20230309_zfkeleIxlJbg"><ix:nonFraction name="cef:ManagementFeesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.77</ix:nonFraction></span></span></td><td style="width: 7%; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%(c)(d)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Base
    Fee</span></td><td style="color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_908_ecef--OtherAnnualExpense1Percent_dp_c20230309__20230309_z71eA6JOOb66"><ix:nonFraction name="cef:OtherAnnualExpense1Percent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.77</ix:nonFraction></span></span></td><td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Performance
    Fee</span></td><td style="color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_908_ecef--OtherAnnualExpense2Percent_dp_c20230309__20230309_zqHKRua09xPh"><ix:nonFraction name="cef:OtherAnnualExpense2Percent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.00</ix:nonFraction></span></span></td><td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest
    Expense</span></td><td style="color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_909_ecef--InterestExpensesOnBorrowingsPercent_dp_c20230309__20230309_zkxt7ghJSMzk"><ix:nonFraction name="cef:InterestExpensesOnBorrowingsPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">2.48</ix:nonFraction></span></span></td><td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%(e)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    Expenses</span></td><td style="color: #1D1D1B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_90B_ecef--OtherAnnualExpense3Percent_dp_c20230309__20230309_zqfljQCfMWf2"><ix:nonFraction name="cef:OtherAnnualExpense3Percent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.65</ix:nonFraction></span></span></td>
                                                                                                                                                                           <td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%(f)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    Annual Expenses</span></td><td style="color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_904_ecef--TotalAnnualExpensesPercent_dp_c20230309__20230309_zda0VLCU9Ae4"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">3.90</ix:nonFraction></span></span></td><td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends
    on Preferred Shares</span></td><td style="color: #1D1D1B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_90E_ecef--WaiversAndReimbursementsOfFeesPercent_dp_c20230309__20230309_zCWt0LjEpQj"><ix:nonFraction name="cef:WaiversAndReimbursementsOfFeesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.00</ix:nonFraction></span></span></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    Annual Expenses and Dividends on Preferred</span></td><td style="color: #1D1D1B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_906_ecef--NetExpenseOverAssetsPercent_dp_c20230309__20230309_zasAt1ybobcg"><ix:nonFraction name="cef:NetExpenseOverAssetsPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">3.90</ix:nonFraction></span></span></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%(b)(c)</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_81F_z8Y18yq1teKj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&#160;</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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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: 22pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">If
                                         common shares are sold to or through underwriters or deal managers, a prospectus or prospectus
                                         supplement will set forth any applicable sales load and the estimated offering expenses
                                         borne by the Fund.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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: 21pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">(b)</span></td><td style="text-align: justify; padding-right: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">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 their pro rata share of brokerage commissions for transactions to purchase shares
                                         and $1.00 plus their pro rata share of brokerage commissions per transaction to sell
                                         shares.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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: 22pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">The
                                         base fee rate charged by the Investment Adviser is an annual rate of 0.50% of the Fund&#8217;s
                                         average weekly managed assets payable monthly in arrears. In addition, the Investment
                                         Adviser will be entitled to receive an annual performance fee as of the end of each calendar
                                         year described below. The Fund&#8217;s managed assets includes all of the assets of the
                                         Fund without deduction for borrowings, repurchase transactions and other leveraging techniques,
                                         the liquidation value of any outstanding preferred shares or other liabilities except
                                         for certain ordinary course expenses. Consequently, since the Fund has preferred shares
                                         outstanding, the investment management fees and other expenses as a percentage of net
                                         assets attributable to common shares may be higher than if the Fund does not utilize
                                         a leveraged capital structure.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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"></td><td style="width: 22pt; text-align: left"><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">Based
                                         on year ended December 31, 2022. In addition to the base fee, the Investment Adviser
                                         will be entitled to receive an annual performance fee as of the end of each calendar
                                         year if the total return of the</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 23pt; text-align: justify; text-indent: -22.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 35; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p id="xdx_236_zycY5w7WdzRh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p id="xdx_231_zGKlzHgvrH2h" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p>

<!-- Field: Rule-Page --><div id="xdx_23C_zppFAxo9FFr5" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 23pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund
on its common shares during the calendar year in question exceeds the total return of an index of three-month U.S. Treasury bills
(the &#8220;T-Bill Index&#8221;) during the same period. If the Fund&#8217;s total return for the calendar year equals the total
return of the T-Bill Index for the same period plus 3.0 percentage points (300 basis points), the Investment Adviser will receive
a performance fee of 0.75% of the Fund&#8217;s average weekly managed assets during the calendar year measurement period for the
Fund&#8217;s fulcrum fee. This performance fee will be increased by 0.01 percentage point (one basis point) for each 0.04 percentage
point (four basis points) by which the Fund&#8217;s total return during the period exceeds the T-Bill Index total return plus
3.0 percentage points (300 basis points), up to a maximum performance fee of 1.50% if the excess performance over the T-Bill Index
is 6.0 percentage points (600 basis points) or greater and will be decreased at the same rate for the amount by which the Fund&#8217;s
total return during the period is less than the T-Bill Index total return plus 3.0 percentage points (300 basis points), until
no performance fee is payable if the Fund&#8217;s total return is less than or equal to the T-Bill Index total return. Under the
performance fee arrangement, the annual rate of the total fees paid to the Investment Adviser can range from 0.50% to 2.00% of
the Fund&#8217;s average weekly managed assets.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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: 22pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">(e)</span></td><td style="text-align: justify; padding-right: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">The
                                         Series C Preferred Shares and the Series E Preferred Shares have a mandatory redemption
                                         date of March 26, 2025. Therefore, for financial reporting purposes only, the dividends
                                         paid on the Series C Preferred
Shares and the Series E Preferred Shares are included as a component of &#8220;Interest Expense.&#8221;</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><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"><span id="xdx_908_ecef--OtherExpensesNoteTextBlock_c20230309__20230309_zNRVnlVMqKX9"><ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:OtherExpensesNoteTextBlock">&#34;Other
Expenses&#34; are based on the Fund's fiscal year ended December 31, 2022.</ix:nonNumeric></span></span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:ExpenseExampleTableTextBlock"><p id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zAU7vmvGr7mc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="width: 38%; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>1
    Year</b></span></td>
    <td style="width: 2%; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>3
    Year</b></span></td>
    <td style="width: 2%; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>5
    Year</b></span></td>
    <td style="width: 2%; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>10
    Year</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Total Expenses Incurred&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td id="xdx_98C_ecef--ExpenseExampleYear01_pp2p0_c20230309__20230309_zeaznTbBorlk" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="2" scale="0" unitRef="USD">3.90</ix:nonFraction></span></td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_989_ecef--ExpenseExampleYears1to3_c20230309__20230309_zPTfkZc0c2T8" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="0" unitRef="USD">119</ix:nonFraction></span></td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_984_ecef--ExpenseExampleYears1to5_c20230309__20230309_zUjdm0Qk88E5" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200</ix:nonFraction></span></td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_988_ecef--ExpenseExampleYears1to10_c20230309__20230309_zim8EGMpjaje" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="0" unitRef="USD">412</ix:nonFraction></span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></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 -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt 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: 22pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">*</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">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: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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_zuuw1vT8S10f"><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_zTIUPK1FMMMh"><ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">45</ix:nonFraction></span>, $<span id="xdx_90C_ecef--ExpenseExampleYears1to5_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zUPimzCayrBd"><ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78</ix:nonFraction></span>, and $<span id="xdx_903_ecef--ExpenseExampleYears1to10_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zpp7BwJfPL48"><ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">170</ix:nonFraction></span>.</i></span></p>

</ix:nonNumeric><p id="xdx_81A_zEnLHzCSU5s2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
GDL Fund is a diversified closed-end management investment company organized as a Delaware statutory trust on October 17, 2006,
and registered under the 1940 Act. Investment operations commenced on January 31, 2007. The Fund&#8217;s common shares are listed
on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the symbol &#8220;GDL&#8221; and the Fund&#8217;s Series C Preferred
Shares are listed on the NYSE under the symbol &#8220;GDL Pr C.&#34;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 36; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p id="xdx_238_zItqR1tl5MDg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p id="xdx_23A_zAkq3M2TIf5l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p>

<!-- Field: Rule-Page --><div id="xdx_231_z5kKYfoADgIg" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:SharePriceTableTextBlock"><p id="xdx_80F_ecef--SharePriceTableTextBlock_dU_z4XsLhZjU2F7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td id="xdx_486_ecef--HighestPriceOrBid_zr0lQQEry39k">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_481_ecef--LowestPriceOrBid_zsISuX0Nwnw9">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_48F_ecef--HighestPriceOrBidNav_zXgNztkyd6eh" style="text-align: center">&#160;</td>
    <td colspan="2" id="xdx_48A_ecef--LowestPriceOrBidNav_zZZPmWIznxS8" style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_485_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_z6HhgHuM4Rs1">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_48E_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_zYUxb69ah1Gl">&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Corresponding</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Net
    Asset</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Corresponding</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" rowspan="2" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Common
    Share</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Value</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Premium
    or</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>(&#8220;NAV&#8221;)
    Per</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Discount
    as a %</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Market
    Price</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Share</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>of
    NAV</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 37%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Quarter
    Ended</b></span>

<!-- Field: Rule-Page --><div style="text-align: left; margin-right: 5.4pt; margin-top: 0; margin-bottom: 0"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b></b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>High</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Low</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>High</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Low</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>High</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Low</b></span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_41A_20210101__20210331__cef--SecurityAxis__custom--CommonStockMember_zA10xRYjqAR4" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">March 31, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.04</ix:nonFraction></span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.70</ix:nonFraction></span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.81</ix:nonFraction></span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.78</ix:nonFraction></span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(16.14)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">19.51</ix:nonFraction>)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_414_20210401__20210630__cef--SecurityAxis__custom--CommonStockMember_z0IuuVWqWeH5" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">June 30, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.09</ix:nonFraction></span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.91</ix:nonFraction></span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.89</ix:nonFraction></span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.84</ix:nonFraction></span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(16.52)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">17.80</ix:nonFraction>)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_41A_20210701__20210930__cef--SecurityAxis__custom--CommonStockMember_zmQF1FXj7448" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">September 30, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.13</ix:nonFraction></span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.93</ix:nonFraction></span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.70</ix:nonFraction></span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.67</ix:nonFraction></span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(14.43)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">16.54</ix:nonFraction>)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_412_20211001__20211231__cef--SecurityAxis__custom--CommonStockMember_z4ET2w18lqob" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">December 31, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2021-10-012021-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.03</ix:nonFraction></span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2021-10-012021-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.82</ix:nonFraction></span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2021-10-012021-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.64</ix:nonFraction></span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2021-10-012021-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.41</ix:nonFraction></span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(15.13)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2021-10-012021-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">15.27</ix:nonFraction>)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_41C_20220101__20220331__cef--SecurityAxis__custom--CommonStockMember_zBVLj4sRfcab" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">March 31, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2022-01-012022-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.97</ix:nonFraction></span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2022-01-012022-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.39</ix:nonFraction></span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2022-01-012022-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.44</ix:nonFraction></span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2022-01-012022-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.39</ix:nonFraction></span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(14.08)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-01-012022-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">19.25</ix:nonFraction>)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_41B_20220401__20220630__cef--SecurityAxis__custom--CommonStockMember_zXSM6tYMmDgh" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">June 30, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2022-04-012022-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.65</ix:nonFraction></span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2022-04-012022-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.03</ix:nonFraction></span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2022-04-012022-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.39</ix:nonFraction></span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2022-04-012022-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.98</ix:nonFraction></span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(16.75)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-04-012022-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">19.54</ix:nonFraction>)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_417_20220701__20220930__cef--SecurityAxis__custom--CommonStockMember_z5Noh1PrmUwh" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">September 30, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.38</ix:nonFraction></span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.85</ix:nonFraction></span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.27</ix:nonFraction></span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.88</ix:nonFraction></span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(18.40)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">20.55</ix:nonFraction>)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_410_20221001__20221231__cef--SecurityAxis__custom--CommonStockMember_zJe8cBDbIEtk" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">December 31, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.03</ix:nonFraction></span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.75</ix:nonFraction></span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.05</ix:nonFraction></span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.93</ix:nonFraction></span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(20.10)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">21.95</ix:nonFraction>)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr>
    <td><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>
        <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>
        <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_81E_zYQ8klVk5GYi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_zTh6ZU1HIshi"><ix:nonFraction name="cef:LatestSharePrice" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.84</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_zeFd6YKpmuDg"><ix:nonFraction name="cef:LatestNav" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.98</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_zNERakV3zj29">(<ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Ratio">21.44</ix:nonFraction>)</span>% on December 31, 2022.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:OutstandingSecuritiesTableTextBlock"><p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zwhhFhLuvSqg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Outstanding
Securities</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following information regarding the Fund&#8217;s authorized shares is as of December 31, 2022.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #1D1D1B 1pt solid; width: 35%; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Title
    of Class</b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; padding-left: 5pt; text-align: center; width: 18%; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Amount
    Authorized</b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; text-align: center; width: 17%; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Amount
    Held by <br />
Fund
    for its Account</b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; padding-right: 5pt; text-align: center; width: 30%; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Amount
    Outstanding Exclusive of <br />
Amount
    Held by Fund</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zCM2gNNyyo58" style="padding-right: 5pt"><ix:nonNumeric contextRef="From2022-12-312022-12-31_custom_CommonStockMember" escape="true" name="cef:OutstandingSecurityTitleTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Common Shares</span></ix:nonNumeric></td>
    <td style="padding-left: 5pt; text-align: center; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Unlimited</span></td>
    <td id="xdx_98B_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zY9hiEDYw2wk" style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:zerodash" decimals="INF" unitRef="Shares">&#8212;</ix:nonFraction></span></td>
    <td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zISgbBY8R8Xa" style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,929,843</ix:nonFraction></span></td></tr>
<tr style="vertical-align: bottom">
    <td id="xdx_98E_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zrvKU8ZhiwJ9" style="padding-right: 5pt"><ix:nonNumeric contextRef="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember" escape="true" name="cef:OutstandingSecurityTitleTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Series C Cumulative Puttable and
    Callable Preferred Shares</span></ix:nonNumeric></td>
    <td id="xdx_98E_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zmhYxDaE9EM4" style="padding-left: 5pt; text-align: center; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,624,025</ix:nonFraction></span></td>
    <td id="xdx_984_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_z38YPJ2qcfE6" style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:zerodash" decimals="INF" unitRef="Shares">&#8212;</ix:nonFraction></span></td>
    <td id="xdx_98D_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zVlytA0Sc9P6" style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">688,932</ix:nonFraction></span></td></tr>
<tr style="vertical-align: bottom">
    <td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_zmMh6olRdd4c" style="padding-right: 5pt"><ix:nonNumeric contextRef="From2022-12-312022-12-31_custom_SeriesECumulativePreferredStockMember" escape="true" name="cef:OutstandingSecurityTitleTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Series E Cumulative Preferred
    Shares</span></ix:nonNumeric></td>
    <td id="xdx_982_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_z6XiR22pD77a" style="padding-left: 5pt; text-align: center; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesECumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,500,000</ix:nonFraction></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td id="xdx_986_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_z9MjJS9eRRda" style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesECumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,500,000</ix:nonFraction></span></td></tr>
</table>
</ix:nonNumeric><p id="xdx_81D_zsecGqwHPtwe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unresolved
SEC Staff Comments</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 37; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Selected
data for a common share of beneficial interest outstanding throughout each year:</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><b>&#160;</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="18" style="border-bottom: Black 1pt solid; text-align: center"><b>Year Ended December 31,</b></td><td style="padding-bottom: 1pt"><b>&#160;</b></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">&#160;</td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right">2017</td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold">&#160;</td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right">2016</td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold">&#160;</td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right">2015</td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold">&#160;</td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right">2014</td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold">&#160;</td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right">2013</td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; 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: 35%; color: #12100B; 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%; color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: #12100B; text-align: right">11.88</td><td style="width: 1%; padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="width: 1%; color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: #12100B; text-align: right">11.93</td><td style="width: 1%; padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="width: 1%; color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: #12100B; text-align: right">12.10</td><td style="width: 1%; padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="width: 1%; color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: #12100B; text-align: right">12.78</td><td style="width: 1%; padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="width: 1%; color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; color: #12100B; text-align: right">13.26</td><td style="width: 1%; padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net investment loss</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.22</td><td style="color: #12100B; text-align: left">)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.36</td><td style="color: #12100B; text-align: left">)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.44</td><td style="color: #12100B; text-align: left">)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.26</td><td style="color: #12100B; text-align: left">)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.33</td><td style="color: #12100B; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Net realized
    and unrealized gain on investments, securities sold short, swap contracts, written options, and foreign currency
    transactions</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.46</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.84</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.85</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.33</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">1.13</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Total from investment operations</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.24</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.48</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.41</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.07</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.80</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; 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="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net investment income</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">&#8212;</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">&#8212;</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">&#8212;</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.06</td><td style="color: #12100B; text-align: left">)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">&#8212;</td><td style="color: #12100B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net realized gain</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">&#8212;</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.59</td><td style="color: #12100B; text-align: left">)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.56</td><td style="color: #12100B; text-align: left">)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.53</td><td style="color: #12100B; text-align: left">)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(0.28</td><td style="color: #12100B; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Return of capital</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(0.58</td><td style="color: #12100B; text-align: left; padding-bottom: 1pt">)</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(0.05</td><td style="color: #12100B; text-align: left; padding-bottom: 1pt">)</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(0.08</td><td style="color: #12100B; text-align: left; padding-bottom: 1pt">)</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(0.21</td><td style="color: #12100B; text-align: left; padding-bottom: 1pt">)</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(1.00</td><td style="color: #12100B; text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Total distributions to common shareholders</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(0.58</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">)</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(0.64</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">)</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(0.64</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">)</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(0.80</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">)</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">(1.28</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Common 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="color: #12100B; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Increase in net asset value from repurchase of common shares</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.05</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.11</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.06</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.05</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: #12100B; text-align: right">0.00</td><td style="padding-bottom: 1pt; color: #12100B; text-align: left">(a)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12100B"><b>Net
    Asset Value, End of Year</b></span></td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">11.59</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">11.88</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">11.93</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">12.10</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">12.78</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">NAV total return &#8224;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">2.50</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">5.09</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">3.95</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">0.94</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">6.31</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Market value, end of year</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">9.73</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">9.84</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">10.01</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">10.23</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">11.02</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Investment total return &#8224;&#8224;</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">4.70</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">4.79</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">4.12</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">(0.07</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">)%</td><td style="color: #12100B; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; color: #12100B; text-align: right">7.79</td><td style="padding-bottom: 2.5pt; color: #12100B; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; 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="color: #12100B; 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 style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">335,299</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">347,980</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">364,160</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">381,126</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">404,984</td><td style="color: #12100B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; 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 style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">204,098</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">216,779</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">232,959</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">244,894</td><td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">$</td><td style="color: #12100B; text-align: right">268,751</td><td style="color: #12100B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Ratio of net investment loss to
    average net assets attributable to common shares including interest and offering costs(b)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(1.85</td><td style="color: #12100B; text-align: left">)%</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(2.94</td><td style="color: #12100B; text-align: left">)%</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(2.75</td><td style="color: #12100B; text-align: left">)%</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(1.38</td><td style="color: #12100B; text-align: left">)%</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">(2.50</td><td style="color: #12100B; text-align: left">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; 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)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">3.65</td><td style="white-space: nowrap; color: #12100B; text-align: left">%(e)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">4.72</td><td style="white-space: nowrap; color: #12100B; text-align: left">%(e)(f)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">4.23</td><td style="white-space: nowrap; color: #12100B; text-align: left">%(e)(f)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">2.99</td><td style="white-space: nowrap; color: #12100B; text-align: left">%(f)</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">4.76</td><td style="white-space: nowrap; color: #12100B; text-align: left">%(f)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Portfolio turnover rate</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">233</td><td style="color: #12100B; text-align: left">%</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">284</td><td style="color: #12100B; text-align: left">%</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">268</td><td style="color: #12100B; text-align: left">%</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">315</td><td style="color: #12100B; text-align: left">%</td><td style="color: #12100B">&#160;</td>
    <td style="color: #12100B; text-align: left">&#160;</td><td style="color: #12100B; text-align: right">319</td><td style="color: #12100B; text-align: left">%</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 38; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Selected
data for a common share of beneficial interest outstanding throughout each year:</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_491_20170101__20171231_zCiWVqO6U8ll" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_491_20160101__20161231_zTkX2HAienlj" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_495_20150101__20151231_z7XqMfC6dZM" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_492_20140101__20141231_zmG8Gzp38G37" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_494_20130101__20131231_zcmYzAIaI0Xl" style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#160;</b></span></td>
    <td colspan="18" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Year
    Ended December 31,</b></span></td><td style="padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&#160;</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</span></td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</span></td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</span></td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</span></td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: #12100B; font-weight: bold; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013</span></td><td style="padding-bottom: 1pt; color: #12100B; font-weight: bold"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cumulative
    Preferred Shares</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series
    B Preferred</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_40A_ecef--SeniorSecuritiesAmount_pn3n3_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zzubu4N11V0j" style="vertical-align: bottom">
    <td style="width: 35%; color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liquidation
    value, end of year (in 000&#8217;s)</span></td><td style="width: 1%; color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 10%; color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">131,201</ix:nonFraction></span></td><td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 10%; color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">131,201</ix:nonFraction></span></td><td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 10%; color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">131,201</ix:nonFraction></span></td><td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 10%; color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">136,232</ix:nonFraction></span></td><td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 1%; color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="width: 10%; color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">136,232</ix:nonFraction></span></td><td style="width: 1%; color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_403_ecef--OutstandingSecurityNotHeldShares_pn3n3_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zp4f0HRSlPi" style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    shares outstanding (in 000&#8217;s)</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,624</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,624</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,624</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,725</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,725</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_40D_ecef--SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit_pip0_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zh9L3waDNYtb" style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liquidation
    preference per share</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_40A_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pip0_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_z0ZRq813VVGe" style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    market value(g)</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.51</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.51</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.30</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.36</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.41</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_406_ecef--SeniorSecuritiesCoveragePerUnit_pip0_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_ziTOX3auxieh" style="vertical-align: bottom">
    <td style="color: #12100B; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    coverage per share</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">127.78</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">132.61</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">138.78</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">139.88</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">148.64</ix:nonFraction></span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12100B; font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    coverage</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">256</span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">265</span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">278</span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">280</span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td><td style="color: #12100B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #12100B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">297</span></td><td style="color: #12100B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #12100B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8224;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Based
                                         on net asset value per share, adjusted for reinvestment of distributions at prices at
                                         the net asset value per share on the ex-dividend dates.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #12100B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8224;&#8224;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Based
                                         on market value per share, adjusted for reinvestment of distributions at prices obtained
                                         under the Fund&#8217;s dividend reinvestment plan.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.2pt; color: #12100B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12100B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount
                                         represents less than $0.005 per share.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12100B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         Fund incurred interest expense during all periods presented. Interest expense on Preferred
                                         Shares relates to the $50 Series B Preferred Shares through December 31, 2017 (see Footnotes
                                         2 and 5).</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12100B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         ratio of operating expenses does not include custodian fee credits. Including such custodian
                                         fee credits, the ratio of operating expenses to average net assets for the year ended
                                         December 31, 2017 would have been 3.64%. For the years ended December 31, 2016, 2015,
                                         2014, and 2013, the effect was minimal.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12100B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ratio
                                         of operating expenses excluding interest, dividends and service fees on securities sold
                                         short, and offering costs to average net assets attributable to common shares for the
                                         years ended December 31, 2017, 2016, 2015, 2014, and 2013 would have been 1.75%, 2.92%,
                                         2.87%, 1.35%, and 3.22%, respectively.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12100B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(e)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12100B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(f)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
                                         the years ended December 31, 2016, 2015, 2014, and 2013, the ratio of operating expenses
                                         excluded interest, dividends and service fees on securities sold short, and offering
                                         costs. Including these expenses, the ratio of operating expenses for the years ended
                                         December 31, 2016, 2015, 2014, and 2013, would have been 4.84%, 4.43%, 3.07%, and 4.80%,
                                         respectively.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12100B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18.2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(g)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Based
                                         on weekly prices.</span></td></tr></table>

<p style="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CHANGES
OCCURRING DURING THE PRIOR FISCAL PERIOD</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.35in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During
the Fund&#8217;s most recent fiscal year, there were no material changes to the Fund&#8217;s investment objectives or policies
that have not been approved by shareholders or in the principal risk factors associated with an investment in the Fund.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 (the &#8220;By-Laws&#8221;), as filed with the Securities and Exchange Commission on
August 24, 2022 as an exhibit to Post-Effective Amendment No. 1 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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. 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></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 32.2pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>


<!-- Field: Page; Sequence: 39; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:InvestmentObjectivesAndPracticesTextBlock"><p id="xdx_802_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zMub3nfSFang" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>INVESTMENT
OBJECTIVES AND POLICIES</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Investment Objectives and Policies</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 141pt 0pt 0; text-indent: 140.75pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&#8217;s investment objective is to achieve absolute returns in various market conditions without excessive risk of capital.
Absolute returns are defined as positive total returns, regardless of the direction of securities markets. To achieve its investment
objective, the Fund, under normal market conditions, will invest primarily in securities of companies (both domestic and foreign)
involved in publicly announced mergers, takeovers, tender offers and leveraged buyouts (i.e., merger arbitrage transitions) and,
to a lesser extent, in corporate reorganizations involving stubs, spin-offs and liquidations. The key determinants of the profitability
of a merger arbitrage transaction are the probability that the deal will close, the length of time to closing, the likelihood
that the deal price will be increased or decreased and the level of short-term interest rates.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Merger
arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of proposed
mergers, takeovers, tender offers and leveraged buyouts. Broadly speaking, an investor purchases the stock of a company in the
process of being acquired by another company in anticipation of capturing the spread between the current market price and the
acquisition price. A &#8220;stub&#8221; refers to a small stake in a target company division or subsidiary that is not purchased
by an acquirer in a merger, takeover or leveraged buyout. The arbitrageur may buy the stub, and if the acquiring company is successful
in boosting the target company&#8217;s appeal, the shares will benefit from a boost in price and the arbitrageur will profit.
A spin-off occurs when an independent company is created from an existing part of another company through a distribution of new
shares. An arbitrageur may benefit from the share price differential in the same manner as in traditional merger arbitrage if,
upon completion of the spin-off, the separate securities trade for more in the aggregate than the former single security. Finally,
when a company makes the decision to liquidate, or sell all of its assets, it is often worth more in liquidation than as an ongoing
entity. An arbitrageur benefits when the company is able to distribute more than the price at which the stock is trading at the
time the arbitrageur acquires its position.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
order to minimize market exposure and volatility of such merger arbitrage strategies, the Fund may utilize hedging strategies,
such as short selling and the use of options, futures, swaps, forward foreign exchange contracts and other derivatives. The Fund
expects that it will invest in these types of instruments primarily for hedging and risk management purposes. The Fund may also
invest in derivative 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. There is no specific limit on the
proportion of its assets that the Fund may use to invest in derivatives and conduct short sales in connection with its investments
in corporate transactions and reorganizations.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under
normal market conditions, the Fund will invest at least 80% of its assets in securities or hedging arrangements relating to companies
involved in corporate transactions or reorganizations, giving rise to the possibility of realizing gains upon or within relatively
short periods of time after the completion of such transactions, or reorganizations. This policy is not fundamental and may be
changed by the Fund with notice of not less than 60 days to its shareholders. Securities in which the Fund may invest include
both equity securities (e.g., common stocks and preferred stocks) and fixed-income securities. The Fund may make unlimited</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 40; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_237_zyyHlDvyTXbe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_230_znze2FVOTlY3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_238_zQdqinrR2Dm8" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">investments
in securities 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. However, the Fund does not expect these
investments to exceed 10% of its total assets. These securities, 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. The Fund may also invest up to 15%
of its assets 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
applying the Fund&#8217;s investment policies, the Investment Adviser considers normal market conditions to exist when there
are a substantial number of corporate transactions or reorganizations that, in the Investment Adviser&#8217;s judgment, have
an attractive investment profile. Depending upon the level of merger activity and other economic and market conditions, and
the availability of corporate transactions or reorganizations that, in the Investment Adviser&#8217;s judgment, have an
attractive investment profile, the Fund may invest a substantial portion of its assets in other securities, including money
market instruments such as U.S. Treasury bills and other short-term obligations of the U.S. Government, its agencies or
instrumentalities; shares of one or more money market funds managed by the Investment Adviser or unaffiliated managers;
negotiable bank certificates of deposit; prime commercial paper; and repurchase agreements with respect to the above
securities. During periods in which a substantial portion of the Fund&#8217;s assets are invested in other securities, it is
less likely that the Fund will achieve its investment objective or an attractive rate of return.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest without limitation in the securities of foreign and domestic issuers. The Fund&#8217;s investment strategy is
to invest in merger arbitrage transactions and corporate reorganizations throughout the world. To the extent that the majority
of mergers, takeovers, tender offers and leveraged buyouts and corporate reorganizations are concentrated in any given geographic
region, such as Europe, North America or Asia, a relatively high proportion of the Fund&#8217;s assets may be invested in that
particular region.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No
assurances can be given that the Fund&#8217;s objective will be achieved. Neither the Fund&#8217;s investment objective nor,
except as expressly stated herein, any of its policies are fundamental, and each may be modified by the Board 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli
Funds, LLC, a New York limited liability company, with offices at One Corporate Center, Rye, New York 10580-1422, serves as
the investment adviser to the Fund.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment
Methodology of the Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 41; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23F_zx7HXMqdCeIj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_zfRIFHsKb3Hc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_231_zNJZz4goiKx1" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
selecting transactions in which the Fund will invest, the Investment Adviser normally considers the following factors, among others:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
probability that the targeted acquisition or other transaction will close;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
length of time to closing;</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132pt 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
credibility, strategic motivation and financial resources of the participants;</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
liquidity of the securities involved in the transaction;</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
issuer's free cash flow and long term earnings trends;</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
likelihood of an overbid; and</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
presence of a catalyst: something indigenous to the issuer, its industry, or country to surface additional value.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Investment Adviser believes that blending traditional merger arbitrage for announced deals with strategies that focus on stubs,
spin-offs and liquidations will produce absolute returns in excess of short-term interest rates with less volatility than the
returns typically associated with equity investing. A systematic and disciplined arbitrage program may produce attractive rates
of return even in flat or down markets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Certain
Investment Practices</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Merger
Arbitrage</i></b>. Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful
completion of proposed mergers, takeovers, tender offers and leveraged buyouts. Although a variety of strategies may be employed
depending upon the nature of the reorganizations selected for investment, the most common merger arbitrage activity involves purchasing
the shares of an announced acquisition target at a discount to their expected value upon completion of the acquisition. Although
investors can utilize merger arbitrage techniques with respect to companies the investor believes may soon become subject to a
merger proposal or negotiated transaction, the Fund intends to invest primarily in publicly announced transactions.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 at a discount to what the stated or appraised value of the securities would be if the
contemplated transaction were completed. Investments in these securities may be advantageous when the discount overstates the
risk of the contingencies involved; undervalues the securities, assets or cash to be received by shareholders of the prospective
portfolio company 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 of the offering party 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 portfolio
turnover ratio of the Fund (which may exceed 300%), thereby increasing its brokerage and other transaction expenses. The Investment
Adviser intends to select investments of this type which, in its view, have reasonable prospects of capital appreciation which
are significant in relation to both the risk involved and the potential of available alternative investments.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 42; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_233_zpSkUcnOSAM3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23E_zQnWG1WdJlB6" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23C_zTmmNYHloCG8" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Foreign
Securities</i></b>. The Fund may invest, without limit, in the equity securities of companies located outside the United States,
which are generally denominated in foreign currencies.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following considerations comprise both risks and opportunities not typically associated with investing in U.S. securities:
fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulations or currency
restrictions that would prevent cash from being brought back to the United States; less public information with respect to
issuers of securities; less government supervision of stock exchanges, securities brokers and issuers of securities; lack of
uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices;
less liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of
foreign taxes; the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits
or other assets; the adoption of foreign government restrictions and other adverse political, social or diplomatic
developments that could affect investment; 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may 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 held on deposit for use in the U.S. securities markets.
See &#8220;Risk Factors and Special Considerations&#8212;General Risks&#8212;Foreign Securities.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Emerging
Market Countries</i></b>. The risks described above for foreign securities, including the risks of nationalization and expropriation
of assets, are typically increased to the extent that the Fund invests in companies headquartered in developing, or emerging market,
countries. Investments in securities of companies headquartered in such countries may be considered speculative and subject to
certain special risks. The political and economic structures in many of these countries may be in their infancy and developing
rapidly, and such countries may lack the social, political and economic characteristics of more developed countries.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Certain
of these countries have in the past failed to recognize private property rights and have at times nationalized and expropriated
the assets of private companies. Some countries have inhibited the conversion of their currency to another. The currencies of
certain emerging market countries have experienced devaluation relative to the U.S. dollar, and future devaluations may adversely
affect the value of the Fund&#8217;s assets denominated in such currencies. Some emerging market countries have experienced substantial
rates of inflation for many years. Continued inflation may adversely affect the economies and securities markets of such countries.
In addition, unanticipated political or social developments may affect the value of the Fund&#8217;s investments in these countries
and the availability of the Fund of additional investments in these countries. The small size, limited</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 43; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23F_zLUnB7hPDw64" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_237_zKDoZuklxHea" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_237_zjZddnJqXBuf" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">trading
volume and relative inexperience of the securities markets in these countries may make the Fund&#8217;s investments in such countries
illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial
or other arrangements before making investments in these countries. There may be little financial or accounting information available
with respect to companies located in these countries, and it may be difficult as a result to assess the value or prospects of
an investment in such companies.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Equity
Securities</i></b>. The Fund invests in equity securities (such as common stock and preferred stock).</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
securities also include preferred stock (whether or not convertible into common stock) and debt securities convertible into or
exchangeable for common or preferred stock. Preferred stock has a preference over common stock in liquidation (and generally dividends
as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule the market value of preferred
stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while
the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock
is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause
greater changes in the value of a preferred stock than in a more senior debt security with similarly stated yield characteristics.
The market value of preferred stock will also generally reflect whether (and if so when) the issuer may force holders to sell
their preferred stock back to the issuer and whether (and if so when) the holders may force the issuer to buy back their preferred
stock. Generally speaking, the right of the issuer to repurchase the preferred stock tends to reduce any premium at which the
preferred stock might otherwise trade due to interest rate or credit factors, while the right of the holders to require the issuer
to repurchase the preferred stock tends to reduce any discount at which the preferred stock might otherwise trade due to interest
rate or credit factors. In addition, some preferred stocks are non-cumulative, meaning that the dividends do not accumulate and
need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred stocks, whereby the issuer
does not have an obligation to make up any arrearages to its shareholders. There is no assurance that dividends or distributions
on non-cumulative preferred stocks in which the Fund invests will be declared or otherwise made payable.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities
that are convertible into or exchangeable for preferred or common stock are liabilities of the issuer but are generally subordinated
to more senior elements of the issuer&#8217;s balance sheet. Although such securities also generally reflect an element of conversion
value, their market value also varies with interest rates and perceived credit risk. Many convertible securities are not investment
grade, that is, not rated &#8220;BBB&#8221; or better by S&amp;P or &#8220;Baa&#8221; or better by Moody&#8217;s or considered
by the Investment Adviser to be of similar quality. Preferred stocks and convertible securities may have many of the same characteristics
and risks as nonconvertible debt securities. See &#8220;Risk Factors and Special Considerations&#8212;General Risks&#8212;Non-Investment
Grade Securities.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 44; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_233_zZ5YfAOOpHDl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zHSFhfPFXPwi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_zuGBANSHiWac" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Fixed
Income Securities</i></b>. Fixed income securities include securities such as bonds, debentures, notes, preferred stock, short-term
discounted U.S. Treasury Bills or certain securities of the U.S. government sponsored instrumentalities, as well as money market
open-end 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. 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 shareholders. Common stocks, on the other hand, generally do not obligate an issuer to make periodic distributions
to holders.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 nonconvertible fixed income securities
do not participate in any capital appreciation of the issuer.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Non-Investment
Grade Securities</i></b>. The Fund may make unlimited investments in securities 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. However, the Fund does not expect these investments to exceed 10% of its total assets.
These securities, 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 in the financial press as &#8220;junk bonds&#8221; or &#8220;high yield&#8221; securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Generally,
such non-investment grade securities and unrated securities of comparable quality offer a higher current yield than is offered
by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of
the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly
speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal in accordance with the terms of the
obligation. The market values of certain of these securities also tend to be more sensitive to individual corporate developments
and changes in economic conditions than higher quality securities. In addition, such non-investment grade securities generally
present a</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 45; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_231_z2bJdomcRAR1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zupIf25fR2rb" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_237_zhpcSLt47pRk" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">higher
degree of credit risk. The risk of loss due to default by these issuers is significantly greater because such non-investment grade
securities and unrated securities of comparable quality generally are unsecured and frequently are subordinated to the prior payment
of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether
rated or unrated, will take various factors into consideration, which may include, as applicable, the issuer&#8217;s operating
history, financial resources and its sensitivity to economic conditions and trends, the market support for the facility financed
by the issue, the perceived ability and integrity of the issuer&#8217;s management and regulatory matters.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the market value of non-investment grade securities is more volatile than that of higher quality securities, and the
markets in which such non-investment grade 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 in order to respond to changes in the economy or the financial markets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-investment
grade securities 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 nonconvertible
bonds and preferred stocks moves inversely with movements in interest rates, in the event of rising interest rates the value
of the securities held by the Fund may decline proportionately more than a portfolio consisting of higher rated securities.
Investments in zero coupon bonds may be more speculative and subject to greater fluctuations in value due to changes in
interest rates than bonds that pay interest currently. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of its investments in non-investment grade securities, the Fund may invest in securities of issuers in default. The Fund
will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers will honor
their obligations or emerge from bankruptcy protection and the value of these securities will appreciate. By investing in securities
of issuers in default, the Fund bears the risk that these</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 46; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_231_znxWkxWj8UYi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zDW9MRs6g9O3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_zUOAPOtm26q8" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">issuers
will not continue to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not
otherwise appreciate.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to using recognized rating agencies and other sources, the Investment Adviser also performs its own analysis of issues
in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition of the
issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of operations. In selecting investments for the Fund, the Investment Adviser may also consider
general business conditions, anticipated changes in interest rates and the outlook for specific industries.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 may change their ratings of a particular issue to reflect subsequent events. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed
income securities, including non-investment grade securities, frequently have call or buy-back features that permit their issuers
to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises these rights during periods
of declining interest rates, the Fund may have to replace the security with a lower yielding security, thus resulting in a decreased
return for the Fund.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
market for non-investment grade and comparable unrated securities has experienced periods of significantly adverse price and liquidity
several times, particularly at or around times of economic recessions. Past market recessions have adversely affected the value
of such securities and the ability of certain issuers of such securities to repay principal and pay interest thereon or to refinance
such securities. The market for those securities may react in a similar fashion in the future.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 25% 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 50% of the value of its total assets. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 47; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23C_z8L6p3DvNfu5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_234_zgcCnQfmRCp4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_z3s6S3UnvLle" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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). 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Derivatives</i></b>.
Investments in options, futures and swaps are often referred to as derivatives transactions. The Fund expects that it will invest
in these types of instruments primarily for hedging and risk management purposes. The Fund may also invest in derivative 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
is no specific limit on the proportion of its assets that the Fund may use to invest in derivatives and conduct short sales in
connection with its investments in corporate transactions and reorganizations.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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) &#34;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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 48; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_233_zX3RZ6rCCM6g" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zK9pZDlv9MLf" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_231_zhYZH3ksfkl3" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration
and regulatory requirements would increase Fund expenses. Other potentially adverse regulatory initiatives could also develop.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 over-the-counter (&#8220;OTC&#8221;) 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing
the option or is more than the premium paid to purchase the option; the Fund will realize a loss from a closing transaction if
the price of the transaction is more than the premium received from writing the option or is less than the premium paid to purchase
the option. Since call option prices generally reflect increases in the price of the underlying security, any loss resulting from
the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying security.
Other principal factors affecting the market value of a put or a call option include supply and demand, prevailing interest rates,
the current market price and price volatility of the underlying security, and the time remaining until the expiration date of
the option. Gains and losses on investments in options depend, in part, on the ability of the Investment Adviser to predict correctly
the effect of these factors. The use of options cannot serve as a complete hedge since the price movement of securities underlying
the options will not necessarily follow the price movements of the portfolio securities subject to the hedge.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 49; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_234_zKCx8UF6BG2b" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zNBZHFFKh9eg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_zEScUIQz6JL7" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 the purpose of
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 50; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23A_zeOpicSp9R7e" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zjPDqesm2ftg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_zi2Q19QUJ7aa" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may also enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund.
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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
rate of return swaps and related derivatives present certain legal, tax, and market uncertainties. 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 if it 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 51; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_234_zZKSC8fyqPC8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zphXQsDft5Mj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_235_ziwzAsb0gpl8" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">invest
in these types of instruments if the Reference Assets are commodities except for bona fide hedging or risk management purposes.
The Fund only will enter into swaps that are regulated by the CFTC if in doing so the Fund will continue to satisfy the restrictions
imposed by the CFTC under Rule 4.5.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Forward
Foreign Currency Exchange Contracts</i></b>. There iis no limit on the Fund&#8217;s ability to invest in foreign currency exchange
contracts, as the Fund may invest up to 100% of its assets in transactions involving securities denominated in foreign currencies.
The Fund may hedge up to 100% of its currency exposure.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. 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 the Investment Adviser believes to be creditworthy.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Repurchase
Agreement Transactions</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 security 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 security at
an agreed price and time. This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations
during the holding period. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults
on its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities during the period in which it seeks to assert
these rights. The Investment Adviser, acting under the supervision of the Board, reviews the creditworthiness of those banks and
dealers with which the Fund enters into repurchase agreements to evaluate these risks and monitors on an ongoing basis the value
of the securities subject to repurchase agreements to ensure that the value is maintained at the required level. The Fund will
not enter into repurchase agreements with the Investment Adviser or any of its affiliates.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Restricted
and Illiquid Securities</i></b>. The Fund may invest up to 15% of its assets 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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 52; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_239_zGswiB4nwkT8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zlZQYOiSv4De" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23C_zwWwh89aiH57" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Leverage</i></b>.
The 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. Any such preferred shares may be convertible in accordance with the SEC staff guidelines, which may permit the Fund
to obtain leverage at attractive rates.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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;Special Risks to Holders of
Common Shares&#8212;Leverage Risk.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 53; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23C_zmU6N5oNEYl3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zf77hJkS8zmf" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_230_zh89XeYGDlC2" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 Statement of
Preferences of the Series C Preferred Shares, a majority, as defined in the 1940 Act, of the outstanding preferred shares of
the Fund (voting separately as a single class) is also required to change a fundamental policy. See below.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Portfolio
Turnover</i></b>. The Fund will buy and sell securities to accomplish its investment objective. The investment policies of the
Fund may lead to frequent changes in investments, particularly in periods of rapidly fluctuating interest or currency exchange
rates.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio
turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction
costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed by dividing the
lesser of the amount of the securities purchased or securities sold by the average monthly value of securities owned during the
year (excluding securities whose maturities at acquisition were one year or less). Higher portfolio turnover may decrease the
after-tax return to individual investors in the Fund to the extent it results in a decrease of the long-term capital gains portion
of distributions to shareholders.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the fiscal years ended December 31, 2021 and 2022, the portfolio turnover rate of the Fund was 329% and 263%, respectively. The
Fund anticipates that its portfolio turnover rate will be substantial and may exceed 300%.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Further
information on the investment objective and policies of the Fund is set forth below.</span></p>

</ix:nonNumeric><p id="xdx_81A_z39gFOfUj1d" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:RiskFactorsTableTextBlock"><p id="xdx_802_ecef--RiskFactorsTableTextBlock_dU_zHHpMEgnEX57" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>RISK
FACTORS AND SPECIAL CONSIDERATIONS</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 125pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investors
should consider the following risk factors and special considerations associated with investing in the Fund:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General
Risks</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MarketRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zZYMTl6bao4c" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Market
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 54; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_236_z9ttIe58uFeg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zoM16KA2RgF9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23E_z95vXxFbZfob" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.
Additional interest rate increases in the future could cause the value of the Fund&#8217;s assets to decrease. Inflation has also
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 55; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23D_zXeEyEQe7fn8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_z4uXTuB6JeS6" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_zb61Ug7kpx16" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_InterestRateRiskGenerallyMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zNaXPkE3mI3l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 56; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_233_zLEKklkvgN5d" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zkhjiUsTTxe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_236_zw19jZPRiIr6" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">severe
declines in the Fund&#8217;s net asset values;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to accurately or reliably value its portfolio;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to pay any dividends or distributions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">declines
in the value of the Fund&#8217;s investments;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limited
availability of new investment opportunities.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_InflationRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zbBTo8zyKat9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Inflation
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MergerArbitrageRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_z4qNO67ulmRk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Merger
Arbitrage Risk. </i></b>The Fund&#8217;s investment strategy involves investment techniques and securities holdings that entail
risks, in some cases different from the risks ordinarily associated with investments in equity securities. The principal risk
associated with the Fund&#8217;s arbitrage investments is that certain of the proposed reorganizations in which the Fund invests
may be renegotiated, terminated or involve a longer time frame than originally contemplated, in which case the Fund may realize
losses. 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 57; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_238_zrXgLnoL33ze" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23E_znWxE02N1Xf4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_236_zm8D4KlGoC68" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_EquityRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_znsmr36O9DNh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 economic stake in the securities owned by the Fund, which are for the
most part traded on securities exchanges or in the OTC markets. The market value of these securities, like other market investments,
may move up or down, sometimes rapidly and unpredictably. The net asset value of the Fund may at any point in time be worth less
than the amount at the time the shareholder invested in the Fund, even after taking into account any reinvestment of distributions.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CommonStockRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zfiYoB9o8Ujg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 58; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_232_zdWsC0if59S9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zOLRvAPah976" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_238_zWtY6znA12S8" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 those returns.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_PreferredStockRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zByEo1H8Iir" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>There are special risks associated with the Fund's investing in preferred securities, including:&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ConvertibleSecuritiesRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zyOzA8jiiKH8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 59; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23B_zLhLZSZrzz03" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23E_z0j0aiqMbJAj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_zHJI2SW9AYOf" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
value of a convertible security is influenced by the value of the underlying equity security. Convertible debt securities and
preferred stocks may depreciate in value if the market value of the underlying equity security declines or if rates of interest
increase. In addition, although debt securities are liabilities of a corporation which the corporation is generally obligated
to repay at a specified time, debt securities, particularly convertible debt securities, are often subordinated to the claims
of some or all of the other creditors of the corporation.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mandatory
conversion securities (securities that automatically convert into equity securities at a future date) may limit the potential
for capital appreciation and, in some instances, are subject to complete loss of invested capital. Other innovative convertibles
include &#8220;equity-linked&#8221; securities, which are securities or derivatives that may have fixed, variable, or no interest
payments prior to maturity, may convert (at the option of the holder or on a mandatory basis) into cash or a combination of cash
and equity securities, and may be structured to limit the potential for capital appreciation. Equity-linked securities may be
illiquid and difficult to value and may be subject to greater credit risk than that of other convertibles. Moreover, mandatory
conversion securities and equity-linked securities have increased the sensitivity of the convertible securities market to the
volatility of the equity markets and to the special risks of those innovations, which may include risks different from, and possibly
greater than, those associated with traditional convertible securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
stocks are equity securities in the sense that they do not represent a liability of the corporation. In the event of liquidation
of the corporation, and after its creditors have been paid or provided for, holders of preferred stock are generally entitled
to a preference as to the assets of the corporation before any distribution may be made to the holders of common stock. Debt securities
normally do not have voting rights. Preferred stocks may have no voting rights or may have voting rights only under certain circumstances.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i>. Credit risk is the risk that an issuer will fail to pay interest or dividends and principal in a timely manner. Companies
that issue convertible securities may be small to medium-size, and they often have low credit ratings. In addition, the credit
rating of a company&#8217;s convertible securities is generally lower than that of its conventional debt securities. Convertible
securities are normally considered &#8220;junior&#8221; securities&#8212;that is, the company usually must pay interest on its
conventional debt before it can make payments on its convertible securities. Credit risk could be high for the Fund, because it
could invest in securities with low credit quality. The lower a debt security is rated, the greater its default risk. As a result,
the Fund may incur cost and delays in enforcing its rights against the issuer.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk.</i> Although convertible securities do derive part of their value from that of the securities into which they are convertible,
they are not considered derivative financial instruments. However, manda-tory convertible securities include features which render
them more sensitive to price changes of their underlying securities. Thus they expose the Fund to greater downside risk than traditional
convertible securities, but generally less than that of the underlying common stock.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk for Convertible Securities</i>. The Fund may be subject to a greater risk of rising interest rates due to the current
period of rising interest rates and high inflation. The Federal Reserve has aggressively begun to raise interest rates which
is likely to drive down the prices of convertible securities held by the Fund. Convertible securities are particularly sensitive
to interest rate changes when their predetermined conversion price is much higher than the issuing company&#8217;s common stock.
See &#8220;&#8212;Fixed</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 60; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23D_z3HrV6qobcIc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zOpEWJgfjJZj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_238_zVtMTpfrIwab" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
Securities Risks&#8212;Duration and Maturity Risk&#8221; and &#8220;&#8212; General Risks&#8212;Interest Rate Risks Generally.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector
Risk</i>. Sector risk is the risk that returns from the economic sectors in which convertible securities are concentrated will
trail returns from other economic sectors. As a group, sectors tend to go through cycles of doing better-or-worse-than the convertible
securities market in general. These periods have, in the past, lasted for as long as several years. Moreover, the sectors that
dominate this market change over time.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Dilution
Risk</i>. 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></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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_zkrFUp1ZZkfh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Fixed
Income Securities Risks (Principal). </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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;Risk Factors and Special Considerations
&#8212; General Risks &#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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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;).</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 61; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_239_zzDzHbuxioIc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zfT6hpoKXukc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_238_zm0Lpgnce8ka" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be
enhanced.&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.22in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.22in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 NAV that is expected for every percentage point change in interest rates. The two have an inverse relationship.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV of the portfolio
by approximately 5%; if interest rates increase by 1%, the NAV 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 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. 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 62; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_236_zO94RvspqEB1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zFreeehmvSM7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23E_zGqBo5qopbyk" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LiborRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LiborRiskMember_dU_znTsCSFz6Py5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>LIBOR
Risk. </i></b>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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 63; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_234_zpIQGNbFxWZ3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_237_zeGBmi4h5xag" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23F_zpJcMJCVZzu6" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CorporateBondsRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_z4CD3183OEy3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Corporate
Bonds Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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;&#8212;General Risk&#8212;Fixed Income Securities
Risks&#8212;Credit Risk,&#8221; &#8220;&#8212;General Risks&#8212;Fixed Income Securities Risks&#8212; Interest Rate Risk,&#8221;
&#8220;&#8212; General Risks&#8212;Fixed Income Securities Risks&#8212;Prepayment Risk&#8221; and &#8220;&#8212; General Risks&#8212;Interest
Rate Risk Generally.&#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.&#34;</span></p>

<p style="font: 11pt 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_NonInvestmentGradeSecuritiesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_ztjhT1oy6vC9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Non-Investment
Grade Securities. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">The
Fund may invest in below investment-grade securities, also known as &#8220;high-yield&#8221; securities or &#8220;junk&#8221;
bonds. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to
adverse conditions. Securities that are rated lower than &#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><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">greater
volatility;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">greater
credit risk and risk of default;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potentially
greater sensitivity to general economic or industry conditions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potential
lack of attractive resale opportunities (illiquidity); and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">additional
expenses to seek recovery from issuers who default.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the market value of securities in non-investment 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 64; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_231_z82o99GL4VC8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_234_z4nXoVD6ZkY7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23A_zyFT5lmJ7gC8" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of its investments in non-investment grade securities, the Fund may invest without limit in securities of issuers in default.
The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers
will honor their obligations or emerge from bankruptcy protection and the value of these securities will appreciate. By investing
in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or
emerge from bankruptcy protection or that the value of the securities will not appreciate.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
market for non-investment grade and comparable unrated securities has experienced period of significantly adverse price and liquidity
several times, particularly at or around times of economic recession. Past market</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 65; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23D_zhkW5dJHoLFc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zIfhV5j4cpB4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23B_zCCrm8Sa11l3" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">recessions
have adversely affected the value of such securities and the ability of certain issuers of such securities to repay principal
and pay interest thereon or to refinance such securities. The market for those securities may react in a similar fashion in the
future.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zM1BgAhkxU1h" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>U.S.
Government Securities and Credit Rating Downgrade Risk (Non-Principal). </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SignificantHoldingsRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SignificantHoldingsRiskMember_dU_z7Jzb5LzmiS1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Significant
Holdings Risk. </i></b>The Fund may invest up to 25% of its total assets in securities of a single industry. Should the Fund choose
to do so, the net asset value of the Fund will be more susceptible to factors affecting those particular types of companies, which,
depending on the particular industry, may include, among others: governmental regulation; inflation; cost increases in raw materials,
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 capital investment, including costs associated with compliance
with environmental and other regulations. In such circumstances 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 industries.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ForeignSecuritiesRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zRdmF7RqWlab" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Foreign
Securities Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 66; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23F_zt0tjNUdWucj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_234_zJKEWFeOplDg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_236_ztbxzrjkl3hj" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. Foreign markets also have different clearance and settlement
procedures that could cause the Fund to encounter difficulties in purchasing and selling securities on such markets and may result
in the Fund missing attractive investment opportunities or experiencing loss. In addition, a portfolio that includes foreign securities
can expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following provides more detail on certain pronounced risks with foreign investing:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 67; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23E_zhr5iXBlUJD9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zBSRyVPMlAK1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23B_zQSglatiEccf" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>EMU
and Redenomination Risk. </i>As EMU and Redenomination Risk. 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 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging
Markets Risk. </i>The considerations noted above 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 risks of expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation
of capital invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 68; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_236_za7gVhiFy5a9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zIjNlq8L1Kjl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23B_zAa9TgaPfhP8" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 69; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_231_z4q6KOJ3MZ35" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zEhjvbfAPur2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_234_zoHi51vqXBwi" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest
rates may result in heightened market volatility and may detract from the Fund&#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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_RestrictedAndIlliquidSecuritiesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zEK36sWvAC41" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Restricted
and Illiquid Securities Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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: 11pt 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ShortSalesRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zNsFWfs384pa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Short
Sales Risk</i></b></span><b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">.</span></b><span style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B">
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 70; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23A_zVsMsmfqevRg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_234_z8b5zKN8aUbb" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_zkPs9xvxQtn1" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LeverageRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zyTHsDYF4fTk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Leverage
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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
35% of the Fund&#8217;s assets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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 the 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 71; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_239_zyeYvNn4QqK1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_zewp7ghYY0r1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23F_zT1GdjoXXLr3" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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, 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. For more information regarding the risks of a leverage capital structure to holders of the Fund&#8217;s common
shares, see &#8220;&#8212; Special Risks to Holder of Common Shares&#8212;Leverage Risk.&#34;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksRelatedToInvestmentinDerivativesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zHlVZrIKKjR3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Special
Risks Related to Investment in Derivatives. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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:</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
possible need to defer closing out certain positions to avoid adverse tax consequences;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 comply with Rule 18f-4; and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
creditworthiness of counterparties.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve
a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the
prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political,
legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii)
delays in the ability of the Fund to act upon economic events occurring in the foreign markets during non-business hours in the
United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the
United States and (v) less trading volume. Exchanges on which options, futures, swaps and options on futures or swaps are traded
may impose limits on the positions that the Fund may take in certain circumstances.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 72; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23B_zDTT0TRBNrG" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zSzxh2Q6VAF7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23A_zgf2OXlZR3We" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no assurance that the Fund&#8217;s hedging transactions will
be effective.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives
may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for
new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some
time. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CounterpartyRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zbA1WcwDIQ07" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Counterparty
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zW4V491nGUv9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 73; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23F_zu3YTmMCl8Ik" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_z3L5Q117eIUd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23B_zVrNedRg4okf" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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_zMbT0amOwxtk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 74; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23C_zE9DfxlfMvWc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zfizFBuUsed3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_231_zea46KXTCSu9" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 a Fund has entered into the swap will default on its obligation to pay
a Fund and the risk that a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ForwardForeignCurrencyExchangeContractsMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_zSVFUrAxCmyl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 75; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_238_zU5l5zyq7JYd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_237_zU8cyqetaMS2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_z9usaoGJVYV1" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 when 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_FuturesContractsAndOptionsonFuturesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_zz12pRBhizGi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_OptionsRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_z4SXiXBSSGpc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_DerivativesRegulationRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_zhET5ihfwLY5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 76; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23C_zaRchssAJQUi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_z3Y9HWe80c93" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_ztCzsyY3vqyl" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MarketDiscountRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_zOGeyJJDWGs4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Market
Discount Risk. </i></b>Whether investors will realize gains or losses upon the sale of 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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LongTermObjectiveNotACompleteInvestmentProgramMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zsDOlUGOB244" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Long
Term Objective; Not a Complete Investment Program. </i></b>The Fund is intended for investors seeking long-term growth of capital.
The Fund is not meant to provide a vehicle for those who wish to exploit short-</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 77; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_237_zM6z5dd6UL7e" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zbnMU6COO2Af" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23E_zUeIa5GF3DP5" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ManagementRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_za21jVujRWck" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Management
Risk. </i></b>The Fund is subject to management risk because it is an actively managed portfolio. The 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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_zvMiqpFU9eLk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_DependenceOnKeyPersonnelMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceOnKeyPersonnelMember_dU_zKe043Tj4Do8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MarketDisruptionAndGeopoliticalRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zim2VAeRhymb" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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's inability at times to agree on a long-term budget and deficit reduction plan, may in
the future result in additional government shutdowns, which could have a material adverse effect on the Fund's investments
and operations. In addition, the Fund's ability to raise additional capital in the future through the sale of securities
could be materially affected by a government shutdown. Additional and/or prolonged U.S. government shutdowns may affect
investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to
a significant degree.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 78; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_234_zxk3y2TtXD3i" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_237_zrWELQsLpDbf" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_zE2uNRMhIDDd" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 on 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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_EconomicEventsAndMarketRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zArevO8UE3Wa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 79; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_231_zrqBzQ9ZBfmj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zCYYON3XqBs5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_237_zUv6UF9mZKEe" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">debt
and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer
confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and
adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and
negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may
also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising
interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s ability to achieve its investment
objectives.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_RegulationAndGovernmentInterventionRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_z5h1mNVfy23" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has,
resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could
have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities
markets. Any of these effects could have a material adverse effect on the Fund&#8217;s net asset value.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 80; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_238_ze1n6fS4Hsth" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_230_z0zoADVV02Q3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_zjNhM5M4y1Td" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_DeflationRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zp2aKFr6oTDj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LegislationRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zBHG4yst5juk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_RelianceOnServiceProvidersRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceOnServiceProvidersRiskMember_dU_zSzlJ2THLGx7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CyberSecurityRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zql1YAikzS5l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 81; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_239_zS9v0TMXjm79" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_z8mM7tlYT7u1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_235_zBio50YTxOKf" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">impact
issuers of securities in which the Fund invests, which may cause the Fund&#8217;s investment in such issuers to lose value.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MisconductOfEmployeesAndOfServiceProvidersRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_zfv7A6S48KMh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_PortfolioTurnoverRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z6jBg7VvAtsk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk. </i></b>The Fund&#8217;s annual portfolio turnover rate may vary greatly from year to year, as well as within a
given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund.
A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that
are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund
which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio
turnover may create realized capital losses.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 82; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_236_ziSJBZUfL5Fl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_230_zzHpEI8ig7Ec" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_239_zyTXn1jhDUdf" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_InvestmentDilutionRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zBxarTKi05b9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain amendments
to the 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LegalTaxAndRegulatoryRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zgQz4Qflmky4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Legal,
Tax and Regulatory Risks. </i></b>Legal, tax and regulatory changes could occur that may have material adverse effects on the
Fund. 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has elected to qualify as a RIC under Subchapter M of the Code. Qualification requires, among other things, compliance by
the Fund with certain distribution requirements. 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. To qualify and maintain its status as a RIC, the Fund must, among other things, 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; (generally, ordinary income plus excess, if any, of net short-term capital gain over net long-term
capital loss). 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 the Fund fails to qualify as a RIC for any reason, it will be subject to U.S. federal
income tax at regular corporate rates on all of its taxable income and gains. The resulting corporate taxes would materially reduce
the Fund&#8217;s net assets and the amount of cash available for distribution to holders of the Units.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_AntiTakeoverProvisionsMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zjAeJsucIVeh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_zIxgp3wDsHzl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Notes</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 83; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_235_zvzu9qnSsJ4k" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_232_z4uuaoNCxm8g" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_234_zJjge2QBs4Z7" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_z3vSWxuR4F5b" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Fixed Rate Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zr3mOT1TkhY9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Notes and Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 may return capital
as part of its distribution. This would decrease the asset coverage 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the fiscal year ended December 31, 2022, the Fund made distributions of $0.48 per common share, approximately $0.48 of which constituted
a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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. In order to obtain and maintain attractive credit quality ratings for
preferred shares or borrowings, if desired, the Fund&#8217;s portfolio must satisfy over-collateralization tests established by
the relevant rating agencies. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. A rating (if any) by
a rating 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 (if any) does not address 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 notes
or preferred shares, we may alter our portfolio or redeem the preferred securities or notes under certain circumstances.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zzuVn2PhSfza" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks of Notes to Holders of Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 84; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_232_z9rGe08ecI4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zO1CcI2Cvifi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_238_zmqhgs7JnCF5" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#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_zXc2McPZDQP7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Common Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 35% of the Fund&#8217;s assets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 85; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23D_zb4arStK0raa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zFGfHo7Y7mpj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_233_z7xhEgv6Qrnd" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 and do not reduce
the principal due to noteholders on maturity or the liquidation preference to which preferred shareholders are entitled. The Prospectus
Supplement relating to any sale of preferred shares will set forth dividend rate on such preferred shares.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 86; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23E_ztXWhGWgKvU8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zbyfb2AJQUza" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_zG74nRRywJoe" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. See &#8220;Description of the
Securities&#8212;Preferred Shares&#8221; and &#8220;Description of the Securities&#8212;Notes.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 notes, 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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Impact
on Common Shares. </i>Assuming that leverage will (1) be equal in amount to approximately 19% of the Fund&#8217;s total net assets (the
Fund&#8217;s average amount of outstanding financial leverage during the fiscal year ended 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_z5suCM0cwFii"><ix:nonFraction name="cef:AnnualInterestRatePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">4.60</ix:nonFraction>%</span>, (the average dividend
rate on the Fund&#8217;s outstanding financial leverage as of December 31, 2022) 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_zKi92E1hScba"><ix:nonFraction name="cef:AnnualCoverageReturnRatePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">1.61</ix:nonFraction>%</span> 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<i>.</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 87; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- 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 --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23E_zIjgaNloPkJi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_232_z4IjNsDv4yGb" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23E_zWjG5lcE7gSg" 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 35% of the Fund&#8217;s total assets (the Fund&#8217;s amount of outstanding financial leverage as of 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_zbLYfiirhrV6"><ix:nonFraction name="cef:AnnualInterestRatePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">4.60</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 a performance
fee at an annual rate of 0.00% and estimated annual incremental expenses attributable to any outstanding preferred shares of 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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="padding-left: 0in; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">Assumed
    Return on Portfolio (Net of Expenses)</span></td>
    <td style="padding-right: 5pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">(10)%</span></td>
    <td style="padding-right: 6pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">(5)%</span></td>
    <td style="padding-right: 10pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">0%</span></td>
    <td style="padding-right: 7pt; text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">5%</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">10%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0in"><span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B">Corresponding Return to
    Common</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Shareholder</span></td>
    <td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zlFf66SFlC74" style="padding-right: 5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:ReturnAtMinusTenPercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">18.13</ix:nonFraction>)%</span></td>
    <td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zYUH8UVgjhij" style="padding-right: 6pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:ReturnAtMinusFivePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">10.44</ix:nonFraction>)%</span></td>
    <td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zpBic7Ze4REk" style="padding-right: 10pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(<ix:nonFraction name="cef:ReturnAtZeroPercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">2.75</ix:nonFraction>)%</span></td>
    <td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zuI1xrXj6Uyh" style="padding-right: 7pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:ReturnAtPlusFivePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">4.94</ix:nonFraction>%</span></td>
    <td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zZLQAWe40ug1" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><ix:nonFraction name="cef:ReturnAtPlusTenPercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">12.63</ix:nonFraction>%</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Market
Discount Risk</i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">. As described
above in &#8220;&#8211;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></p>

<p style="font: 11pt 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRiskToHoldersOfSubscriptionRightsMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zpOXPwAgLeJ8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risk to Holders of Subscription Rights</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_855_zGiEmppt9XS5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_81F_zDkVrcKWEaY9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>INVESTMENT
POLICIES</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 88; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Additional
Investment Policies</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Options.
</i></b>The Fund may purchase or write call or put options on securities or indices.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 the Investment Adviser 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Options
on Securities Indices. The </i></b>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 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Options
on Foreign Currencies</i></b>. 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 and in the Prospectus. 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 89; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 90; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Interest
Rate Futures Contracts and Options Thereon. </i></b>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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 91; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Currency
Futures and Options Thereon. </i></b>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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Securities
Index Futures Contracts and Options Thereon</i></b>. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Traditional
Preferred Securities</i></b>. 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 92; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 may be unable to acquire securities
of comparable credit quality paying comparable rates with the redemption proceeds.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Trust
Preferred Securities</i></b>. 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 93; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Convertible
Securities</i></b>. 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
value.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 nonconvertible
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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 94; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Contingent
Convertible Securities</i></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 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>

<!-- Field: Page; Sequence: 95; Value: 16 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Warrants
and Rights. </i></b>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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investing
in rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security,
and thus can be a riskier investment. The value of a right or warrant may decline because of a decline in the value of the underlying
security, the passage of time, changes in interest rates or in the dividend or other policies of the Fund whose equity underlies
the warrant, a change in the perception as to the future price of the underlying security, or any combination thereof. Rights
and warrants generally pay no dividends and confer no voting or other rights other than the right to purchase the underlying security.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Investing
in Japan. </i></b>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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Investing
in Latin America</i></b>. 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 96 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->


<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 non-participating
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Investing
in Asia-Pacific Countries</i></b>. 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 97; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->96<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">governments
of many of such countries, such as Indonesia, have a substantial role in regulating and supervising the economy.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Loans
of Portfolio Securities Risk</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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
loan may generally be terminated by the borrower on one business days&#8217; 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 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 98; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->97<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
risks associated with loans of portfolio securities are substantially similar to those associated with repurchase
agreements. Thus, if the counterparty 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. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Additional
Risks Relating to Derivative Investments</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 121pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>


<!-- Field: Page; Sequence: 99; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->98<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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 as well as incurring transaction
costs.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>INVESTMENT
RESTRICTIONS</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 172pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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 C Preferred Shares and the Series E Preferred Shares,</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 100; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->99<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(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;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(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, with respect to up to 20% of the
Fund&#8217;s total assets, 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)
borrow money, except to the extent permitted by applicable law;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)
issue senior securities, except to the extent permitted by applicable law; or</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(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: 11pt 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>


<!-- Field: Page; Sequence: 101; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->100<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Unaudited) (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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT
OF THE FUND</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Trustees
and Officers</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 GDL Fund at One Corporate Center, Rye, NY 10580-1422.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 20%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Name,
    Position(s)</b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b>Address<sup>1</sup></b></span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b><span style="text-decoration: underline">and Year of Birth</span></b></span></span></td>
    <td style="width: 15%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Term
    of Office</b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b>and</b></span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b>Length of</b></span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b><span style="text-decoration: underline">Time Served<sup>2</sup></span></b></span></span></td>
    <td style="width: 15%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Number
    of</b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b>Funds</b></span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b>in Fund</b></span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b>Complex</b></span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b>Overseen</b></span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b><span style="text-decoration: underline">by Trustee<sup>3</sup></span></b></span></span></td>
    <td style="width: 25%; text-align: center; padding-right: 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Principal
    Occupation(s)</b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b><span style="text-decoration: underline">During Past Five Years</span></b></span></span></td>
    <td style="width: 25%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Other
    Directorships</b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b><span style="text-decoration: underline">Held by Trustee<sup>3</sup></span></b></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 6pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b><span style="text-decoration: underline">INTERESTED TRUSTEES<sup>4</sup>:</span></b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></td>
    <td style="padding-right: 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-size: 9pt">&#160;</span></td>
    <td><span style="font-size: 9pt">&#160;</span></td>
    <td><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-right: 6pt"><span style="font-size: 9pt">&#160;</span></td>
    <td><span style="font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Mario
    J. Gabelli, CFA</b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Chairman and Chief</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Investment Officer</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">1942</span></span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Since
    2006**</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">31</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Chairman,
    Chief Executive Officer, and Chief Investment Officer&#8211; Value Portfolios of GAMCO Investors, Inc. and Chief Investment
    Officer &#8211; Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc.; Director/ Trustee or Chief Investment
    Officer of other registered investment companies within the Gabelli Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive
    Chairman of Associated Capital Group, Inc.</span></td>
    <td style="text-align: left; vertical-align: top; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Director
    of Morgan Group Holding, Co. (holding company) (2001-2019); Chairman of the Board and Chief Executive Officer of LICT Corp.
    (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director
    of ICTC Group Inc. (communications) (2013-2018)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-size: 9pt">&#160;</span></td>
    <td><span style="font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Agnes
    Mullady</b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Trustee</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">1958</span></span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Since
    2021***</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">13</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Senior
    Vice President of GAMCO Investors, Inc. (2008 - 2019); Executive Vice President of Associated Capital Group, Inc. (November
    2016 - 2019); President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC (2010 - 2019); Vice President
    of Gabelli Funds, LLC (2006 - 2019); Chief Executive Officer of G.distributors, LLC (2011 - 2019); and an officer of all of
    the Gabelli/Teton Funds (2006 - 2019)</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">&#8212;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b><span style="text-decoration: underline">INDEPENDENT
    TRUSTEES<sup>5</sup>:</span></b></span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Anthony
    S. Colavita<sup>6,7</sup></b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Trustee</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">1961</span></span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Since
    2018***</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">22</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Attorney,
    Anthony S. Colavita, P.C., Supervisor, Town of Eastchester, NY</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">&#8212;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>James
    P. Conn<sup>6</sup></b></span><span style="font-size: 9pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Trustee</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">1938</span></span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Since
    2006*</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">23</span></td>
    <td style="text-align: left; vertical-align: top; padding-right: 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">Former
    Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B">&#8212;</span></td></tr>
</table>

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


<!-- Field: Page; Sequence: 102; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->101<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Unaudited) (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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Name,
    Position(s)<br />
    Address<sup>1</sup><br />
    and Year of Birth</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Term
    of Office<br />
    and<br />
    Length of<br />
    Time Served<sup>2</sup></b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Number
    of<br />
    Funds<br />
    in Fund<br />
    Complex<br />
    Overseen<br />
    by Trustee<sup>3</sup></b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 27%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Principal
    Occupation(s)<br />
    During Past Five Years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 20%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Other
    Directorships<br />
    Held by Trustee<sup>3</sup></b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Clarence
    A. Davis<sup>7</sup></b></span><span style="font-size: 8pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Trustee</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">1941</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2006*</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">3</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Former
    Chief Executive Officer of Nestor, Inc. (2007-2009); Former Chief Operating Officer (2000-2005) and Chief Financial Officer
    (1999- 2000) of the American Institute of Certified Public Accountants</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Director
    of Telephone &amp; Data Systems, Inc. (telephone services); Director of Pennichuck Corp. (water supply) (2009- 2012); Director,
    PMV Consumer Acquisition Corp.</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Leslie
    F. Foley<sup>7</sup></b></span><span style="font-size: 8pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Trustee</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">1968</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2017**</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">15</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">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)</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">&#8212;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Michael
    J. Melarkey</b></span><span style="font-size: 8pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Trustee</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">1949</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2006**</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">23</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">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)</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Chairman
    of Southwest Gas Corporation (natural gas utility)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Salvatore
    J. Zizza<sup>8</sup></b></span><span style="font-size: 8pt"><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">Trustee</span><br />
    <span style="font-family: Arial, Helvetica, Sans-Serif; color: #1D1D1B">1945</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2006***</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">34</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">President
    of Zizza &amp; Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Director
    of Nine West, Inc. (consumer products) (2002-2014); Director of LICT Corp. (Telecommunications)</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>

<!-- Field: Page; Sequence: 103; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->102<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Unaudited) (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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Name,
    Position(s)<br />
    Address<sup>1</sup><br />
    and Year of Birth</b></span></td>
    <td style="width: 3%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Term
    of Office<br />
    and Length of<br />
    Time Served<sup>2</sup></b></span></td>
    <td style="width: 3%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 61%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Principal
    Occupation(s)<br />
    During Past Five Years</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b><span style="text-decoration: underline">OFFICERS:</span></b></span></td>
    <td>&#160;</td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>John
    C. Ball</b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><br />
    <span style="color: #1D1D1B">President and</span><br />
    <span style="color: #1D1D1B">Treasurer</span><br />
    <span style="color: #1D1D1B">1976</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2017</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">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</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Peter
    Goldstein</b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><br />
    <span style="color: #1D1D1B">Secretary and Vice</span><br />
    <span style="color: #1D1D1B">President</span><br />
    <span style="color: #1D1D1B">1953</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2020</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">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)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Richard
    J. Walz</b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><br />
    <span style="color: #1D1D1B">Chief Compliance</span><br />
    <span style="color: #1D1D1B">Officer</span><br />
    <span style="color: #1D1D1B">1959</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2013</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Chief
    Compliance Officer of registered investment companies within the Fund Complex since 2013</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Laurissa
    M. Martire</b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><br />
    <span style="color: #1D1D1B">Vice President and</span><br />
    <span style="color: #1D1D1B">Ombudsman</span><br />
    <span style="color: #1D1D1B">1976</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2018</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Vice
    President and/or Ombudsman of closed-end funds within the Gabelli Fund Complex; Senior Vice President (since 2019) and other
    positions (2003-2019) of GAMCO Investors, Inc.</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Carter
    W. Austin</b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><br />
    <span style="color: #1D1D1B">Vice President</span><br />
    <span style="color: #1D1D1B">1966</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2006</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Vice
    President and/or Ombudsman of closed-end funds within the Gabelli Fund Complex; Senior Vice President (since 2015) and Vice
    President (1996-2015) of Gabelli Funds, LLC</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>David
    I. Schachter</b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><br />
    <span style="color: #1D1D1B">Vice President</span><br />
    <span style="color: #1D1D1B">1953</span></span></td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Since
    2006</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">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</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.2in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup>1</sup></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Address:
                                         One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><sup>2</sup></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.2in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">***</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.2in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup>3</sup></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
                                         column includes 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, and other noteworthy directorships.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; text-align: justify; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.2in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup>4</sup></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8220;Interested
                                         person&#8221; of the Fund, as defined in the 1940 Act. Mr. Gabelli and Ms. Mullady are
                                         each considered an &#8220;interested person because of their affiliation with Gabelli
                                         Funds, LLC, which acts as the Fund&#8217;s investment adviser&#8221;.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; text-align: justify; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.2in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup>5</sup></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trustees
                                         who are not interested persons are considered &#8220;Independent&#8221; Trustees.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.2in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup>6</sup></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
                                         Trustee is elected solely by and represents the shareholders of the preferred shares
                                         issued by the Fund.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.2in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup>7</sup></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mr.
                                         Colavita&#8217;s father, Anthony J. Colavita, and Ms. Foley&#8217;s father, Frank J.
                                         Fahrenkopf, Jr., serve as directors of other funds in the Fund Complex. Mr. Davis is
                                         a director of PMV Consumer Acquisition Corp., 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; text-align: justify; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.2in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup>8</sup></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mr.
                                         Zizza is an independent director of Gabelli International Ltd., which may be deemed to
                                         be controlled by Mario J. Gabelli and/or affiliates</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 104; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->103<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Additional
Fund Information (Unaudited) (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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">and
in that event would be deemed to be under common control with the Fund&#8217;s Adviser. 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 director.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 105; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->104<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Board (who, with the Fund&#8217;s officers (the &#8220;Officers&#8221;)) has overall responsibility for the management of
the Fund. The Board decides upon matters of general policy and reviews the actions of the 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 with the Fund (the &#8220;Investment Advisory Agreement&#8221;), the Investment Adviser, under the
supervision of the 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>The
Investment Adviser</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fees
of the Investment Adviser</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli
Funds, LLC serves as the Fund&#8217;s investment adviser. Pursuant to the terms of the Investment Advisory Agreement, the Fund
pays the Investment Adviser an annual base fee equal to 0.50% of the Fund&#8217;s average weekly managed assets payable monthly
in arrears. Managed assets consist of all of the assets of the Fund without deduction for borrowings, repurchase transactions
and other leveraging techniques, the liquidation value of any outstanding preferred shares or other liabilities except for certain
ordinary course expenses. The</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 106; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->105<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
Advisory Agreement provides that, in addition to the base fee described above, the Investment Adviser will be entitled to receive
an incremental performance fee as of the end of each calendar year if the total return of the Fund on its common shares during
the calendar year in question exceeds the total return of the T-Bill Index compounded quarterly on the same dates as the Fund&#8217;s
quarterly ex-dividend dates (or at the end of the quarter if no dividend is paid) during the same period. If the Fund&#8217;s
total return for the calendar year equals the total return of the T-Bill Index for the same period plus 3.0 percentage points
(300 basis points), the Investment Adviser will receive a baseline performance fee of 0.75% of the Fund&#8217;s average weekly
managed assets during the calendar year measurement period for the fund&#8217;s fulcrum fee. This baseline performance fee will
be increased by 0.01 percentage point (one basis point) for each 0.04 percentage points (four basis points) by which the Fund&#8217;s
total return during the period exceeds the T-Bill Index total return plus 3.0 percentage points (300 basis points), up to a maximum
performance fee of 1.50% if the excess performance over the T-Bill Index is 6.0 percentage points (600 basis points) or greater.
The Investment Advisory Agreement also provides that the baseline performance fee will be decreased by 0.01 percentage point (one
basis point) for each 0.04 percentage points (four basis points) by which the Fund&#8217;s total return during the period is less
than the T-Bill Index total return plus 3.0 percentage points (300 basis points), until no performance fee is payable if the Fund&#8217;s
total return is less than or equal to the T-Bill Index total return.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
base fee and performance (fulcrum) fee payable to the Investment Adviser under the Investment Advisory Agreement can also be described
as an annual combined fulcrum fee equal to 1.25% of the Fund&#8217;s average weekly managed assets if the Fund&#8217;s total return
for the calendar year equals the total return of the T-Bill Index for the same period plus 3.0 percentage points (300 basis points).
This annual combined fulcrum fee is reduced by 0.01 percentage point (one basis point) for each 0.04 percentage points (four basis
points) by which the Fund&#8217;s total return during the calendar year is less than the T-Bill Index total return plus 3.0 percentage
points (300 basis points), until such annual combined fulcrum fee equals 0.50% of the Fund&#8217;s average weekly managed assets
for the calendar year (a 0.75%, or 75 basis point, reduction, which would occur should the Fund&#8217;s total return for the calendar
year be less than or equal to the T-Bill Index total return for the calendar year), and is increased by 0.01 percentage point
(one basis point) for each 0.04 percentage points (four basis points) by which the Fund&#8217;s total return during the calendar
year exceeds the T-Bill Index total return plus 3.0 percentage points (300 basis points), until such annual combined fulcrum fee
equals 2.00% of the Fund&#8217;s average weekly managed assets for the calendar year (a 0.75%, or 75 basis point, increase, which
would occur should the Fund&#8217;s total return for the calendar year be equal to or in excess of the T-Bill Index total return
for the calendar year plus 6.0 percentage points, or 600 basis points).</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
purposes of calculating the Fund&#8217;s performance fee, the Fund&#8217;s total return will be calculated as the sum of the
Fund&#8217;s change in net asset value per common share from January 1 (or the date of the Fund&#8217;s commencement of
investment operations, in the case of the Fund&#8217;s first year of investment operations), through December 31 of each year
plus the amount of distributions per common share in respect of such period (calculating the number of shares outstanding on
a daily average weighted basis assuming reinvestment of such distributions at net asset value per share on the ex-dividend
date and assuming solely for purposes of the Fund&#8217;s performance fee that all issuances and repurchases of shares are at
net asset value). Increases and decreases in the investment management fee will be accrued as often as net asset value per
common share is calculated and accordingly will affect the total return on which the rate of the fee is
determined.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 107; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->106<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
purposes of calculating the Fund&#8217;s performance fee, the T-Bill Index&#8217;s total return will be calculated as the sum
of the change in the discount price of the three-month Treasury bill from the first business day after January 1 of each year
(or the date of the Fund&#8217;s commencement of investment operations, in the case of the Fund&#8217;s first year of investment
operations) to the last business day of each year plus the weekly yield to maturity interest payments thereon implied by the discount
price thereof and compounded quarterly on the same dates as the Fund&#8217;s quarterly ex-dividend dates (or at the end of the
quarter if no dividend is paid).</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
table below illustrates the total combined fulcrum fee that would be applicable based on the relative performance of the Fund
and the T-Bill Index during a 12-month period.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b><span style="text-decoration: underline">Underperformance</span></b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b><span style="text-decoration: underline">Neutral</span></b></span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b><span style="text-decoration: underline">Overperformance</span></b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 64%; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Difference
    between the Fund Performance and the T-Bill Index plus 3% (%)</span></td>
    <td style="width: 4%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">-3.0
    or <br />
more</span></td>
    <td style="width: 4%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">-2.0</span></td>
    <td style="width: 4%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">-1.0</span></td>
    <td style="width: 12%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0</span></td>
    <td style="width: 4%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.0</span></td>
    <td style="width: 4%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2.0</span></td>
    <td style="width: 4%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">3.0
    or <br />
more</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Total
    Combined Fulcrum Fee (annualized) (%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.00</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.50</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.75</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2.00</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following chart illustrates the variability of the Fund&#8217;s investment management fees in various circumstances.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Total
Investment Advisory Fee Rate</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>(as
a percentage of average weekly managed assets)</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 164pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="padding-right: 74pt; text-align: center; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>T-Bill
    Index</b></span>

<!-- Field: Rule-Page --><div style="text-align: left; margin-right: 5.4pt; margin-top: 0; margin-bottom: 0"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B"></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="7" style="border-bottom: #1D1D1B 1pt solid; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>The
    Fund&#8217;s Total Return</b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 51%; padding-right: 1in; text-align: center; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Total
    Return</b></span></td>
    <td style="width: 11%; padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b><span style="text-decoration: underline">0%
    or less</span></b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 3%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>1%</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 3%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>2%</b></span></td>
    <td style="width: 2%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 3%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>3%</b></span></td>
    <td style="width: 2%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 3%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>4%</b></span></td>
    <td style="width: 2%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 3%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>5%</b></span></td>
    <td style="width: 2%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 3%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>6%</b></span></td>
    <td style="width: 2%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 3%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>7%</b></span></td>
    <td style="width: 2%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 3%; text-align: left; padding-left: 2pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>8%</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.00</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.25</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.75</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2.00</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2.00</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2.00</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.00</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.25</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.75</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2.00</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2.00</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.00</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.25</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.75</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2.00</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">3%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.00</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.25</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.75</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">4%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.00</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.25</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.50</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">5%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.00</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.25</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">6%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">1.00</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">7%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.75</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 14pt; text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">8%
    </span></td>
    <td style="padding-right: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td>
    <td colspan="2" style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">0.50</span></td></tr>
<tr>
    <td style="text-align: left; padding-left: 1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Because
the investment advisory fees are based on a percentage of managed 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, and 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. A discussion regarding the basis
for the Board approval of the Investment Advisory Agreement with the Investment Adviser is available in this Annual Report.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 108; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->107<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment
of Expenses</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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 custodian, charges of the transfer agent and dividend disbursing agent, expenses in connection with the Automatic
Dividend Reinvestment Plan and the Voluntary Cash Purchase Plan, SEC fees and the 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 Presidents, 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Selection
of Securities Brokers</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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, an affiliate
of the Investment Adviser, or other broker-dealer affiliates of the Investment Adviser and (ii) pay commissions to brokers other
than G.research, LLC 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, and information on the brokerage practices of the Fund. The Fund expects that a substantial portion of its
portfolio transactions may be executed through G.research, LLC so long as the Investment Adviser and the Board conclude that G.research,
LLC is able to provide best execution at a favorable cost.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 109; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->108<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Portfolio
Management</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mario
J. Gabelli, CFA (the &#8220;Portfolio Manager&#8221;), 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 GAMI and Associated Capital, Chief
Investment Officer &#8212; Value Portfolios for GAMI, the Investment Adviser and GAMCO, Chief Executive Officer and Chief Investment
Officer of GGCP, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Regina
M. Pitaro is a Managing Director and Head of Institutional Marketing at GAMCO Investors, Inc. Ms. Pitaro joined the Firm in 1984
and coordinates the organization&#8217;s focus with consultants and plan sponsors. She also serves as a Managing Director and
Director of GAMCO Asset Management, Inc., and serves as a portfolio manager for Gabelli Funds, LLC. Ms. Pitaro holds an MBA in
Finance from the Columbia University Graduate School of Business, a Master&#8217;s degree in Anthropology from Loyola University
of Chicago, and a Bachelor&#8217;s degree from Fordham University.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Willis
M. Brucker is a portfolio manager of Gabelli Funds, LLC and global merger arbitrage analyst with 15 years&#8217; experience analyzing
and investing in global merger transactions and special situations. He joined GAMCO Investors, Inc. in 2004 as a research analyst
after graduating from the Boston College Carroll School of Management with a B.S. in Finance and Corporate Reporting and Analysis.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher
Matthiessen is a vice president and lead portfolio analyst for the Gabelli merger arbitrage funds. He monitors global mergers
and acquisitions transactions for inclusion in the firm&#8217;s portfolios, while working closely with internal research analysts
to track deal progress. Mr. Matthiessen joined the firm in 2017 after graduating with a B.S. in finance from Fairfield University.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sub-Administrator</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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-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% - first $10 billion, 0.0125% - exceeding $10
billion but less than $15 billion, 0.01% - 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NET
ASSET VALUE</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 197pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 110; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->109<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>NYSE
Closings. </i>The holidays (as observed) on which the NYSE is closed, and therefore days upon which shareholders will not be able
to purchase or sell common shares currently are: New Year&#8217;s Day, Martin Luther</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 111; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->110<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>AUTOMATIC
DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Enrollment
in the Plan</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It
is the policy of The GDL Fund 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 participants may send their share certificates to
American Stock Transfer (&#8220;AST&#8221;) to be held in their dividend reinvestment account. Registered shareholders
wishing to receive their distributions in cash must submit this request in writing to:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
GDL Fund</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 210pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c/o
American Stock Transfer</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">6201 15th Avenue</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">Brooklyn, NY 11219</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 182pt 0pt 199pt; text-indent: -17.55pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholders
requesting this cash election must include the shareholder&#8217;s name and address as they appear on the share certificate. Shareholders
with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact AST at (888) 937-5549.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 112; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->111<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
GDL Fund</b>&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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, AST will buy common shares in the open market, or on the NYSE, or elsewhere,
for the participants&#8217; accounts, except that AST 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Voluntary
Cash Purchase Plan</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Participants
in the Voluntary Cash Purchase Plan have the option of making additional cash payments to AST for investments in the Fund&#8217;s
common shares at the then current market price. Shareholders may send an amount from $250 to $10,000. AST will use these funds
to purchase shares in the open market on or about the 1st and 15th of each month. AST will charge each shareholder who participates
a pro rata share of the brokerage commissions. Brokerage charges for such purchases are expected to be less than the usual brokerage
charge for such transactions. It is suggested that any voluntary cash payments be sent to American Stock Transfer, 6201 15th Avenue,
Brooklyn, NY 11219 such that AST receives such payments approximately 10 days before the investment date. Funds not received at
least five 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 AST at least 48 hours before such payment is to be invested.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholders
wishing to liquidate shares held at AST must do so in writing or by telephone. Please submit your request to the above mentioned
address or telephone number. Include in your request your name, address, and account number. The cost to liquidate shares is $1.00
per transaction as well as the brokerage commission incurred. Brokerage charges are expected to be less than the usual brokerage
charge for such transactions.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 90 days before the record date for such
dividend or distribution. The Plan also may be amended or terminated by AST on at least 90 days written notice to participants
in the Plan.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 113; Value: 91 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->112<!-- 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>THE
GDL FUND</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>INCOME
TAX INFORMATION (Unaudited)</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>December
31, 2022</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 202pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cash
Dividends and Distributions</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Ordinary</b></span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Long
    Term</b></span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Total
    Amount</b></span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 12%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Dividend</b></span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-right: 6pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Payable</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-right: 7pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Record</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Investment</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Capital</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-right: 4.15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Return
    of</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Paid</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Reinvestment</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; padding-right: 12pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Date</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; padding-right: 12pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Date</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Income
    (a)</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Gains</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; padding-right: 2.15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Capital
    (b)</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Per
    Share (c)</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Price</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Common Stock</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">03/24/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">03/17/22</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.12000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.12000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">06/23/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">06/15/22</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.12000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.12000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$8.19920</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">09/23/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">09/16/22</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.12000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.12000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">7.90280</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">12/16/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">12/09/22</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.12000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.12000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">7.85000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td rowspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td rowspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.48000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.48000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Series C Cumulative Preferred Shares</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">12/27/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">12/19/22</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.1920000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.3080000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.5000000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">03/28/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">03/21/22</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.1920000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.3080000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.5000000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">06/27/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">06/17/22</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.1920000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.3080000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.5000000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">09/26/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">09/19/22</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.1920000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.3080000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">0.5000000</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#160; </span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td rowspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td rowspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.7680000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$1.2320000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$2.0000000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B"><b>Series E Cumulative
    Preferred Shares</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">06/27/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">12/19/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.0379790</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.0609100</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.0988890</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">09/26/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">12/19/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.0384060</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.0615940</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.1000000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">12/27/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">12/19/22</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.0384060</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.0615940</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.1000000</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td rowspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td rowspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td rowspan="2"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td style="border-bottom: #12110B 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.1147910</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 44pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.1840980</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #12110B">$0.2988890</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>U.S.
Government Securities Income</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
2022, the Fund paid to common and Series C Cumulative Preferred and Series E Cumulative Preferred shareholders ordinary income
dividends of $0.768000 and $0.114791 per share. For the year
ended December 31, 2022, 22.07% of the ordinary dividend qualified for the dividend received deduction available to corporations,
38.93% of the ordinary income distribution was qualified dividend income, and 49.98% of the 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 50.01%. 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 Fund did not meet this strict requirement in 2022. The
percentage of U.S. Government securities held as of December 31, 2022 was 66.0%.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 114 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->


<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>THE
GDL FUND</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>INCOME
TAX INFORMATION (Unaudited) (Continued)</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>December
31, 2022</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Historical
Distribution Summary</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 152pt; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Short
    Term</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Long
    Term</span></td><td style="white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjustment</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Return
    of</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">to
    Cost</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    (a)</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gains
    (a)</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gains</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital
    (b)</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions
    (c)</span></td><td style="white-space: nowrap; color: #12110B; font-weight: bold; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #12110B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Basis
    (d)</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="color: #12110B; font-weight: bold; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Shares</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 16%; color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</span></td><td style="width: 1%; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 13%; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="width: 1%; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 13%; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="width: 1%; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 13%; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="width: 1%; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 13%; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.48000</span></td><td style="width: 1%; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 13%; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.48000</span></td><td style="width: 1%; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 13%; color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.48000</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.20080</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.27920</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.48000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.27920</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.46000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.46000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.46000</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.06680</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.33320</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.40000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.33320</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.26620</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03960</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.06540</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.02880</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.40000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.02880</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.58000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.58000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.58000</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.01280</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.29120</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.28200</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.05400</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.64000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.05400</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.09700</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.18040</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.28120</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.08140</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.64000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.08140</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.16930</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.22920</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.17540</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.22610</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.80000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.22610</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.17300</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.11540</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.99160</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.28000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.99160</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="color: #12110B; font-weight: bold; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series
    B Cumulative Preferred Shares</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.55500</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.08250</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.63750</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.62900</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.64780</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.22320</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.22320</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03340</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.75580</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.71080</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.26220</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.48780</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.75000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.49980</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.67680</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.32340</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.36280</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.13720</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="color: #12110B; font-weight: bold; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series
    C Cumulative Preferred Shares</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.76800</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.23200</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.00000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(18,17,11); text-align: right">$1.23200</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.00000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.00000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.00000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.00000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.00000</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.00000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.00000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.01810</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.15130</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.33060</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50000</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="color: #12110B; font-weight: bold; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series
    E Cumulative Preferred Shares</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #12110B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.11479</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#8211;</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.18410</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.29889</span></td><td style="color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #12110B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.18410</span></td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"></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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #12110B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxable
                                         as ordinary income for Federal tax purposes.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #12110B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-taxable.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #12110B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
                                         amounts may differ due to rounding.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #12110B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
                                         in cost basis.</span></td>
</tr></table>

<p style="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></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: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 115; Value: 111 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; 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 -->114<!-- 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 204pt; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>THE
GDL FUND</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>One
Corporate Center</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>Rye,
NY 10580-1422</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>Portfolio
Management Team Biographies</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Mario
J. Gabelli, CFA</b></span><b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #12110B">,</span></b><span style="font: 9pt Arial, Helvetica, Sans-Serif; color: #12110B">
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Regina
M. Pitaro </b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #12110B">is a Managing Director
and Head of Institutional Marketing at GAMCO Investors, Inc. Ms. Pitaro joined the Firm in 1984 and coordinates the organization&#8217;s
focus with consultants and plan sponsors. She also serves as a Managing Director and Director of GAMCO Asset Management, Inc.,
and serves as a portfolio manager for Gabelli Funds, LLC. Ms. Pitaro holds an MBA in Finance from the Columbia University Graduate
School of Business, a Master&#8217;s degree in Anthropology from Loyola University of Chicago, and a Bachelor&#8217;s degree from
Fordham University.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Willis
M. Brucker </b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #12110B">is a portfolio manager
and global merger arbitrage analyst with experience analyzing and investing in global merger transactions and special situations.
He joined GAMCO Investors, Inc. in 2004 as a research analyst after graduating from Boston College with a BS in Finance and Corporate
Reporting and Analysis.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1D1D1B"><b>Christopher
Matthiessen </b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #12110B">is a vice president
and lead portfolio analyst for the Gabelli merger arbitrage funds. He monitors global mergers and acquisitions transactions for
inclusion in the firm&#8217;s portfolios, while working closely with internal research analysts to track deal progress. Mr. Matthiessen
joined the firm in 2017 after graduating with a B.S. in finance from Fairfield University.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
NASDAQ symbol for the Net Asset Value is &#8220;XGDLX.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></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: 5pt; width: 100%; text-align: justify"><span style="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 7.5% 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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 116 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img src="gdlncsr123122006.jpg" alt="" style="height: 1200px; width: 1000px" /></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #005894"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 117 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">(b)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Item 3.
Audit Committee Financial Expert.</b></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">As
of the end of the period covered by the report, the registrant&#8217;s Board of Directors has determined that Michael J. Melarkey 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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Item 4.
Principal Accountant Fees and Services.</b></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; 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">&#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">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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 $24,800 for 2021 and $25,800
                                            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">&#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; 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">&#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">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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 $3,500 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">&#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; 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">&#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">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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 $3,800 for
                                            2021 and $3,800 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">&#160;</span></p>

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

<!-- Field: Page; Sequence: 118 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-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; 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">&#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">(d)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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 $3,802 for 2021 and $1,862 for 2022. The fees relate to Passive Foreign
                                            Investment Company identification database subscription fees billed on an annual basis.</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;(e)(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#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">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 auditors to the registrant and (ii) all permissible non-audit services
to be provided by the independent auditors 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 auditors&#8217; 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">&#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">&#160;(e)(2)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">(b)
0%</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">(c)
0%</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">(d)
0%</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">(f)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#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">(g)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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 $44,950 for 2021 and $48,350 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">&#160;</span></p>

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

<!-- Field: Page; Sequence: 119 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">(h)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">(i)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">(j)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#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">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The
                                            registrant has a separately designated audit committee consisting of the following members:
                                            Clarence A. Davis, Michael J. Melarkey, 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">&#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">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#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-weight: normal">(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; 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">&#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">(b)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#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"><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">&#160;</span></p>

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

<!-- Field: Page; Sequence: 120 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->


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



<!-- Field: Page; Sequence: 121; Options: NewSection -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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





<!-- Field: Page; Sequence: 122 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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





<!-- Field: Page; Sequence: 123 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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





<!-- Field: Page; Sequence: 124 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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





<!-- Field: Page; Sequence: 125 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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






<!-- Field: Page; Sequence: 126 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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





<!-- Field: Page; Sequence: 127 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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





<!-- Field: Page; Sequence: 128 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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






<!-- Field: Page; Sequence: 129 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 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>






<!-- Field: Page; Sequence: 130 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 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>





<!-- Field: Page; Sequence: 131 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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





<!-- Field: Page; Sequence: 132 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-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; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</span></p>






<!-- Field: Page; Sequence: 133 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><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">&#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; 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">&#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>Mario
J. Gabelli</b>, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer &#8211; Value Portfolios of GAMCO Investors,
Inc. that he founded in 1977, and Chief Investment Officer &#8211; Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management
Inc. He is also Executive Chairman of the Board of Directors 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 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>Willis
M. Brucker</b> has 15 years&#8217; experience analyzing and investing in global merger transactions and special situations. He joined
GAMCO Investors, Inc. in 2004 as a research analyst after graduating from the Boston College Carroll School of Management with a BS in
Finance and Corporate Reporting and Analysis.</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; 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">&#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
table below shows the number of other accounts managed by 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">&#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; padding: 2pt 0.1in; vertical-align: bottom; width: 25%; text-align: center; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Name
    of Portfolio<br />
    Manager</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; vertical-align: bottom; width: 16%; text-align: center; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Type
    of<br />
    Accounts</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; width: 16%; text-align: center; vertical-align: bottom; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Total</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>No.
        of Accounts<br />
        Managed</b></span></p></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; width: 14%; font-size: 10pt; text-align: center; vertical-align: bottom; text-indent: 0"><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; padding: 2pt 0.1in; width: 14%; text-align: center; font-size: 10pt; vertical-align: bottom; text-indent: 0"><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; padding: 2pt 0.1in; width: 15%; text-align: center; font-size: 10pt; vertical-align: bottom; text-indent: 0"><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: 2pt 0.1in; font-size: 10pt; text-indent: 0"><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: 2pt 0.1in; font-size: 10pt; text-indent: 0"><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: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">22&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$16.3
        billion</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">4</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$5.0
        billion</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: 2pt 0.1in; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; font-size: 10pt; text-indent: 0"><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: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">7</span></p>
        </td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$1.0
        billion&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">7&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$937
        million</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: 2pt 0.1in; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; font-size: 10pt; text-indent: 0"><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: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">881</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$6.1
        billion&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">0&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$0</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: 2pt 0.1in; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; font-size: 10pt; vertical-align: middle; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; font-size: 10pt; vertical-align: middle; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; font-size: 10pt; vertical-align: middle; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; font-size: 10pt; vertical-align: middle; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></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: 2pt 0.1in; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Willis
    M. Brucker</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; font-size: 10pt; text-indent: 0"><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: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">0</span></p>
        </td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$0&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">0</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$0</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: 2pt 0.1in; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; font-size: 10pt; text-indent: 0"><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: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">0</span></p>
        </td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$0</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">0</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$0</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: 2pt 0.1in; font-size: 10pt; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; font-size: 10pt; text-indent: 0"><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: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">4</span></p>
        </td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$0.8
        million</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">0</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-align: center; vertical-align: middle; text-indent: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">$0</span></p></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; text-align: justify"></p>

<!-- Field: Page; Sequence: 134 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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; text-decoration: underline"><b>POTENTIAL
CONFLICTS OF INTEREST</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">As
reflected above, Mr. Gabelli manages 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"><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>ALLOCATION
OF LIMITED TIME AND ATTENTION.</b> As indicated above, Mr. Gabelli manages multiple accounts. As a result, he will not be able to devote
all of his time to management of the Fund. Mr. Gabelli, 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 were to devote all of his 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"><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>ALLOCATION
OF LIMITED INVESTMENT OPPORTUNITIES</b>. As indicated above, Mr. Gabelli manages managed accounts with investment strategies and/or policies
that are similar to the Fund. In these cases, if the he 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
Mr. Gabelli 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"><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>SELECTION
OF BROKER/DEALERS.</b> Because of Mr. 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"><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>PURSUIT
OF DIFFERING STRATEGIES.</b> At times, Mr. Gabelli may determine that an investment opportunity may be appropriate for only some of the
accounts for which he 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, he 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"><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>VARIATION
IN COMPENSATION.</b> A conflict of interest may arise where the financial or other benefits available to Mr. Gabelli differ among the
accounts that he manages. 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 Manager
may be motivated to favor certain accounts over others. The Portfolio Manager also may be motivated to favor accounts in which he has
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 Mr. Gabelli manages accounts which have performance fee arrangements, certain portions of
his compensation will depend on the achievement of performance milestones on those accounts. Mr. Gabelli could be incented to afford
preferential treatment to those accounts and thereby by subject to a potential conflict of interest.</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">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>

<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; 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; 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">Mr.
Gabelli receives incentive-based variable compensation based on a percentage of net revenues received by the Adviser for managing the
Fund. Net revenues are determined by deducting from gross investment management fees the firm&#8217;s expenses (other than Mr. Gabelli&#8217;s
compensation) allocable to this Fund. Four closed-end registered investment companies managed by Mr. Gabelli have arrangements whereby
the Adviser will only receive its investment advisory fee attributable to the liquidation value of outstanding preferred stock (and Mr.
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. This Fund managed by Mr. 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. 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. Gabelli. As an executive officer of the Adviser&#8217;s
parent company, GBL, Mr. 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"><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"></p>

<!-- Field: Page; Sequence: 135 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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; text-decoration: underline"><b>COMPENSATION
STRUCTURE FOR THE PORTFOLIO MANAGERS OTHER THAN MARIO GABELLI</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"><span style="font-family: Arial, Helvetica, Sans-Serif">The compensation
for the Portfolio Managers other than Mr. 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. 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"><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; 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">&#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">Mario
J. Gabelli owned over $1 million of shares of the Fund and Willis M. Brucker owned $0 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">&#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">(b)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#160;</span></p>

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

<!-- Field: Page; Sequence: 136 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-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 40.5pt; text-indent: -40.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#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"><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">&#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: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0; vertical-align: bottom; 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: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(a)
    Total Number of Shares (or Units) Purchased)</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(b)
    Average Price Paid per Share (or Unit)</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0; vertical-align: bottom; 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: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0; vertical-align: bottom; 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: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #1</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">07/01/2022 through 07/31/2022</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 50,089</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; $8.19</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 50,089</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 13,574,167 - 50,078 = 13,524,089</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; 2,624,025</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; 3,500,000</span></span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #2</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">08/01/2022 through 08/31/2022</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 49,843</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; $8.27</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 49,843</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 13,524,089 - 49,843 = 13,474,246</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; 2,624,025</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; 3,500,000</span></span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #3</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">09/01/2022 through 09/30/2022</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211;&#160;&#160;80,313</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; $8.03</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E&#160;&#160;&#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211;&#160;&#160;80,313</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 13,474,246 - 80,313 = 13,393,933</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; 2,624,025</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; 3,500,000</span></span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #4</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">10/01/2022 through 10/31/2022</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211;&#160;&#160;167,594</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; $7.95</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211;&#160;&#160;167,594</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 13,393,933 - 167,594 = 13,226,339</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; 2,624,025</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; 3,500,000</span></span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #5</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">11/01/2022 through 11/30/2022</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 133,420</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; $7.92</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 133,420</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 13,226,339 - 133,420 = 13,092,919</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; 2,624,025</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; 3,500,000</span></span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #6</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">12/01/2022 through 12/31/2022</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 163,076</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; $7.090</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 163,076</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 13,092,919 - 163,076 = 12,929,843</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; 2,624,025</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; 3,500,000</span></span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 644,324</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; $8.04</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 644,324</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br />
    <span style="font-size: 10pt">Preferred Series C &#8211; N/A</span><br />
    <span style="font-size: 10pt">Preferred Series E &#8211; N/A</span></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 0.1in; text-indent: 0"><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>

<!-- Field: Page; Sequence: 137 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">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">&#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"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">a.</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 0pt 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: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">b.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif">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 7.5% 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-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; text-align: justify">
<td style="width: 0"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">c.</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">d.</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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="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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">e.</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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; 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"><span style="font-family: Arial, Helvetica, Sans-Serif"><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"><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">There
have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant&#8217;s Board of Directors,
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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Item 11.
Controls and Procedures.</b></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>

<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">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#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">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#160;</span></p>

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

<!-- Field: Page; Sequence: 138 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-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 42.55pt; text-indent: -42.55pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 42.55pt; text-indent: -42.55pt"><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: -0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">(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">&#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">(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">&#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">(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">&#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">(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">&#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">(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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">(b)
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></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-indent: -21.25pt"><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"><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">&#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"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><a href="ex99-a1.htm">(a)(1)</a></span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#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"><a href="ex99-a2.htm">(a)(2)</a></span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#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"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">(a)(2)(1)</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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">&#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"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">(a)(2)(2)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Not
                                            applicable.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"></td><td style="width: 0.75in"><span style="font-family: Arial, Helvetica, Sans-Serif"><a href="ex99-b.htm">(b)</a></span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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-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-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; text-align: justify">
<td style="width: 0"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><a href="ex99-c.htm">(c)</a></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><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-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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>


<!-- Field: Page; Sequence: 139 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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%; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif">(Registrant)</span></td>
    <td style="border-bottom: Black 1pt solid; width: 14%; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif">The
    GDL Fund</span></td>
    <td style="border-bottom: Black 1pt solid; width: 20%; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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><span style="font-family: Arial, Helvetica, Sans-Serif">By (Signature and Title)*</span></td>
    <td style="border-bottom: Black 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif">/s/ John C. Ball</span></td>
    <td style="border-bottom: Black 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif">John C. Ball, Principal Executive Officer</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif">Date</span></td>
    <td style="border-bottom: Black 1pt solid; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif">March 9, 2023</span></td>
    <td style="border-bottom: Black 1pt solid; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">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">&#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">By (Signature and Title)*</span></td>
    <td style="border-bottom: Black 1pt solid; width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif">/s/ John C. Ball</span></td>
    <td style="border-bottom: Black 1pt solid; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">John C. Ball, Principal Executive Officer</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif">Date</span></td>
    <td style="border-bottom: Black 1pt solid; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif">March 9, 2023</span></td>
    <td style="border-bottom: Black 1pt solid; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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">By (Signature and Title)*</span></td>
    <td style="border-bottom: Black 1pt solid; width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif">/s/ John C. Ball</span></td>
    <td style="border-bottom: Black 1pt solid; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">John C. Ball, Principal Financial Officer and Treasurer</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: 4%"><span style="font-family: Arial, Helvetica, Sans-Serif">Date</span></td>
    <td style="border-bottom: Black 1pt solid; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif">March 9, 2023</span></td>
    <td style="border-bottom: Black 1pt solid; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
</table>


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

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


<!-- Field: Page; Sequence: 140 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>

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

</div>
</body>
</html>
</XBRL>
</TEXT>
</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: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="gdl-ncsr_123122.htm">The GDL Fund</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EX-99.(a)(1)</B></P>

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

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


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







<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /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">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>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /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">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>



<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(2)
<SEQUENCE>3
<FILENAME>ex99-a2.htm
<DESCRIPTION>SECTION 302 CERTIFICATIONS
<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: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="gdl-ncsr_123122.htm">The GDL Fund</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EX-99.(a)(2)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, John C. Ball, certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of The GDL Fund;</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"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">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;</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"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">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;</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"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">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:</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: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">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;</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: 0.25in">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting
that occurred during the 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</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"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">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):</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: 0.25in">(a)</TD><TD STYLE="text-align: justify">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</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">March 9, 2023</TD>
    <TD STYLE="width: 20%"></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ John C. Ball</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John C. Ball, Principal Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, John C. Ball, certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of The GDL Fund;</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"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">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;</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"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">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;</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"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">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:</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: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">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;</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: 0.25in">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="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">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting
that occurred during the 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</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"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">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):</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: 0.25in">(a)</TD><TD STYLE="text-align: justify">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</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">March 9, 2023</TD>
    <TD STYLE="width: 20%"></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ John C. Ball</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John C. Ball, Principal Financial Officer and Treasurer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>4
<FILENAME>ex99-b.htm
<DESCRIPTION>SECTION 906 CERTIFICATIONS
<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: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="gdl-ncsr_123122.htm">The GDL Fund</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EX-99.(b)</B></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(b)
under the 1940 Act and Section 906 of the Sarbanes-Oxley Act</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, John C. Ball, Principal Executive Officer
of The GDL Fund (the &ldquo;Registrant&rdquo;), certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">1.</TD><TD STYLE="text-align: justify">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</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: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">March 9, 2023</TD>
    <TD STYLE="width: 20%"></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ John C. Ball</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John C. Ball, Principal Executive Officer</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; text-align: justify">I, John C. Ball, Principal Financial Officer
and Treasurer of The GDL Fund (the &ldquo;Registrant&rdquo;), certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">1.</TD><TD STYLE="text-align: justify">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</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: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">March 9, 2023</TD>
    <TD STYLE="width: 20%"></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ John C. Ball</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John C. Ball, Principal Financial Officer and Treasurer</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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->

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





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(C)
<SEQUENCE>5
<FILENAME>ex99-c.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<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: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="gdl-ncsr_123122.htm">The GDL Fund</A></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EX-99.(c)</B></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0.25in; text-align: center; background-color: white"><B>Consent of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="background-color: white">We consent
to the incorporation by reference of our report dated March 1, 2023, with respect to the financial statements and financial highlights
of The GDL Fund included in this</FONT>&nbsp;<FONT STYLE="background-color: white">Annual Report to Shareholders (Form&nbsp;N-CSR)&nbsp;for
the year ended December&nbsp;31, 2022, into the Registration Statement (Form N-2, File No. 333-250213) filed with the Securities and Exchange
Commission..</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; color: #333333">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; color: #333333">New York, New York<BR>
March 9, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->

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





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>gdlncsr123122001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gdlncsr123122001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ E0!X P$1  (1 0,1 ?_$ (H   $% 0$!
M      8" P0%!P$(  $! 0                    $0  (! P$$!08)"00+
M 0    $" P 1! 4A,1(&06%Q$P=1@;$B,Q21,D)RTB.3%1:AP5*R<T15%PAB
MDF4F\/&B0U-CHR0TA*1%$0$                     _]H # ,!  (1 Q$
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M"#+TK+CRX0#Q%#M4FQ =3M4]1H"OD#+Q<-=5RLN9,?&ACB:6>5@B*H+[69K
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H=/W3Y_=:#G^0/\(_^2@L-)_#]I/NCW3ANO?^Y]U:^WAX^Z\]KT'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>gdlncsr123122002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gdlncsr123122002.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ E@!X P$1  (1 0,1 ?_$ (8   $% 0$!
M      8" P0%!P$(  $!                     !   0($ P0&!0<*! <
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MP&5WMRZ/5D[FXXX\G9Q-T!Z:Y'55-4<M;8E@S+"WFGQ*4G$N$J[X ]D(#A$
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M(A;TOD3  P:&8MRDX!.75TB 9>;*=HET0#05-/9 )4K.C+/'O@(RSE..!&Z
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+^:1R3XG5/9 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>gdlncsr123122003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gdlncsr123122003.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ E@!X P$1  (1 0,1 ?_$ (4   $% 0$!
M      8" P0%!P@!  $!                     !   0($ P,%# <' P4
M     0(# !$$!2$2!C%!!U%AL2(3<8&1H<'1,G*2(S,40K)#<S14%E)B@K,D
MA BBI!538V1T-1$!                     /_:  P# 0 "$0,1 #\ +J:F
M4^I8"\N7O[8"2+2X?MAX#YX!8LKA^V'LGSP"A87#]N/9/G@%?IYW\P/9/G@/
MOT\[^8'LGSP'IT\[^8'LGSP'GZ>=_,#V3YX#W]./?F![)\\!\=.N_F![)\\
M@V%T?;CV3YX!!LK@^V'LGSP"%6IP?:CP'SP"#;EC[3Q'SP#+S"FLI*IS,N2
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M(>[/*%2^F23+R0 +4-531 >FV?HA0.,H"!4=H,^8X[3 1%%6"AO.$!UKPLO
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MNG/^*O-(ZA$D5#&51Y5M&1_TJ28"JN#:3IAML2F$E8.V4A,>& %69D%0PYH
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M[4,H=1E4,.6 ATMN2PX5$YN0P$WJSV8[H#Z6!$\!L@&G".] &/"3_P"S</\
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J$[-\ IT\)I>\#'?^9@+?2GZ(^;?_ $[V8J.S'S&3M9]GF$I]IAZ4!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>gdlncsr123122004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gdlncsr123122004.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ \ ** P$1  (1 0,1 ?_$ +\  0 !!0$!
M       & @,$!0<!" $! 0$! 0                $" P00  $$ 0,! P@$
M"@<%!08'  (  0,$!1$2!B$Q$P=!(C+3%)065E%A,Q5Q@9%"([/4=1<(H5+2
MDR15E=%BDE17L8*BLC1R4V,F-QA#<X/#=+0V$0$  0("!P8#!P,#! ,
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M @(" @(" @(" @(" @(" @(" @(" @(" @(" @(""*<!^VY1^_;7ZJ%!*T!
M0$$,L^#/A3:L36+'%<;+/.9232E +D1F[D1._P!+NZ"80PQ0PA#$+!%$+!&
M]&$1;1F;\#(*T%,L,4H;)0&0-6?:3,3:L^K/H_T.@H]DJZ:=R&CGWK^:WVG]
M?L]+ZT%,F/H2PS025HC@L.[SQ$ N,COVN8NVA=GE4H56)<%@Y:D5*7'UI*<+
MZPUBAC>,'_W0=MK?B5G.I&&"\V.Q[3=^U6%IO-_2]V.[]&SL'G::^:SOI]""
MMJE5M-(8VVD4@Z"W0SUW$W3M?<^KH+%;#8BK&<=:C7@CD-I#".( $C9]6)V9
MFU=OI3R/-=EH49M>^KQ2:F,C[P$O/'T2ZMVMY'2,"5V2&*3;W@">PF,-S,^A
M-V.VO8Z"P>,QQW0O'5A*[&VV.T\8O*(OY&/3<S?C2,"<5E\!@G-C?'57-MVA
M=S'KY_4O)^=KU4HM65%4J11E%%#''&?I@(LPOT8>K,W]5F96<<TC >K5>..-
MX0>.%V>$-K: X^BXMITT\FB5QJ+,>(Q4=B>Q'2@"Q9;2S,,8,<C/Y#)FU+\:
M4PIH--5!8+"$4)%CZSE7#NX">&/4 _JAT\UOJ9*XU)C0R6J56%A:&/:Q]ZS;
M6T[S77?V>EKUU05A#$&_8 CWC[I-&9MQ:::O]+Z,@P<7Q_"XJ2S)CJ4-4[DC
MS62B!A<S=F9W?3\"5PIH)QFNE=L8?$V(0AL4J\T,;N\<4D0$(N_:["[.S:H5
M6HN/X:&S6L0TXH3J#*%<8@$ %I]O>:"+,VI;&U37MP/]6=%%%#&,40#'$#;0
M &819F\C,W8DR,:UB,5;@>O:I03UW-Y'ADB P<W?5RVDSMK]:4*LF...*,8X
M@8(P9A !9F%F;L9F;L29(BBI 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$$4X#]MRC]^VOU4*"5H" @(-!9Y_PJ
MKR ./6,U4BS4CLPT2E%I-Q>B+^1B?R"_5!OT!!H>;9VYA,"]^H(%,UFI!I(S
MN.VQ9CA+L=NNTWT2W&^V/FNB%^[=.JVZ>R*M$&;YYGK64M<<FQU;&XJU+2AJ
MVX)9I;DM?1I=90FB&$=_F#YI=FKJ6S/+%TXQ=HV5IGKP+J<TVZ8I6=LQ7+=,
M-%G/$K-5N3WL59S^#XJU2M4F:ME8RGE*2Q&12L)C9KB0QD.FK,M1$36DU]4Q
MX)C%*QG%>])>=<KR6 X;4RD%VD-B>:K#+DIXR>F(SOH4VQI!?9Y6_2?C4OPO
MBW*LTQW3/D6>R9SF(T;XCS1C&>*V;N7#P="YBLYD;-F&ICLS3"2.D)'%)/-W
MT7?2D3PQQ:^9)H6YFZ=5JVV;HPPS[(Y<8XW4[TNGEQG'".V9F/*J25N3Y_ Y
M@L5RRQ4MQ34K&0J92I"=46&IM[^*6(Y)^K#(Q"3%UZ]%B;HY;ITVQ$[XG#Q\
M6HLF9MU733=.?A7L7?#CF&7Y!5NQ9RM'2RU4XYFK1[F;V2V#2U2+<[ONVZB?
M^\+KI-E+8UQ6V[\49TV8PQS1-V'MG&W=EY=\-1A?%*Y+<YG6RD$47W!-)]UN
M&K=_"#"/G:N_G-,;#Y.U<JS^S%\>[[9GE\'2G_+R_=I7NQ.*^+$L_%L?=S="
M:;,RPR6<E4QL7>#5@CD('EDWFWFMM[!<B?3H*Z74BFJD5G16?CLS8B)F9C36
M:1IEN[/B;QV&3);8[4];$5AN7KL4.Z (CB&8-#=VW$8'T%FUZ==.FLIK^;EX
MUIYK&-*:8KPQ^Q'N0>*>1K7HHZ$#PC*T!>R7JY1S#'+'<)I'=I'^T>H+B+BS
MLW;U?1L7S-L3.KF[K(NI]K=D1=3;3OOMM\);^;EN2#%\/M,$7>9^6K'<;1]!
M:>!Y2[OKT\YNFNJ[]2R(ZTV:/7^6)H\]M\ST8OT^G\TQ'FV^2Y7B<;D):-QS
MBDBI29%Y'']&4,+Z2;2UZD/T+C7"9U4[_BCM3+ZFBQ7BSQ[)2UVCJ7X*MBP]
M)KT\ A %EA<VB,M[EJXMKJPN/TNSK5->&$SV9]G^C.[&GGDU^=\7JE>M3EQ]
M*VX7+58*<\U=WCN5I)ACE*KM+=N;>VUC8=>W1V4MB>:(F-\:?;=,=\<--"^:
M6S.K3HSB)[NW0EN#Y+6S-*W-!!/4L49"KVZ=L1":*40&3:; 1@^H&),XD[:.
MIU,+.:-4]V'C"Q[J?&**XGQ;JOA:$V1HVK&0DQ\62R'L,&Z&&"4R#O'<S;H+
M@^HMJ7T,ZU-.$<M9VW159MF)F/JOB/[;J+G*O%*O1KR?<]>:UW5BK6ER+Q;J
M026"!^Z(V,3W=W(SZ[=K>5TMCUQ$X1S4[*UI\;F+KO1-T8SR\W;DV4'B3AIY
MC"*G>*(PF/'V>Y;NKOLS:RC6??N(FTZ,8CN_-U6:TBLX85VTU_&.QNF--M-E
M=7QAM;#CO,L)R-YWPYE:KUPC*2T+-W6^0=_=,6OV@MIO;3S>Q^JU?$Q$S\33
M4S$Q6GQ&]#^"^(/)L[G<A%8]@DBA#<6$C=X<A4+N]P@;2E^EU+S"+:+,75NB
MEOLF<]L<,.^>R>&NI%.IRZ/ZW8]T<)CCF0>(F;GX_)9^[HJV8GS+X6E4E)SC
MC-Y& 3G*,O.VMJ1;'Z]C)$<T64G&^)G_ !YJ]UO:SS4F^N5M.-8MIWW-YQ?/
MYC)196A?"N&;Q$[UI9(6-JTCE&TD<H@1$8B^[J.YW;3M2<;8NMVQQ@RNY9U1
M/"?]$8RG/>:XBU?CLPXRY#CP@CLSP-/$$5JW(,<(&1F?FBQ;S^K1M>J6^K#7
M=RQXSV9;UNPX16==/Z^&+-K\]S\%/DM6S3K93.<< ))&QY=S7ECEA>82TG,W
M#;H[$V\G^A8ZM].GSQHF8G@WT[:WQ;/WHB>V:4[DOX]D9<E@<=D9A$);E:*>
M0 UVL4@,3LVNKZ=5WZUD6WS;&B7GZ-\WV1=.F&>N;J(" @(" @(" @(" @("
M @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(""*<!^VY1^_;7ZJ%!
M*T!!Q#Q&_EFCYIS/(\E?D94'O]S_ (1J;2L'<P!#Z??1ZZ]WKZ*"-_\ V9P_
M-Q>X-^T*4&FG_D^Y..;C@@SE23"EIWEXXS&P+:>=I7;<+O\ 1^E_(@W/_P!F
M</S<7N#?M"4'C_R9PNVGQ<7N#?M"4'?.4\>^_<-]V]_[/^FK3][MW_\ IIPF
MTVZCZ7=Z=JL876W?+-3[MT?-;,=L4:*UPCD<%K)1X'.QX[%9B8K%V"2J\]B*
M65F&4JLS31B&]AU\\"T?JREMOIBV?;';G6G:LSCS1[N[55:;@7*,=F+=[CF?
M@I06Z]6O)#=I'=D_P<;QB;RM9@=W)BU+5NU:FZ9K^*9[6:1ALBG?5MN3<8RN
M;P%2D^1B@RE2>O:]N>NYQ%+ 6[[#O1?:3^3O/QJ7>Z+K<*3Y3'F1'HFV[&L>
M<3Y-#:\+LGD<JW(LGFXRY35:)L5?JU.X@KC#WGFE 4TQ2M)WQ,>LC=.S3M5M
MGEQMSG/;HI\:5GU12?;\357DO#7+Y]Y)^2YF*U9.,:;!4JE7@"D<H26HA II
M3WV!B8"-SZ-V,EM(G7C$SPRC=7&=9,S2FR:;YBE>S)ML3X?XG"<F;,800Q]>
M6J56]0C#S9G8V.*3=N\TH]";L['2VZ8B8T33MA+K8FDZ8\-7:U,_A-%-DH+A
M9(A$<K-DK4(Q-I/!-L+V0W<G\T9(Q/=_0ED\O+]-M.-9F)X57J1S1=]4QX4G
MM:NYX'5Y.YDCL8^S9[N6O8DR>-"Z+1RS%*QUP.0>ZE#?IJ^X7Z:BLVVQ$4T4
MC?A%.]N^^MTW;9G9C\;&_F\-HBQ/)<;%=:*+D%>&L#M"+- T-4*S.P X"6NS
M=HS"WD6^;+9?S_FB:=S%N%-EG+X_:L<D\+FS6;^]/O+N/T56+NNYW_\ IH[4
M>N[>/I>V:]G3;]?3G=%8NCYN;\UL6^35D\L6Q\L1W7VW>5&;F.$9&S@>/T,;
MDXZ=WCYUY(+<U=YPD>O%W7G1-+$[;NWTUTZE\W=7]R,/=^9RLLB.GR3]/Y9B
M?)H.6<1Y+F9<#C<E9>]=&X4MS*4ZKU*PXYV9IJ\FZ6?SI-&9M"ZJ=.G[D3HB
M,=OR][5\SR3$9S2FS7/8W3^'$!4Y:AW-8)<Q)ER%HM&V2L0O7;0O(Q>E_0I,
M5MB)T6S';7[6[;J3=,::=U/L84/AMGWKXW'V^0C)B<+/7EQU6.KW9D%:49!]
MI-Y3[P]H[6(!!FZOM=;B^>:+YQN_^-UOGW.5UD<LVVX6S]L3V8)3BL![!:S<
M_?\ >??%KVK;MT[O_#Q5]NNK[OL=VO3M7.Z*V19^+OF9\W2OJYMW<CN(\,6Q
MU&>K]X][WV'BP^_N=NG='*7>Z;W[>^]'ZNU+XYK9M^;E_+%%YO5$ZIOG_.:]
MS#N>%61DK38NKF8X,'<FKV[U<JKR3E/ ,8%LF[X1&.1HFU9P=V\CK=T\UU9R
MBZ9CC7#OP<HMI92,^6+:[M*U@_!_[DO'9Q]C&UR@"P.,N1XN)KPG8UT.S9<W
M>;N]W38T>OYVJS%>6F4TIAAA]O=L;F(K6F%:X_&7?M2'A?!@XI%;I4[TDV,M
M:3-7E9WD"R3?XB497)WTE+S]NG0M='TZ*W36WERU;(U<-"8\W-IT[9UM1@/#
MO.5N519;,Y6/(18TM<?.T#A;EUKO7_Q$KR'KM GU9A;<6A=.Q.G-*SIN[/N_
M]/#'6=2*S%,OZW8?F\F=8\/3+$VJU?(=U>++%FJ%MXMPPS]XT@@<;&/>!TVE
MYPZM]"S;6V+:9V5C?S3=7NN6D3-U<KZ<*1;$?IJNX/C?(L3D L'=AMS9.U+:
MY!.,/= 6D+!!' !22$ @XMVN3OUZK<4B.6,HK_E,YI=69K][".$/8N#SQ<;R
MF,#(,][*V9;=B\< 2 12FQ=V<,CD)1[&8';7L[-%B8]-MOR]^NK=?5-VONU=
MBSQWPZK8C$9JJ+U8+6; HYO8*S5:L(=UW,8Q5V(M&%NKZEYSZIU;>;I\FNO?
M\8)T[N6^+]5.['OE)<)CONS#T<=WG>^QP1P=[IMW=V##NTU?373Z5TZE_-=-
MVMRZ5G);%NJ&:L.@@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(" @(" @(" @(" @((IP'[;E'[]M?JH4$K0$! 0$! 0$! 0$! 0$! 0$! 0
M$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0
M$! 0$! 0$! 0$! 0$! 0$!!%. _;<H_?MK]5"@E: @(" @(" @(" @(" @("
M @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M @(" @(" @(" @(" @I>2-C&-R9C-G<0=VU=F[=&^K5!4@(" @(""*<!^VY1
M^_;7ZJ%!*T! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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M @(" @(" @(" @(" @(" @((IP'[;E'[]M?JH4$K0$! 0$! 0$! 0$! 0$!
M0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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M=%&8^E&7375!G<'\2>'\XAN3<:N%<CHD 6G.&:#:4C.X_;!'KJPOV().@("
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MNC>5T'1$! 0$! 0$! 0$$4X#]MRC]^VOU4*"5H" @(" @(" @(" @(" @("
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MH,G>D$S@Q-N:"(  =&8B#9WA=O73ZD'0?X=T_P#/,[_JEG^T@?P[I_YYG?\
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M3@/VW*/W[:_50H)6@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(""*<!^VY1^_;7ZJ%!*T! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0
M$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0
M$! 0$! 013@/VW*/W[:_50H)6@(" @(" @(" @(" @(" @(" @(" @(" @("
M @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M @(" @(" @(""*<!^VY1^_;7ZJ%!*T! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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MT7;K>[A'AIVZ]KETXI%,\9\=#*YG2CN<5RL,DDT3>RS&QUYI*\C.,;NVDD1
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M[4V=HPVMN\Y]H?U=WQ6:5]7+'JGQC?Y9PS;.$S2D<V4;LO.=%9TX-A]TA_U
IJ?\ ^9]F_P#5#[_]K]C_ +_;_O+W\_TW9ZN_+/N>7#Z?=\=/\/>__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>gdlncsr123122005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gdlncsr123122005.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ - #% P$1  (1 0,1 ?_$ (P  0 # 0$! 0$
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B\/EKN?KQGF/\&&/1^DJX3<4 H!0"@% * 4 H!0"@% ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>gdlncsr123122006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gdlncsr123122006.jpg
M_]C_X  02D9)1@ ! 0$ 2 !(  #_X@'824-#7U!23T9)3$4  0$   '(
M  0P  !M;G1R4D="(%A96B                !A8W-P
M                     0  ]M8  0    #3+0
M                                              ED97-C    \
M "1R6%E:   !%    !1G6%E:   !*    !1B6%E:   !/    !1W='!T   !
M4    !1R5%)#   !9    "AG5%)#   !9    "AB5%)#   !9    "AC<')T
M   !C    #QM;'5C          $    ,96Y54P    @    < ', 4@!' $)8
M65H@        ;Z(  #CU   #D%A96B        !BF0  MX4  !C:6%E:(
M     "2@   /A   ML]865H@        ]M8  0    #3+7!A<F$       0
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M_\0 & $! 0$! 0                $" P3_Q  J$0$  @$%   %! ,! 0
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ML?JMZT6_L?J@XD1$!$1 1$0$1$!$1 1$0$1$!$1 1$0$1$!$1 1$0$1$!$1
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MM%T2-[!-&UF6-8(W3N#7M;P 6[L.Q\0554:D=/5-,?2[BS-^SGM$@?ALF"W
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M$1 1$0$1$!$1 1$0$1$!$1 6BW]C]5O6BW]C]4'$B(@(B("(B B(@(B("(B
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M;#I6-L[*\S^\?$8PXAWF6G^'..>"HR]G:\IEF=-+[5)-WPE#W8:X$;?#G'
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M_K3VZQ]TV_S0_K4IM5H5VQ.EM1@3-+HR#G<..1CYA1.KZ>)A#[4SO#CP\YY
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MIVR-L:4QE(B:Y*&6&E_V ()!^.>,?!>G<-S2WU&%5#L]4%6G USFFH8SWC0
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M"'QMP6D9'VF>?AZJRKW&3UY9M[2V.1[26@\;7$'K\E6#LO6V,#IG[FDESFM
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MB:FWBF2ZMIPL1T6/AJ005ML,59@ +_M'YVY) ^?Q"V?MK6FSTH\R.W2MWNV
MMDC=(6Y.(_>#>3@M'3U7L46IFYMF(J*>3I:SJ44@-R2>2$"9AE$&6R2 ,+-H
M# 0.7<'SR,GA<\>I]H?9?:)IK&PN@8_$#&F,&%KG.&6GDOXY! R>/3VB**H=
M GU:U;F=J$Y[N.&+;&V,!CG$$EV<9/0<>62KY$0$1$!$1 1$0%HM_8_5;UHM
M_8_5!Q(B("(M=F<UJTDPADF+!GNXAESO@ @V(O/R=KF1310R:)J[9)B1&TP-
MR_ R<>+T5II^I&^R1SJ%RIL(XLQAI=\L$K<X91%RQ'Q,9FH=B+ETW4(=4I-M
MP->UCB0 \ '@X\B?1)M1A@U*M0<UYELM<YA &T;1SGE9TS=-:HJW4BJ;?:&.
MMJ,E"/3KUN6-@>[V>-K@ >G5P]%FOKLD]AD1T75(@\XWR1,#6_$X=T6M&56S
MKQNEJB(L-B(B B(@(B("(B B(@(B("(B B(@(B("(B B(@(B("(B B(@(B("
M(B"T1$01<T/86N&0X8(54=$G=0=0?J#G50P,B;W0W- ((W'/BP!CR^.5:2ES
M8GN8,N#20/4KSE#4X*CJ4UB:Q*ZW7<^25UDN8US6[GCNR<-QC' ^"0.JYV8B
MN33R/M2,[YSW>#@M+N[Q@@^1B'XK?I^AMHV8[)G,DK62->?$=Y>6G.7.<?X
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MPZ'E1&CRQ:73AAE:+%-XD87\M)Y!!P!QAQ' XXX\EIU'1;FJM<^PZLR5U2:
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MO2_[+O\ S%0U7_I1HO\ _F_\J:/WSC]?\&O]D9?3_*\1>1UN&\[M>RQIK_\
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MG&%R,[*:%&X.&FQ.QY/RX?@3A:RSQRN_9EG'#+&J\B'+I+_VMVDM:Q$#[+'
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M]A)&<$$$'!!!Y!!\BMR B(@(B("(B B(@+1;^Q^JWK1;^Q^J#B1$0$1$!$1
M1$0$1$!$1 1$0$1$!$1 1$0$1$!$1 1$0$1$!$1 1$0$1$!$1 1$0$1$!$1
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M(@(B("(B B(@(B("(B B(@(B("(B B(@(B("(B B(@M$1$$)6N=$]K#M<6D
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M+<9!Z%8)PUNTC(SGE!KV.QT/JL;21G'"W$[2TD\!G18W-W!V1@-P @U]V_\
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M1G#]IVGX^2\I7KY?IPH0S07V;OVA+W9:['=N#MQ(PX[]I'7UZ*"Y;V=H,A=
MSOF1/B[I\;97!KQMVY(\SCC/P'HIV-"I69G3.$K)'\%S)"TXV[<?@%4UZ?LW
M9?1XK$<DE5NQUQAC&2"TGQ-:!D!Y&>/GGE9LW)*S=FD]Y6KB+=5BCK>&>3<=
MS3EOA'3ICWB<\+4QO1?:QC[-:9$-L<;VM[H1%H><$!NW)^.WC*ZK.EU[3862
M.E[N+&(VR$-< 01N'GT"H;VKZJR.Q! Z868_:CQ7S@ 9BYVX/ECU69[VK597
M,?:GD;%9V "%H?,TL81@["W@EPQP3Z\*<[H]!)1AF@CAE+WMCD;(TN<2=P=N
M'/S6BWHM&X][Y8SO?L\33@M+<X(]/>/XKSAN:S>CGBLL>6AS"^(LYC<)FX#<
M-&1CU)]5Z^">*S"V:%VYCNAQC*=+VKSV?H;P]HE9(,#>V0AW#=O7Y*479_3H
M:HK-B+HLQ':YQ.>[QMSG_LCYJR1!5Q=GZ%>PV>!KHY&##?$2WC.,CX9P/@ /
M);M*TR/2Z[XV$.?+(Z61P;M!<XY.!DX'H,KN1 1$0$1$!$1 1$0%HECJR6X.
M\V&>+<^(%WB'&"0/D<?5;UY;M#4U(ZVS4=.@?)+5KB./ X=WCG-=^7PN^B"X
M9I.DV*[1'!%)$UG=M+'$X =G (/!#AUZ@A2-33[E5M(R&9C"'C%AQ>"'<'=G
M=P0><^2\M5HZSI<,.G58IHJT+Y1#("_&XS$Y<&M=N!:1UP.3SGI*K1U6J^21
ME>Q&TL:V0L'CV>TR.=M\\[2#QSSQRJ/2-[/Z4R6.5M-H?&000YW)!)#CSR<D
M\G)Y/JM@T;3F]SBJW]PUK8^3X0TY:/H>5YU\6NO;8DC?>#(8)'TVEQ#G$/\
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M$1 6BW]C]5O6BW]C]4'$B(@(B("(B B(@(B("(B B(@(B("(B B(@(B("(B
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M6#H.,*]#*(B@*FUBS<J6HY^^FBH,9F5\#6.+3GJ\.!.W'^'GJKE5VH1:0ZU
M;[8.^>=L7>=78(X^(R1U\R@JZ7:=[X++2ULTU>9T9WES2XF1P:UH:PD^%O4
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M7/BDDAT\RC<T18E(W9D$?B);AI\60.<C*MJVC4*U;N&P-<TM <7\EV'%W/\
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MR!DX09'A;N\SP$/N#YG_ $1QR>.@X"'[,?,_Z((HB("(I!I//0>I014@WS/
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MSP@DG&[@?^J@T9.%EQR?AY(,$$'!6%(^)N?,=5% 1$029[X45)GOA106B(B
MB(@(B("(B B(@(B("(B B(@(B("(B B(@(B("(B B(@(B("(B B(@(B("(B
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M+P2HH+1$1 1$0$1$!$1 1$0$1$!$1 1$0$1$!$1 1$0$1$!$1 1$0$1$!$1
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M$1 1$0$1$!$1 1$0$1$!:+?V/U6]:+?V/U0<2(B B(@(B("(B B(@(B("(B
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M]?WE]D"?_>V!_P!VEX_Y$_O+[(@>'6,'U-67]*^"HEE/NY_VE]E,_P#O?/\
M\M+^A/[R^R?WO_EI?TKX0B64^[_WE]D_O?\ RTOZ4_O+[)_>_P#EI?TKX0B6
M4^[_ -Y?9/[W_P M+^E/[R^R?WO_ ):7]*^$(EE/N_\ >7V3^]_\M+^E9'^T
MOLD&_P#O?D__ --+Q_RKX.B64^[_ -Y?9/[W_P M+^E/[R^R?WO_ ):7]*^$
M(EE/N_\ >7V3^]_\M+^E/[R^R?WO_EI?TKX0B64^\-_VE]DPX9U?_+2_I6/[
MR^R?WO\ Y:7]*^$(EE/U@B(M(PYH<TM/0C!5*S0YN_I]Y+7='2<.ZD$7[XM
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M("(B O"?[8?^A _[W'_1R(@^%(B++0B(@(B("(B B(@(B("(B B(@(B("(B
@B(@(B("(B B(@(B("(B B(@(B("(B B(@(B("(B#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>12
<FILENAME>gdl-20221231.xsd
<DESCRIPTION>XBRL SCHEMA FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.17b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +6spw7xRiXhun8uCbn1MSaSK6bP9w5dz2elBtm92HSla3y4le1XamSR8UCX2sZMK -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2022" xmlns:cef="http://xbrl.sec.gov/cef/2022" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2020-01-21" xmlns:gdl="http://gabelli.com/20221231" elementFormDefault="qualified" targetNamespace="http://gabelli.com/20221231">
    <annotation>
      <appinfo>
	<link:linkbaseRef xlink:type="simple" xlink:href="gdl-20221231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="gdl-20221231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="gdl-20221231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
    <import namespace="http://xbrl.sec.gov/cef/2022" schemaLocation="https://xbrl.sec.gov/cef/2022/cef-2022.xsd" />
    <element id="gdl_CommonStockMember" name="CommonStockMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SeriesCCumulativePreferredStockMember" name="SeriesCCumulativePreferredStockMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SeriesECumulativePreferredStockMember" name="SeriesECumulativePreferredStockMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SeriesBCumulativePreferredStockMember" name="SeriesBCumulativePreferredStockMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_CumulativePreferredStockMember" name="CumulativePreferredStockMember" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_MarketRiskMember" name="MarketRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_InterestRateRiskGenerallyMember" name="InterestRateRiskGenerallyMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_InflationRiskMember" name="InflationRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_MergerArbitrageRiskMember" name="MergerArbitrageRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_EquityRiskMember" name="EquityRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_CommonStockRiskMember" name="CommonStockRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_PreferredStockRiskMember" name="PreferredStockRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_ConvertibleSecuritiesRiskMember" name="ConvertibleSecuritiesRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_FixedIncomeSecuritiesRisksMember" name="FixedIncomeSecuritiesRisksMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_LiborRiskMember" name="LiborRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_CorporateBondsRiskMember" name="CorporateBondsRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_NonInvestmentGradeSecuritiesMember" name="NonInvestmentGradeSecuritiesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" name="USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SignificantHoldingsRiskMember" name="SignificantHoldingsRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_ForeignSecuritiesRiskMember" name="ForeignSecuritiesRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_RestrictedAndIlliquidSecuritiesMember" name="RestrictedAndIlliquidSecuritiesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_ShortSalesRiskMember" name="ShortSalesRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_LeverageRiskMember" name="LeverageRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SpecialRisksRelatedToInvestmentinDerivativesMember" name="SpecialRisksRelatedToInvestmentinDerivativesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_CounterpartyRiskMember" name="CounterpartyRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" name="FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SwapsRiskMember" name="SwapsRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_ForwardForeignCurrencyExchangeContractsMember" name="ForwardForeignCurrencyExchangeContractsMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_FuturesContractsAndOptionsonFuturesMember" name="FuturesContractsAndOptionsonFuturesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_OptionsRiskMember" name="OptionsRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_DerivativesRegulationRiskMember" name="DerivativesRegulationRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_MarketDiscountRiskMember" name="MarketDiscountRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_LongTermObjectiveNotACompleteInvestmentProgramMember" name="LongTermObjectiveNotACompleteInvestmentProgramMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_ManagementRiskMember" name="ManagementRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_DecisionMakingAuthorityRiskMember" name="DecisionMakingAuthorityRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_DependenceOnKeyPersonnelMember" name="DependenceOnKeyPersonnelMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_MarketDisruptionAndGeopoliticalRiskMember" name="MarketDisruptionAndGeopoliticalRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_EconomicEventsAndMarketRiskMember" name="EconomicEventsAndMarketRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_RegulationAndGovernmentInterventionRiskMember" name="RegulationAndGovernmentInterventionRiskMember" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_DeflationRiskMember" name="DeflationRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_LegislationRiskMember" name="LegislationRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_RelianceOnServiceProvidersRiskMember" name="RelianceOnServiceProvidersRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_CyberSecurityRiskMember" name="CyberSecurityRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" name="MisconductOfEmployeesAndOfServiceProvidersRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_PortfolioTurnoverRiskMember" name="PortfolioTurnoverRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_InvestmentDilutionRiskMember" name="InvestmentDilutionRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_LegalTaxAndRegulatoryRiskMember" name="LegalTaxAndRegulatoryRiskMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_AntiTakeoverProvisionsMember" name="AntiTakeoverProvisionsMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SpecialRisksToHoldersOfNotesMember" name="SpecialRisksToHoldersOfNotesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" name="SpecialRisksToHoldersOfFixedRatePreferredSharesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" name="SpecialRisksToHoldersOfNotesAndPreferredSharesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" name="SpecialRisksOfNotesToHoldersOfPreferredSharesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SpecialRisksToHoldersOfCommonSharesMember" name="SpecialRisksToHoldersOfCommonSharesMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" name="SpecialRiskToHoldersOfSubscriptionRightsMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_PurchaseTransactionMember" name="PurchaseTransactionMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_SaleTransactionMember" name="SaleTransactionMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="gdl_DividendsOnPreferredSharesNotIncludedMember" name="DividendsOnPreferredSharesNotIncludedMember" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>13
<FILENAME>gdl-20221231_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.17b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://xbrl.sec.gov/cef/role/SecurityOnly" xlink:href="https://xbrl.sec.gov/cef/2022/cef-2022.xsd#SecurityOnly" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/cef/role/AddressTypeOnly" xlink:href="https://xbrl.sec.gov/cef/2022/cef-2022.xsd#AddressTypeOnly" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/cef/role/RiskOnly" xlink:href="https://xbrl.sec.gov/cef/2022/cef-2022.xsd#RiskOnly" xlink:type="simple" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
    <link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/cef/role/SecurityOnly">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cef/2022/cef-2022.xsd#cef_AllSecuritiesMember" xlink:label="loc_cefAllSecuritiesMember" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CommonStockMember" xlink:label="loc_gdlCommonStockMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlCommonStockMember" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesCCumulativePreferredStockMember" xlink:label="loc_gdlSeriesCCumulativePreferredStockMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlSeriesCCumulativePreferredStockMember" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesECumulativePreferredStockMember" xlink:label="loc_gdlSeriesECumulativePreferredStockMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlSeriesECumulativePreferredStockMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesBCumulativePreferredStockMember" xlink:label="loc_gdlSeriesBCumulativePreferredStockMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlSeriesBCumulativePreferredStockMember" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CumulativePreferredStockMember" xlink:label="loc_gdlCumulativePreferredStockMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlCumulativePreferredStockMember" xlink:type="arc" order="40" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PurchaseTransactionMember" xlink:label="loc_gdlPurchaseTransactionMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlPurchaseTransactionMember" xlink:type="arc" order="50" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SaleTransactionMember" xlink:label="loc_gdlSaleTransactionMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlSaleTransactionMember" xlink:type="arc" order="60" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DividendsOnPreferredSharesNotIncludedMember" xlink:label="loc_gdlDividendsOnPreferredSharesNotIncludedMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlDividendsOnPreferredSharesNotIncludedMember" xlink:type="arc" order="70" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/cef/role/AddressTypeOnly" />
    <link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/cef/role/RiskOnly">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cef/2022/cef-2022.xsd#cef_AllRisksMember" xlink:label="loc_cefAllRisksMember" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketRiskMember" xlink:label="loc_gdlMarketRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMarketRiskMember" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InterestRateRiskGenerallyMember" xlink:label="loc_gdlInterestRateRiskGenerallyMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlInterestRateRiskGenerallyMember" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InflationRiskMember" xlink:label="loc_gdlInflationRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlInflationRiskMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MergerArbitrageRiskMember" xlink:label="loc_gdlMergerArbitrageRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMergerArbitrageRiskMember" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_EquityRiskMember" xlink:label="loc_gdlEquityRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlEquityRiskMember" xlink:type="arc" order="40" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CommonStockRiskMember" xlink:label="loc_gdlCommonStockRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlCommonStockRiskMember" xlink:type="arc" order="50" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PreferredStockRiskMember" xlink:label="loc_gdlPreferredStockRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlPreferredStockRiskMember" xlink:type="arc" order="60" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ConvertibleSecuritiesRiskMember" xlink:label="loc_gdlConvertibleSecuritiesRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlConvertibleSecuritiesRiskMember" xlink:type="arc" order="70" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FixedIncomeSecuritiesRisksMember" xlink:label="loc_gdlFixedIncomeSecuritiesRisksMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlFixedIncomeSecuritiesRisksMember" xlink:type="arc" order="80" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LiborRiskMember" xlink:label="loc_gdlLiborRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLiborRiskMember" xlink:type="arc" order="90" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CorporateBondsRiskMember" xlink:label="loc_gdlCorporateBondsRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlCorporateBondsRiskMember" xlink:type="arc" order="100" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_NonInvestmentGradeSecuritiesMember" xlink:label="loc_gdlNonInvestmentGradeSecuritiesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlNonInvestmentGradeSecuritiesMember" xlink:type="arc" order="110" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" xlink:label="loc_gdlUSGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlUSGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" xlink:type="arc" order="120" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SignificantHoldingsRiskMember" xlink:label="loc_gdlSignificantHoldingsRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSignificantHoldingsRiskMember" xlink:type="arc" order="130" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ForeignSecuritiesRiskMember" xlink:label="loc_gdlForeignSecuritiesRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlForeignSecuritiesRiskMember" xlink:type="arc" order="140" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RestrictedAndIlliquidSecuritiesMember" xlink:label="loc_gdlRestrictedAndIlliquidSecuritiesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlRestrictedAndIlliquidSecuritiesMember" xlink:type="arc" order="150" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ShortSalesRiskMember" xlink:label="loc_gdlShortSalesRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlShortSalesRiskMember" xlink:type="arc" order="160" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LeverageRiskMember" xlink:label="loc_gdlLeverageRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLeverageRiskMember" xlink:type="arc" order="170" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksRelatedToInvestmentinDerivativesMember" xlink:label="loc_gdlSpecialRisksRelatedToInvestmentinDerivativesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksRelatedToInvestmentinDerivativesMember" xlink:type="arc" order="180" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CounterpartyRiskMember" xlink:label="loc_gdlCounterpartyRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlCounterpartyRiskMember" xlink:type="arc" order="190" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:label="loc_gdlFailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlFailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:type="arc" order="200" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SwapsRiskMember" xlink:label="loc_gdlSwapsRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSwapsRiskMember" xlink:type="arc" order="210" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ForwardForeignCurrencyExchangeContractsMember" xlink:label="loc_gdlForwardForeignCurrencyExchangeContractsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlForwardForeignCurrencyExchangeContractsMember" xlink:type="arc" order="220" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FuturesContractsAndOptionsonFuturesMember" xlink:label="loc_gdlFuturesContractsAndOptionsonFuturesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlFuturesContractsAndOptionsonFuturesMember" xlink:type="arc" order="230" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_OptionsRiskMember" xlink:label="loc_gdlOptionsRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlOptionsRiskMember" xlink:type="arc" order="240" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DerivativesRegulationRiskMember" xlink:label="loc_gdlDerivativesRegulationRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlDerivativesRegulationRiskMember" xlink:type="arc" order="250" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketDiscountRiskMember" xlink:label="loc_gdlMarketDiscountRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMarketDiscountRiskMember" xlink:type="arc" order="260" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LongTermObjectiveNotACompleteInvestmentProgramMember" xlink:label="loc_gdlLongTermObjectiveNotACompleteInvestmentProgramMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLongTermObjectiveNotACompleteInvestmentProgramMember" xlink:type="arc" order="270" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ManagementRiskMember" xlink:label="loc_gdlManagementRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlManagementRiskMember" xlink:type="arc" order="280" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DecisionMakingAuthorityRiskMember" xlink:label="loc_gdlDecisionMakingAuthorityRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlDecisionMakingAuthorityRiskMember" xlink:type="arc" order="290" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DependenceOnKeyPersonnelMember" xlink:label="loc_gdlDependenceOnKeyPersonnelMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlDependenceOnKeyPersonnelMember" xlink:type="arc" order="300" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketDisruptionAndGeopoliticalRiskMember" xlink:label="loc_gdlMarketDisruptionAndGeopoliticalRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMarketDisruptionAndGeopoliticalRiskMember" xlink:type="arc" order="310" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_EconomicEventsAndMarketRiskMember" xlink:label="loc_gdlEconomicEventsAndMarketRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlEconomicEventsAndMarketRiskMember" xlink:type="arc" order="320" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RegulationAndGovernmentInterventionRiskMember" xlink:label="loc_gdlRegulationAndGovernmentInterventionRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlRegulationAndGovernmentInterventionRiskMember" xlink:type="arc" order="330" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DeflationRiskMember" xlink:label="loc_gdlDeflationRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlDeflationRiskMember" xlink:type="arc" order="340" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LegislationRiskMember" xlink:label="loc_gdlLegislationRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLegislationRiskMember" xlink:type="arc" order="350" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RelianceOnServiceProvidersRiskMember" xlink:label="loc_gdlRelianceOnServiceProvidersRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlRelianceOnServiceProvidersRiskMember" xlink:type="arc" order="360" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CyberSecurityRiskMember" xlink:label="loc_gdlCyberSecurityRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlCyberSecurityRiskMember" xlink:type="arc" order="370" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:label="loc_gdlMisconductOfEmployeesAndOfServiceProvidersRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:type="arc" order="380" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PortfolioTurnoverRiskMember" xlink:label="loc_gdlPortfolioTurnoverRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlPortfolioTurnoverRiskMember" xlink:type="arc" order="390" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InvestmentDilutionRiskMember" xlink:label="loc_gdlInvestmentDilutionRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlInvestmentDilutionRiskMember" xlink:type="arc" order="400" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LegalTaxAndRegulatoryRiskMember" xlink:label="loc_gdlLegalTaxAndRegulatoryRiskMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLegalTaxAndRegulatoryRiskMember" xlink:type="arc" order="410" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_AntiTakeoverProvisionsMember" xlink:label="loc_gdlAntiTakeoverProvisionsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlAntiTakeoverProvisionsMember" xlink:type="arc" order="420" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfNotesMember" xlink:label="loc_gdlSpecialRisksToHoldersOfNotesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksToHoldersOfNotesMember" xlink:type="arc" order="430" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" xlink:label="loc_gdlSpecialRisksToHoldersOfFixedRatePreferredSharesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksToHoldersOfFixedRatePreferredSharesMember" xlink:type="arc" order="440" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" xlink:label="loc_gdlSpecialRisksToHoldersOfNotesAndPreferredSharesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksToHoldersOfNotesAndPreferredSharesMember" xlink:type="arc" order="450" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" xlink:label="loc_gdlSpecialRisksOfNotesToHoldersOfPreferredSharesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksOfNotesToHoldersOfPreferredSharesMember" xlink:type="arc" order="460" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfCommonSharesMember" xlink:label="loc_gdlSpecialRisksToHoldersOfCommonSharesMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksToHoldersOfCommonSharesMember" xlink:type="arc" order="470" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" xlink:label="loc_gdlSpecialRiskToHoldersOfSubscriptionRightsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRiskToHoldersOfSubscriptionRightsMember" xlink:type="arc" order="480" />
    </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>14
<FILENAME>gdl-20221231_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.17b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CommonStockMember" xlink:label="gdl_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_CommonStockMember" xlink:to="gdl_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesCCumulativePreferredStockMember" xlink:label="gdl_SeriesCCumulativePreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SeriesCCumulativePreferredStockMember" xlink:to="gdl_SeriesCCumulativePreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SeriesCCumulativePreferredStockMember_lbl" xml:lang="en-US">Series C Cumulative Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesECumulativePreferredStockMember" xlink:label="gdl_SeriesECumulativePreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SeriesECumulativePreferredStockMember" xlink:to="gdl_SeriesECumulativePreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SeriesECumulativePreferredStockMember_lbl" xml:lang="en-US">Series E Cumulative Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesBCumulativePreferredStockMember" xlink:label="gdl_SeriesBCumulativePreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SeriesBCumulativePreferredStockMember" xlink:to="gdl_SeriesBCumulativePreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SeriesBCumulativePreferredStockMember_lbl" xml:lang="en-US">Series B Cumulative Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CumulativePreferredStockMember" xlink:label="gdl_CumulativePreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_CumulativePreferredStockMember" xlink:to="gdl_CumulativePreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_CumulativePreferredStockMember_lbl" xml:lang="en-US">Cumulative Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketRiskMember" xlink:label="gdl_MarketRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_MarketRiskMember" xlink:to="gdl_MarketRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MarketRiskMember_lbl" xml:lang="en-US">Market Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InterestRateRiskGenerallyMember" xlink:label="gdl_InterestRateRiskGenerallyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_InterestRateRiskGenerallyMember" xlink:to="gdl_InterestRateRiskGenerallyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_InterestRateRiskGenerallyMember_lbl" xml:lang="en-US">Interest Rate Risk Generally [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InflationRiskMember" xlink:label="gdl_InflationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_InflationRiskMember" xlink:to="gdl_InflationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_InflationRiskMember_lbl" xml:lang="en-US">Inflation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MergerArbitrageRiskMember" xlink:label="gdl_MergerArbitrageRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_MergerArbitrageRiskMember" xlink:to="gdl_MergerArbitrageRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MergerArbitrageRiskMember_lbl" xml:lang="en-US">Merger Arbitrage Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_EquityRiskMember" xlink:label="gdl_EquityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_EquityRiskMember" xlink:to="gdl_EquityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_EquityRiskMember_lbl" xml:lang="en-US">Equity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CommonStockRiskMember" xlink:label="gdl_CommonStockRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_CommonStockRiskMember" xlink:to="gdl_CommonStockRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_CommonStockRiskMember_lbl" xml:lang="en-US">Common Stock Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PreferredStockRiskMember" xlink:label="gdl_PreferredStockRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_PreferredStockRiskMember" xlink:to="gdl_PreferredStockRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_PreferredStockRiskMember_lbl" xml:lang="en-US">Preferred Stock Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ConvertibleSecuritiesRiskMember" xlink:label="gdl_ConvertibleSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_ConvertibleSecuritiesRiskMember" xlink:to="gdl_ConvertibleSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ConvertibleSecuritiesRiskMember_lbl" xml:lang="en-US">Convertible Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FixedIncomeSecuritiesRisksMember" xlink:label="gdl_FixedIncomeSecuritiesRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_FixedIncomeSecuritiesRisksMember" xlink:to="gdl_FixedIncomeSecuritiesRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_FixedIncomeSecuritiesRisksMember_lbl" xml:lang="en-US">Fixed Income Securities Risks (Principal) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LiborRiskMember" xlink:label="gdl_LiborRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_LiborRiskMember" xlink:to="gdl_LiborRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LiborRiskMember_lbl" xml:lang="en-US">LIBOR Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CorporateBondsRiskMember" xlink:label="gdl_CorporateBondsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_CorporateBondsRiskMember" xlink:to="gdl_CorporateBondsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_CorporateBondsRiskMember_lbl" xml:lang="en-US">Corporate Bonds Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_NonInvestmentGradeSecuritiesMember" xlink:label="gdl_NonInvestmentGradeSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_NonInvestmentGradeSecuritiesMember" xlink:to="gdl_NonInvestmentGradeSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_NonInvestmentGradeSecuritiesMember_lbl" xml:lang="en-US">Non-Investment Grade Securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" xlink:label="gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" xlink:to="gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_lbl" xml:lang="en-US">U.S. Government Securities and Credit Rating Downgrade Risk (Non-Principal) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SignificantHoldingsRiskMember" xlink:label="gdl_SignificantHoldingsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SignificantHoldingsRiskMember" xlink:to="gdl_SignificantHoldingsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SignificantHoldingsRiskMember_lbl" xml:lang="en-US">Significant Holdings Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ForeignSecuritiesRiskMember" xlink:label="gdl_ForeignSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_ForeignSecuritiesRiskMember" xlink:to="gdl_ForeignSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ForeignSecuritiesRiskMember_lbl" xml:lang="en-US">Foreign Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RestrictedAndIlliquidSecuritiesMember" xlink:label="gdl_RestrictedAndIlliquidSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_RestrictedAndIlliquidSecuritiesMember" xlink:to="gdl_RestrictedAndIlliquidSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_RestrictedAndIlliquidSecuritiesMember_lbl" xml:lang="en-US">Restricted and Illiquid Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ShortSalesRiskMember" xlink:label="gdl_ShortSalesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_ShortSalesRiskMember" xlink:to="gdl_ShortSalesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ShortSalesRiskMember_lbl" xml:lang="en-US">Short Sales Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LeverageRiskMember" xlink:label="gdl_LeverageRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_LeverageRiskMember" xlink:to="gdl_LeverageRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LeverageRiskMember_lbl" xml:lang="en-US">Leverage Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksRelatedToInvestmentinDerivativesMember" xlink:label="gdl_SpecialRisksRelatedToInvestmentinDerivativesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksRelatedToInvestmentinDerivativesMember" xlink:to="gdl_SpecialRisksRelatedToInvestmentinDerivativesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksRelatedToInvestmentinDerivativesMember_lbl" xml:lang="en-US">Special Risks Related to Investment in Derivatives [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CounterpartyRiskMember" xlink:label="gdl_CounterpartyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_CounterpartyRiskMember" xlink:to="gdl_CounterpartyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_CounterpartyRiskMember_lbl" xml:lang="en-US">Counterparty Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:label="gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:to="gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_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="gdl-20221231.xsd#gdl_SwapsRiskMember" xlink:label="gdl_SwapsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SwapsRiskMember" xlink:to="gdl_SwapsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SwapsRiskMember_lbl" xml:lang="en-US">Swaps Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ForwardForeignCurrencyExchangeContractsMember" xlink:label="gdl_ForwardForeignCurrencyExchangeContractsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_ForwardForeignCurrencyExchangeContractsMember" xlink:to="gdl_ForwardForeignCurrencyExchangeContractsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ForwardForeignCurrencyExchangeContractsMember_lbl" xml:lang="en-US">Forward Foreign Currency Exchange Contracts [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FuturesContractsAndOptionsonFuturesMember" xlink:label="gdl_FuturesContractsAndOptionsonFuturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_FuturesContractsAndOptionsonFuturesMember" xlink:to="gdl_FuturesContractsAndOptionsonFuturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_FuturesContractsAndOptionsonFuturesMember_lbl" xml:lang="en-US">Futures Contracts and Options on Futures [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_OptionsRiskMember" xlink:label="gdl_OptionsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_OptionsRiskMember" xlink:to="gdl_OptionsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_OptionsRiskMember_lbl" xml:lang="en-US">Options Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DerivativesRegulationRiskMember" xlink:label="gdl_DerivativesRegulationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_DerivativesRegulationRiskMember" xlink:to="gdl_DerivativesRegulationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DerivativesRegulationRiskMember_lbl" xml:lang="en-US">Derivatives Regulation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketDiscountRiskMember" xlink:label="gdl_MarketDiscountRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_MarketDiscountRiskMember" xlink:to="gdl_MarketDiscountRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MarketDiscountRiskMember_lbl" xml:lang="en-US">Market Discount Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LongTermObjectiveNotACompleteInvestmentProgramMember" xlink:label="gdl_LongTermObjectiveNotACompleteInvestmentProgramMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_LongTermObjectiveNotACompleteInvestmentProgramMember" xlink:to="gdl_LongTermObjectiveNotACompleteInvestmentProgramMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LongTermObjectiveNotACompleteInvestmentProgramMember_lbl" xml:lang="en-US">Long Term Objective: Not a Complete Investment Program [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ManagementRiskMember" xlink:label="gdl_ManagementRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_ManagementRiskMember" xlink:to="gdl_ManagementRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ManagementRiskMember_lbl" xml:lang="en-US">Management Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DecisionMakingAuthorityRiskMember" xlink:label="gdl_DecisionMakingAuthorityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_DecisionMakingAuthorityRiskMember" xlink:to="gdl_DecisionMakingAuthorityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DecisionMakingAuthorityRiskMember_lbl" xml:lang="en-US">Decision-Making Authority Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DependenceOnKeyPersonnelMember" xlink:label="gdl_DependenceOnKeyPersonnelMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_DependenceOnKeyPersonnelMember" xlink:to="gdl_DependenceOnKeyPersonnelMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DependenceOnKeyPersonnelMember_lbl" xml:lang="en-US">Dependence on Key Personnel [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketDisruptionAndGeopoliticalRiskMember" xlink:label="gdl_MarketDisruptionAndGeopoliticalRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_MarketDisruptionAndGeopoliticalRiskMember" xlink:to="gdl_MarketDisruptionAndGeopoliticalRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MarketDisruptionAndGeopoliticalRiskMember_lbl" xml:lang="en-US">Market Disruption and Geopolitical Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_EconomicEventsAndMarketRiskMember" xlink:label="gdl_EconomicEventsAndMarketRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_EconomicEventsAndMarketRiskMember" xlink:to="gdl_EconomicEventsAndMarketRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_EconomicEventsAndMarketRiskMember_lbl" xml:lang="en-US">Economic Events and Market Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RegulationAndGovernmentInterventionRiskMember" xlink:label="gdl_RegulationAndGovernmentInterventionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_RegulationAndGovernmentInterventionRiskMember" xlink:to="gdl_RegulationAndGovernmentInterventionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_RegulationAndGovernmentInterventionRiskMember_lbl" xml:lang="en-US">Regulation and Government Intervention Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DeflationRiskMember" xlink:label="gdl_DeflationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_DeflationRiskMember" xlink:to="gdl_DeflationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DeflationRiskMember_lbl" xml:lang="en-US">Deflation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LegislationRiskMember" xlink:label="gdl_LegislationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_LegislationRiskMember" xlink:to="gdl_LegislationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LegislationRiskMember_lbl" xml:lang="en-US">Legislation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RelianceOnServiceProvidersRiskMember" xlink:label="gdl_RelianceOnServiceProvidersRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_RelianceOnServiceProvidersRiskMember" xlink:to="gdl_RelianceOnServiceProvidersRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_RelianceOnServiceProvidersRiskMember_lbl" xml:lang="en-US">Reliance on Service Providers Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CyberSecurityRiskMember" xlink:label="gdl_CyberSecurityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_CyberSecurityRiskMember" xlink:to="gdl_CyberSecurityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_CyberSecurityRiskMember_lbl" xml:lang="en-US">Cyber Security Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:label="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:to="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember_lbl" xml:lang="en-US">Misconduct of Employees and of Service Providers Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PortfolioTurnoverRiskMember" xlink:label="gdl_PortfolioTurnoverRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_PortfolioTurnoverRiskMember" xlink:to="gdl_PortfolioTurnoverRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_PortfolioTurnoverRiskMember_lbl" xml:lang="en-US">Portfolio Turnover Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InvestmentDilutionRiskMember" xlink:label="gdl_InvestmentDilutionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_InvestmentDilutionRiskMember" xlink:to="gdl_InvestmentDilutionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_InvestmentDilutionRiskMember_lbl" xml:lang="en-US">Investment Dilution Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LegalTaxAndRegulatoryRiskMember" xlink:label="gdl_LegalTaxAndRegulatoryRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_LegalTaxAndRegulatoryRiskMember" xlink:to="gdl_LegalTaxAndRegulatoryRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LegalTaxAndRegulatoryRiskMember_lbl" xml:lang="en-US">Legal, Tax and Regulatory Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_AntiTakeoverProvisionsMember" xlink:label="gdl_AntiTakeoverProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_AntiTakeoverProvisionsMember" xlink:to="gdl_AntiTakeoverProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_AntiTakeoverProvisionsMember_lbl" xml:lang="en-US">Anti-Takeover Provisions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfNotesMember" xlink:label="gdl_SpecialRisksToHoldersOfNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksToHoldersOfNotesMember" xlink:to="gdl_SpecialRisksToHoldersOfNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksToHoldersOfNotesMember_lbl" xml:lang="en-US">Special Risks to Holders of Notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" xlink:label="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" xlink:to="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember_lbl" xml:lang="en-US">Special Risks to Holders of Fixed Rate Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" xlink:label="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" xlink:to="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember_lbl" xml:lang="en-US">Special Risks to Holders of Notes and Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" xlink:label="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" xlink:to="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember_lbl" xml:lang="en-US">Special Risks of Notes to Holders of Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfCommonSharesMember" xlink:label="gdl_SpecialRisksToHoldersOfCommonSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksToHoldersOfCommonSharesMember" xlink:to="gdl_SpecialRisksToHoldersOfCommonSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksToHoldersOfCommonSharesMember_lbl" xml:lang="en-US">Special Risks to Holders of Common Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" xlink:label="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" xlink:to="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember_lbl" xml:lang="en-US">Special Risk to Holders of Subscription Rights [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PurchaseTransactionMember" xlink:label="gdl_PurchaseTransactionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_PurchaseTransactionMember" xlink:to="gdl_PurchaseTransactionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_PurchaseTransactionMember_lbl" xml:lang="en-US">Purchase Transaction [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SaleTransactionMember" xlink:label="gdl_SaleTransactionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SaleTransactionMember" xlink:to="gdl_SaleTransactionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SaleTransactionMember_lbl" xml:lang="en-US">Sale Transaction [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DividendsOnPreferredSharesNotIncludedMember" xlink:label="gdl_DividendsOnPreferredSharesNotIncludedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_DividendsOnPreferredSharesNotIncludedMember" xlink:to="gdl_DividendsOnPreferredSharesNotIncludedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DividendsOnPreferredSharesNotIncludedMember_lbl" xml:lang="en-US">Dividends on Preferred Shares Not Included [Member]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>15
<FILENAME>gdl-20221231_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.17b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://xbrl.sec.gov/cef/role/N2" xlink:href="https://xbrl.sec.gov/cef/2022/cef-2022.xsd#N2" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/cef/role/N2">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cef/2022/cef-2022.xsd#cef_AllSecuritiesMember" xlink:label="loc_cefAllSecuritiesMember" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CommonStockMember" xlink:label="loc_gdlCommonStockMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlCommonStockMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesCCumulativePreferredStockMember" xlink:label="loc_gdlSeriesCCumulativePreferredStockMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlSeriesCCumulativePreferredStockMember" order="100" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesECumulativePreferredStockMember" xlink:label="loc_gdlSeriesECumulativePreferredStockMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlSeriesECumulativePreferredStockMember" order="200" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SeriesBCumulativePreferredStockMember" xlink:label="loc_gdlSeriesBCumulativePreferredStockMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlSeriesBCumulativePreferredStockMember" order="300" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CumulativePreferredStockMember" xlink:label="loc_gdlCumulativePreferredStockMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlCumulativePreferredStockMember" order="400" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PurchaseTransactionMember" xlink:label="loc_gdlPurchaseTransactionMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlPurchaseTransactionMember" order="500" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SaleTransactionMember" xlink:label="loc_gdlSaleTransactionMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlSaleTransactionMember" order="600" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DividendsOnPreferredSharesNotIncludedMember" xlink:label="loc_gdlDividendsOnPreferredSharesNotIncludedMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllSecuritiesMember" xlink:to="loc_gdlDividendsOnPreferredSharesNotIncludedMember" order="700" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/cef/role/N2" />
    <link:presentationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/cef/role/N2">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cef/2022/cef-2022.xsd#cef_AllRisksMember" xlink:label="loc_cefAllRisksMember" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketRiskMember" xlink:label="loc_gdlMarketRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMarketRiskMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InterestRateRiskGenerallyMember" xlink:label="loc_gdlInterestRateRiskGenerallyMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlInterestRateRiskGenerallyMember" order="100" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InflationRiskMember" xlink:label="loc_gdlInflationRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlInflationRiskMember" order="200" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MergerArbitrageRiskMember" xlink:label="loc_gdlMergerArbitrageRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMergerArbitrageRiskMember" order="300" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_EquityRiskMember" xlink:label="loc_gdlEquityRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlEquityRiskMember" order="400" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CommonStockRiskMember" xlink:label="loc_gdlCommonStockRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlCommonStockRiskMember" order="500" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PreferredStockRiskMember" xlink:label="loc_gdlPreferredStockRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlPreferredStockRiskMember" order="600" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ConvertibleSecuritiesRiskMember" xlink:label="loc_gdlConvertibleSecuritiesRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlConvertibleSecuritiesRiskMember" order="700" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FixedIncomeSecuritiesRisksMember" xlink:label="loc_gdlFixedIncomeSecuritiesRisksMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlFixedIncomeSecuritiesRisksMember" order="800" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LiborRiskMember" xlink:label="loc_gdlLiborRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLiborRiskMember" order="900" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CorporateBondsRiskMember" xlink:label="loc_gdlCorporateBondsRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlCorporateBondsRiskMember" order="1000" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_NonInvestmentGradeSecuritiesMember" xlink:label="loc_gdlNonInvestmentGradeSecuritiesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlNonInvestmentGradeSecuritiesMember" order="1100" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" xlink:label="loc_gdlUSGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlUSGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" order="1200" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SignificantHoldingsRiskMember" xlink:label="loc_gdlSignificantHoldingsRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSignificantHoldingsRiskMember" order="1300" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ForeignSecuritiesRiskMember" xlink:label="loc_gdlForeignSecuritiesRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlForeignSecuritiesRiskMember" order="1400" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RestrictedAndIlliquidSecuritiesMember" xlink:label="loc_gdlRestrictedAndIlliquidSecuritiesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlRestrictedAndIlliquidSecuritiesMember" order="1500" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ShortSalesRiskMember" xlink:label="loc_gdlShortSalesRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlShortSalesRiskMember" order="1600" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LeverageRiskMember" xlink:label="loc_gdlLeverageRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLeverageRiskMember" order="1700" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksRelatedToInvestmentinDerivativesMember" xlink:label="loc_gdlSpecialRisksRelatedToInvestmentinDerivativesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksRelatedToInvestmentinDerivativesMember" order="1800" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CounterpartyRiskMember" xlink:label="loc_gdlCounterpartyRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlCounterpartyRiskMember" order="1900" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:label="loc_gdlFailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlFailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" order="2000" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SwapsRiskMember" xlink:label="loc_gdlSwapsRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSwapsRiskMember" order="2100" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ForwardForeignCurrencyExchangeContractsMember" xlink:label="loc_gdlForwardForeignCurrencyExchangeContractsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlForwardForeignCurrencyExchangeContractsMember" order="2200" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_FuturesContractsAndOptionsonFuturesMember" xlink:label="loc_gdlFuturesContractsAndOptionsonFuturesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlFuturesContractsAndOptionsonFuturesMember" order="2300" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_OptionsRiskMember" xlink:label="loc_gdlOptionsRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlOptionsRiskMember" order="2400" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DerivativesRegulationRiskMember" xlink:label="loc_gdlDerivativesRegulationRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlDerivativesRegulationRiskMember" order="2500" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketDiscountRiskMember" xlink:label="loc_gdlMarketDiscountRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMarketDiscountRiskMember" order="2600" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LongTermObjectiveNotACompleteInvestmentProgramMember" xlink:label="loc_gdlLongTermObjectiveNotACompleteInvestmentProgramMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLongTermObjectiveNotACompleteInvestmentProgramMember" order="2700" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_ManagementRiskMember" xlink:label="loc_gdlManagementRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlManagementRiskMember" order="2800" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DecisionMakingAuthorityRiskMember" xlink:label="loc_gdlDecisionMakingAuthorityRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlDecisionMakingAuthorityRiskMember" order="2900" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DependenceOnKeyPersonnelMember" xlink:label="loc_gdlDependenceOnKeyPersonnelMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlDependenceOnKeyPersonnelMember" order="3000" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MarketDisruptionAndGeopoliticalRiskMember" xlink:label="loc_gdlMarketDisruptionAndGeopoliticalRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMarketDisruptionAndGeopoliticalRiskMember" order="3100" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_EconomicEventsAndMarketRiskMember" xlink:label="loc_gdlEconomicEventsAndMarketRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlEconomicEventsAndMarketRiskMember" order="3200" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RegulationAndGovernmentInterventionRiskMember" xlink:label="loc_gdlRegulationAndGovernmentInterventionRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlRegulationAndGovernmentInterventionRiskMember" order="3300" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_DeflationRiskMember" xlink:label="loc_gdlDeflationRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlDeflationRiskMember" order="3400" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LegislationRiskMember" xlink:label="loc_gdlLegislationRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLegislationRiskMember" order="3500" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_RelianceOnServiceProvidersRiskMember" xlink:label="loc_gdlRelianceOnServiceProvidersRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlRelianceOnServiceProvidersRiskMember" order="3600" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_CyberSecurityRiskMember" xlink:label="loc_gdlCyberSecurityRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlCyberSecurityRiskMember" order="3700" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:label="loc_gdlMisconductOfEmployeesAndOfServiceProvidersRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlMisconductOfEmployeesAndOfServiceProvidersRiskMember" order="3800" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_PortfolioTurnoverRiskMember" xlink:label="loc_gdlPortfolioTurnoverRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlPortfolioTurnoverRiskMember" order="3900" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_InvestmentDilutionRiskMember" xlink:label="loc_gdlInvestmentDilutionRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlInvestmentDilutionRiskMember" order="4000" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_LegalTaxAndRegulatoryRiskMember" xlink:label="loc_gdlLegalTaxAndRegulatoryRiskMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlLegalTaxAndRegulatoryRiskMember" order="4100" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_AntiTakeoverProvisionsMember" xlink:label="loc_gdlAntiTakeoverProvisionsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlAntiTakeoverProvisionsMember" order="4200" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfNotesMember" xlink:label="loc_gdlSpecialRisksToHoldersOfNotesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksToHoldersOfNotesMember" order="4300" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" xlink:label="loc_gdlSpecialRisksToHoldersOfFixedRatePreferredSharesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksToHoldersOfFixedRatePreferredSharesMember" order="4400" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" xlink:label="loc_gdlSpecialRisksToHoldersOfNotesAndPreferredSharesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksToHoldersOfNotesAndPreferredSharesMember" order="4500" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" xlink:label="loc_gdlSpecialRisksOfNotesToHoldersOfPreferredSharesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksOfNotesToHoldersOfPreferredSharesMember" order="4600" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRisksToHoldersOfCommonSharesMember" xlink:label="loc_gdlSpecialRisksToHoldersOfCommonSharesMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRisksToHoldersOfCommonSharesMember" order="4700" />
      <link:loc xlink:type="locator" xlink:href="gdl-20221231.xsd#gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" xlink:label="loc_gdlSpecialRiskToHoldersOfSubscriptionRightsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_cefAllRisksMember" xlink:to="loc_gdlSpecialRiskToHoldersOfSubscriptionRightsMember" order="4800" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.4</span><table class="report" border="0" cellspacing="2" id="idm139640553285584">
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001378701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_dei_DocumentType', window );">Document Type</a></td>
<td class="text">N-CSR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">The
  GDL Fund<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_FeeTableAbstract', window );"><strong>Fee Table [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_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
<td class="text"><p id="xdx_803_ecef--ShareholderTransactionExpensesTableTextBlock_dU_zEUjWNBZK176" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b><i>Shareholder Transaction Expenses</i></b></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Sales Load (as a percentage of
    offering price)</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><span id="xdx_909_ecef--SalesLoadPercent_d0_c20230309__20230309_ztNOWukBtk4">-</span>%
    (a)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Offering Expenses
    Borne by the Fund</span></td>
    <td style="width: 10%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    </tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(as
    a percentage of offering price) </span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><span id="xdx_90B_ecef--OtherTransactionExpensesPercent_d0_c20230309__20230309_zLv7QscjNnG">-</span>%
    (a)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Dividend
    Reinvestment and Voluntary Cash Purchase Plan Fees </span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$<span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_d0_c20230309__20230309_zY57kLaWR4Xa">1.00</span>
    (b)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.375in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Purchase
    Transactions </span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><span id="xdx_901_ecef--DividendReinvestmentAndCashPurchaseFees_pdp0_c20230309__20230309__cef--SecurityAxis__custom--PurchaseTransactionMember_zgfPRFQzKXVc"><span style="-sec-ix-hidden: xdx2ixbrl0090">-</span></span></span></td>
    </tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.375in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">One-time
    Fee for Deposit of Share Certificates</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_pdp0_c20230309__20230309__cef--SecurityAxis__custom--SaleTransactionMember_zkurrTL39dD2"><span style="-sec-ix-hidden: xdx2ixbrl0091">-</span></span></span></td>
    </tr>
</table>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="nump">(0.00%)<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="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">$ 1.00<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_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction 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="re">
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="text"><p id="xdx_808_ecef--AnnualExpensesTableTextBlock_dU_zdvpLCai9Ztk" style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    Expenses</span></td><td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Percentages
    of Net Assets Attributable to Common Shares</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 64%; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Management
    Fees</span></td><td style="width: 1%; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 1%; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="width: 7%; color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_90A_ecef--ManagementFeesPercent_dp_c20230309__20230309_zfkeleIxlJbg">0.77</span></span></td><td style="width: 7%; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%(c)(d)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Base
    Fee</span></td><td style="color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_908_ecef--OtherAnnualExpense1Percent_dp_c20230309__20230309_z71eA6JOOb66">0.77</span></span></td><td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Performance
    Fee</span></td><td style="color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_908_ecef--OtherAnnualExpense2Percent_dp_c20230309__20230309_zqHKRua09xPh">0.00</span></span></td><td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest
    Expense</span></td><td style="color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_909_ecef--InterestExpensesOnBorrowingsPercent_dp_c20230309__20230309_zkxt7ghJSMzk">2.48</span></span></td><td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%(e)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    Expenses</span></td><td style="color: #1D1D1B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_90B_ecef--OtherAnnualExpense3Percent_dp_c20230309__20230309_zqfljQCfMWf2">0.65</span></span></td>
                                                                                                                                                                           <td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%(f)</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    Annual Expenses</span></td><td style="color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_904_ecef--TotalAnnualExpensesPercent_dp_c20230309__20230309_zda0VLCU9Ae4">3.90</span></span></td><td style="color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends
    on Preferred Shares</span></td><td style="color: #1D1D1B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_90E_ecef--WaiversAndReimbursementsOfFeesPercent_dp_c20230309__20230309_zCWt0LjEpQj">0.00</span></span></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    Annual Expenses and Dividends on Preferred</span></td><td style="color: #1D1D1B; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_906_ecef--NetExpenseOverAssetsPercent_dp_c20230309__20230309_zasAt1ybobcg">3.90</span></span></td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #1D1D1B; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%(b)(c)</span></td></tr>
</table>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="nump">0.77%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="nump">2.48%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OtherAnnualExpense1Percent', window );">Other Annual Expense 1 [Percent]</a></td>
<td class="nump">0.77%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OtherAnnualExpense2Percent', window );">Other Annual Expense 2 [Percent]</a></td>
<td class="nump">0.00%<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_OtherAnnualExpense3Percent', window );">Other Annual Expense 3 [Percent]</a></td>
<td class="nump">0.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="nump">3.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_WaiversAndReimbursementsOfFeesPercent', window );">Waivers and Reimbursements of Fees [Percent]</a></td>
<td class="nump">0.00%<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="re">
<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">3.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="text"><p id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zAU7vmvGr7mc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="width: 38%; text-align: center; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>1
    Year</b></span></td>
    <td style="width: 2%; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>3
    Year</b></span></td>
    <td style="width: 2%; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>5
    Year</b></span></td>
    <td style="width: 2%; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>10
    Year</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Total Expenses Incurred&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td id="xdx_98C_ecef--ExpenseExampleYear01_pp2p0_c20230309__20230309_zeaznTbBorlk" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$3.90</span></td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_989_ecef--ExpenseExampleYears1to3_c20230309__20230309_zPTfkZc0c2T8" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$119</span></td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_984_ecef--ExpenseExampleYears1to5_c20230309__20230309_zUjdm0Qk88E5" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$200</span></td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_988_ecef--ExpenseExampleYears1to10_c20230309__20230309_zim8EGMpjaje" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$412</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/>

<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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 22pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">*</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B">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: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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_zuuw1vT8S10f">14</span>, $<span id="xdx_904_ecef--ExpenseExampleYears1to3_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zTIUPK1FMMMh">45</span>, $<span id="xdx_90C_ecef--ExpenseExampleYears1to5_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zUPimzCayrBd">78</span>, and $<span id="xdx_903_ecef--ExpenseExampleYears1to10_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zpp7BwJfPL48">170</span>.</i></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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="nump">$ 3.90<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="nump">119<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="nump">200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="nump">$ 412<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="text"><p id="xdx_80C_ecef--PurposeOfFeeTableNoteTextBlock_dU_zMDfFxLn4Sxc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following tables are intended to assist you in understanding the various costs and expenses directly or indirectly associated
with investing in our common shares as a percentage of net assets attributable to common shares. The table is based on the capital
structure of the Fund as of December 31, 2022.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; color: #1D1D1B"/>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherExpensesNoteTextBlock', window );">Other Expenses, Note [Text Block]</a></td>
<td class="text">"Other
Expenses" are based on the Fund's fiscal year ended December 31, 2022.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="text"><p id="xdx_802_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zMub3nfSFang" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>INVESTMENT
OBJECTIVES AND POLICIES</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Investment Objectives and Policies</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 141pt 0pt 0; text-indent: 140.75pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&#8217;s investment objective is to achieve absolute returns in various market conditions without excessive risk of capital.
Absolute returns are defined as positive total returns, regardless of the direction of securities markets. To achieve its investment
objective, the Fund, under normal market conditions, will invest primarily in securities of companies (both domestic and foreign)
involved in publicly announced mergers, takeovers, tender offers and leveraged buyouts (i.e., merger arbitrage transitions) and,
to a lesser extent, in corporate reorganizations involving stubs, spin-offs and liquidations. The key determinants of the profitability
of a merger arbitrage transaction are the probability that the deal will close, the length of time to closing, the likelihood
that the deal price will be increased or decreased and the level of short-term interest rates.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Merger
arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of proposed
mergers, takeovers, tender offers and leveraged buyouts. Broadly speaking, an investor purchases the stock of a company in the
process of being acquired by another company in anticipation of capturing the spread between the current market price and the
acquisition price. A &#8220;stub&#8221; refers to a small stake in a target company division or subsidiary that is not purchased
by an acquirer in a merger, takeover or leveraged buyout. The arbitrageur may buy the stub, and if the acquiring company is successful
in boosting the target company&#8217;s appeal, the shares will benefit from a boost in price and the arbitrageur will profit.
A spin-off occurs when an independent company is created from an existing part of another company through a distribution of new
shares. An arbitrageur may benefit from the share price differential in the same manner as in traditional merger arbitrage if,
upon completion of the spin-off, the separate securities trade for more in the aggregate than the former single security. Finally,
when a company makes the decision to liquidate, or sell all of its assets, it is often worth more in liquidation than as an ongoing
entity. An arbitrageur benefits when the company is able to distribute more than the price at which the stock is trading at the
time the arbitrageur acquires its position.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
order to minimize market exposure and volatility of such merger arbitrage strategies, the Fund may utilize hedging strategies,
such as short selling and the use of options, futures, swaps, forward foreign exchange contracts and other derivatives. The Fund
expects that it will invest in these types of instruments primarily for hedging and risk management purposes. The Fund may also
invest in derivative 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. There is no specific limit on the
proportion of its assets that the Fund may use to invest in derivatives and conduct short sales in connection with its investments
in corporate transactions and reorganizations.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under
normal market conditions, the Fund will invest at least 80% of its assets in securities or hedging arrangements relating to companies
involved in corporate transactions or reorganizations, giving rise to the possibility of realizing gains upon or within relatively
short periods of time after the completion of such transactions, or reorganizations. This policy is not fundamental and may be
changed by the Fund with notice of not less than 60 days to its shareholders. Securities in which the Fund may invest include
both equity securities (e.g., common stocks and preferred stocks) and fixed-income securities. The Fund may make unlimited</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">investments
in securities 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. However, the Fund does not expect these
investments to exceed 10% of its total assets. These securities, 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. The Fund may also invest up to 15%
of its assets 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
applying the Fund&#8217;s investment policies, the Investment Adviser considers normal market conditions to exist when there
are a substantial number of corporate transactions or reorganizations that, in the Investment Adviser&#8217;s judgment, have
an attractive investment profile. Depending upon the level of merger activity and other economic and market conditions, and
the availability of corporate transactions or reorganizations that, in the Investment Adviser&#8217;s judgment, have an
attractive investment profile, the Fund may invest a substantial portion of its assets in other securities, including money
market instruments such as U.S. Treasury bills and other short-term obligations of the U.S. Government, its agencies or
instrumentalities; shares of one or more money market funds managed by the Investment Adviser or unaffiliated managers;
negotiable bank certificates of deposit; prime commercial paper; and repurchase agreements with respect to the above
securities. During periods in which a substantial portion of the Fund&#8217;s assets are invested in other securities, it is
less likely that the Fund will achieve its investment objective or an attractive rate of return.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest without limitation in the securities of foreign and domestic issuers. The Fund&#8217;s investment strategy is
to invest in merger arbitrage transactions and corporate reorganizations throughout the world. To the extent that the majority
of mergers, takeovers, tender offers and leveraged buyouts and corporate reorganizations are concentrated in any given geographic
region, such as Europe, North America or Asia, a relatively high proportion of the Fund&#8217;s assets may be invested in that
particular region.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No
assurances can be given that the Fund&#8217;s objective will be achieved. Neither the Fund&#8217;s investment objective nor,
except as expressly stated herein, any of its policies are fundamental, and each may be modified by the Board 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli
Funds, LLC, a New York limited liability company, with offices at One Corporate Center, Rye, New York 10580-1422, serves as
the investment adviser to the Fund.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment
Methodology of the Fund</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
selecting transactions in which the Fund will invest, the Investment Adviser normally considers the following factors, among others:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
probability that the targeted acquisition or other transaction will close;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
length of time to closing;</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132pt 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"/></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
credibility, strategic motivation and financial resources of the participants;</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
liquidity of the securities involved in the transaction;</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
issuer's free cash flow and long term earnings trends;</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
likelihood of an overbid; and</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
presence of a catalyst: something indigenous to the issuer, its industry, or country to surface additional value.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Investment Adviser believes that blending traditional merger arbitrage for announced deals with strategies that focus on stubs,
spin-offs and liquidations will produce absolute returns in excess of short-term interest rates with less volatility than the
returns typically associated with equity investing. A systematic and disciplined arbitrage program may produce attractive rates
of return even in flat or down markets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Certain
Investment Practices</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Merger
Arbitrage</i></b>. Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful
completion of proposed mergers, takeovers, tender offers and leveraged buyouts. Although a variety of strategies may be employed
depending upon the nature of the reorganizations selected for investment, the most common merger arbitrage activity involves purchasing
the shares of an announced acquisition target at a discount to their expected value upon completion of the acquisition. Although
investors can utilize merger arbitrage techniques with respect to companies the investor believes may soon become subject to a
merger proposal or negotiated transaction, the Fund intends to invest primarily in publicly announced transactions.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 at a discount to what the stated or appraised value of the securities would be if the
contemplated transaction were completed. Investments in these securities may be advantageous when the discount overstates the
risk of the contingencies involved; undervalues the securities, assets or cash to be received by shareholders of the prospective
portfolio company 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 of the offering party 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 portfolio
turnover ratio of the Fund (which may exceed 300%), thereby increasing its brokerage and other transaction expenses. The Investment
Adviser intends to select investments of this type which, in its view, have reasonable prospects of capital appreciation which
are significant in relation to both the risk involved and the potential of available alternative investments.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Foreign
Securities</i></b>. The Fund may invest, without limit, in the equity securities of companies located outside the United States,
which are generally denominated in foreign currencies.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following considerations comprise both risks and opportunities not typically associated with investing in U.S. securities:
fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulations or currency
restrictions that would prevent cash from being brought back to the United States; less public information with respect to
issuers of securities; less government supervision of stock exchanges, securities brokers and issuers of securities; lack of
uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices;
less liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of
foreign taxes; the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits
or other assets; the adoption of foreign government restrictions and other adverse political, social or diplomatic
developments that could affect investment; 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may 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 held on deposit for use in the U.S. securities markets.
See &#8220;Risk Factors and Special Considerations&#8212;General Risks&#8212;Foreign Securities.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Emerging
Market Countries</i></b>. The risks described above for foreign securities, including the risks of nationalization and expropriation
of assets, are typically increased to the extent that the Fund invests in companies headquartered in developing, or emerging market,
countries. Investments in securities of companies headquartered in such countries may be considered speculative and subject to
certain special risks. The political and economic structures in many of these countries may be in their infancy and developing
rapidly, and such countries may lack the social, political and economic characteristics of more developed countries.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Certain
of these countries have in the past failed to recognize private property rights and have at times nationalized and expropriated
the assets of private companies. Some countries have inhibited the conversion of their currency to another. The currencies of
certain emerging market countries have experienced devaluation relative to the U.S. dollar, and future devaluations may adversely
affect the value of the Fund&#8217;s assets denominated in such currencies. Some emerging market countries have experienced substantial
rates of inflation for many years. Continued inflation may adversely affect the economies and securities markets of such countries.
In addition, unanticipated political or social developments may affect the value of the Fund&#8217;s investments in these countries
and the availability of the Fund of additional investments in these countries. The small size, limited</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">trading
volume and relative inexperience of the securities markets in these countries may make the Fund&#8217;s investments in such countries
illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial
or other arrangements before making investments in these countries. There may be little financial or accounting information available
with respect to companies located in these countries, and it may be difficult as a result to assess the value or prospects of
an investment in such companies.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Equity
Securities</i></b>. The Fund invests in equity securities (such as common stock and preferred stock).</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
securities also include preferred stock (whether or not convertible into common stock) and debt securities convertible into or
exchangeable for common or preferred stock. Preferred stock has a preference over common stock in liquidation (and generally dividends
as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule the market value of preferred
stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while
the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock
is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause
greater changes in the value of a preferred stock than in a more senior debt security with similarly stated yield characteristics.
The market value of preferred stock will also generally reflect whether (and if so when) the issuer may force holders to sell
their preferred stock back to the issuer and whether (and if so when) the holders may force the issuer to buy back their preferred
stock. Generally speaking, the right of the issuer to repurchase the preferred stock tends to reduce any premium at which the
preferred stock might otherwise trade due to interest rate or credit factors, while the right of the holders to require the issuer
to repurchase the preferred stock tends to reduce any discount at which the preferred stock might otherwise trade due to interest
rate or credit factors. In addition, some preferred stocks are non-cumulative, meaning that the dividends do not accumulate and
need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred stocks, whereby the issuer
does not have an obligation to make up any arrearages to its shareholders. There is no assurance that dividends or distributions
on non-cumulative preferred stocks in which the Fund invests will be declared or otherwise made payable.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities
that are convertible into or exchangeable for preferred or common stock are liabilities of the issuer but are generally subordinated
to more senior elements of the issuer&#8217;s balance sheet. Although such securities also generally reflect an element of conversion
value, their market value also varies with interest rates and perceived credit risk. Many convertible securities are not investment
grade, that is, not rated &#8220;BBB&#8221; or better by S&amp;P or &#8220;Baa&#8221; or better by Moody&#8217;s or considered
by the Investment Adviser to be of similar quality. Preferred stocks and convertible securities may have many of the same characteristics
and risks as nonconvertible debt securities. See &#8220;Risk Factors and Special Considerations&#8212;General Risks&#8212;Non-Investment
Grade Securities.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Fixed
Income Securities</i></b>. Fixed income securities include securities such as bonds, debentures, notes, preferred stock, short-term
discounted U.S. Treasury Bills or certain securities of the U.S. government sponsored instrumentalities, as well as money market
open-end 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. 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 shareholders. Common stocks, on the other hand, generally do not obligate an issuer to make periodic distributions
to holders.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 nonconvertible fixed income securities
do not participate in any capital appreciation of the issuer.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Non-Investment
Grade Securities</i></b>. The Fund may make unlimited investments in securities 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. However, the Fund does not expect these investments to exceed 10% of its total assets.
These securities, 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 in the financial press as &#8220;junk bonds&#8221; or &#8220;high yield&#8221; securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Generally,
such non-investment grade securities and unrated securities of comparable quality offer a higher current yield than is offered
by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of
the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly
speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal in accordance with the terms of the
obligation. The market values of certain of these securities also tend to be more sensitive to individual corporate developments
and changes in economic conditions than higher quality securities. In addition, such non-investment grade securities generally
present a</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">higher
degree of credit risk. The risk of loss due to default by these issuers is significantly greater because such non-investment grade
securities and unrated securities of comparable quality generally are unsecured and frequently are subordinated to the prior payment
of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether
rated or unrated, will take various factors into consideration, which may include, as applicable, the issuer&#8217;s operating
history, financial resources and its sensitivity to economic conditions and trends, the market support for the facility financed
by the issue, the perceived ability and integrity of the issuer&#8217;s management and regulatory matters.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the market value of non-investment grade securities is more volatile than that of higher quality securities, and the
markets in which such non-investment grade 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 in order to respond to changes in the economy or the financial markets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-investment
grade securities 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 nonconvertible
bonds and preferred stocks moves inversely with movements in interest rates, in the event of rising interest rates the value
of the securities held by the Fund may decline proportionately more than a portfolio consisting of higher rated securities.
Investments in zero coupon bonds may be more speculative and subject to greater fluctuations in value due to changes in
interest rates than bonds that pay interest currently. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of its investments in non-investment grade securities, the Fund may invest in securities of issuers in default. The Fund
will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers will honor
their obligations or emerge from bankruptcy protection and the value of these securities will appreciate. By investing in securities
of issuers in default, the Fund bears the risk that these</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">issuers
will not continue to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not
otherwise appreciate.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to using recognized rating agencies and other sources, the Investment Adviser also performs its own analysis of issues
in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition of the
issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of operations. In selecting investments for the Fund, the Investment Adviser may also consider
general business conditions, anticipated changes in interest rates and the outlook for specific industries.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 may change their ratings of a particular issue to reflect subsequent events. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed
income securities, including non-investment grade securities, frequently have call or buy-back features that permit their issuers
to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises these rights during periods
of declining interest rates, the Fund may have to replace the security with a lower yielding security, thus resulting in a decreased
return for the Fund.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
market for non-investment grade and comparable unrated securities has experienced periods of significantly adverse price and liquidity
several times, particularly at or around times of economic recessions. Past market recessions have adversely affected the value
of such securities and the ability of certain issuers of such securities to repay principal and pay interest thereon or to refinance
such securities. The market for those securities may react in a similar fashion in the future.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 25% 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 50% of the value of its total assets. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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). 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Derivatives</i></b>.
Investments in options, futures and swaps are often referred to as derivatives transactions. The Fund expects that it will invest
in these types of instruments primarily for hedging and risk management purposes. The Fund may also invest in derivative 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
is no specific limit on the proportion of its assets that the Fund may use to invest in derivatives and conduct short sales in
connection with its investments in corporate transactions and reorganizations.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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) "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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration
and regulatory requirements would increase Fund expenses. Other potentially adverse regulatory initiatives could also develop.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 over-the-counter (&#8220;OTC&#8221;) 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing
the option or is more than the premium paid to purchase the option; the Fund will realize a loss from a closing transaction if
the price of the transaction is more than the premium received from writing the option or is less than the premium paid to purchase
the option. Since call option prices generally reflect increases in the price of the underlying security, any loss resulting from
the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying security.
Other principal factors affecting the market value of a put or a call option include supply and demand, prevailing interest rates,
the current market price and price volatility of the underlying security, and the time remaining until the expiration date of
the option. Gains and losses on investments in options depend, in part, on the ability of the Investment Adviser to predict correctly
the effect of these factors. The use of options cannot serve as a complete hedge since the price movement of securities underlying
the options will not necessarily follow the price movements of the portfolio securities subject to the hedge.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 the purpose of
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may also enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund.
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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
rate of return swaps and related derivatives present certain legal, tax, and market uncertainties. 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 if it 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">invest
in these types of instruments if the Reference Assets are commodities except for bona fide hedging or risk management purposes.
The Fund only will enter into swaps that are regulated by the CFTC if in doing so the Fund will continue to satisfy the restrictions
imposed by the CFTC under Rule 4.5.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Forward
Foreign Currency Exchange Contracts</i></b>. There iis no limit on the Fund&#8217;s ability to invest in foreign currency exchange
contracts, as the Fund may invest up to 100% of its assets in transactions involving securities denominated in foreign currencies.
The Fund may hedge up to 100% of its currency exposure.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. 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 the Investment Adviser believes to be creditworthy.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Repurchase
Agreement Transactions</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 security 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 security at
an agreed price and time. This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations
during the holding period. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults
on its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities during the period in which it seeks to assert
these rights. The Investment Adviser, acting under the supervision of the Board, reviews the creditworthiness of those banks and
dealers with which the Fund enters into repurchase agreements to evaluate these risks and monitors on an ongoing basis the value
of the securities subject to repurchase agreements to ensure that the value is maintained at the required level. The Fund will
not enter into repurchase agreements with the Investment Adviser or any of its affiliates.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Restricted
and Illiquid Securities</i></b>. The Fund may invest up to 15% of its assets 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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Leverage</i></b>.
The 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. Any such preferred shares may be convertible in accordance with the SEC staff guidelines, which may permit the Fund
to obtain leverage at attractive rates.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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;Special Risks to Holders of
Common Shares&#8212;Leverage Risk.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 Statement of
Preferences of the Series C Preferred Shares, a majority, as defined in the 1940 Act, of the outstanding preferred shares of
the Fund (voting separately as a single class) is also required to change a fundamental policy. See below.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Portfolio
Turnover</i></b>. The Fund will buy and sell securities to accomplish its investment objective. The investment policies of the
Fund may lead to frequent changes in investments, particularly in periods of rapidly fluctuating interest or currency exchange
rates.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio
turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction
costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed by dividing the
lesser of the amount of the securities purchased or securities sold by the average monthly value of securities owned during the
year (excluding securities whose maturities at acquisition were one year or less). Higher portfolio turnover may decrease the
after-tax return to individual investors in the Fund to the extent it results in a decrease of the long-term capital gains portion
of distributions to shareholders.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the fiscal years ended December 31, 2021 and 2022, the portfolio turnover rate of the Fund was 329% and 263%, respectively. The
Fund anticipates that its portfolio turnover rate will be substantial and may exceed 300%.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Further
information on the investment objective and policies of the Fund is set forth below.</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="re">
<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_zHHpMEgnEX57" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>RISK
FACTORS AND SPECIAL CONSIDERATIONS</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 125pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investors
should consider the following risk factors and special considerations associated with investing in the Fund:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General
Risks</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zZYMTl6bao4c" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Market
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.
Additional interest rate increases in the future could cause the value of the Fund&#8217;s assets to decrease. Inflation has also
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zNaXPkE3mI3l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">severe
declines in the Fund&#8217;s net asset values;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to accurately or reliably value its portfolio;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to pay any dividends or distributions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">declines
in the value of the Fund&#8217;s investments;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limited
availability of new investment opportunities.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zbBTo8zyKat9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Inflation
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_z4qNO67ulmRk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Merger
Arbitrage Risk. </i></b>The Fund&#8217;s investment strategy involves investment techniques and securities holdings that entail
risks, in some cases different from the risks ordinarily associated with investments in equity securities. The principal risk
associated with the Fund&#8217;s arbitrage investments is that certain of the proposed reorganizations in which the Fund invests
may be renegotiated, terminated or involve a longer time frame than originally contemplated, in which case the Fund may realize
losses. 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_znsmr36O9DNh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 economic stake in the securities owned by the Fund, which are for the
most part traded on securities exchanges or in the OTC markets. The market value of these securities, like other market investments,
may move up or down, sometimes rapidly and unpredictably. The net asset value of the Fund may at any point in time be worth less
than the amount at the time the shareholder invested in the Fund, even after taking into account any reinvestment of distributions.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zfiYoB9o8Ujg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 those returns.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zByEo1H8Iir" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>There are special risks associated with the Fund's investing in preferred securities, including:&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"/></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zyOzA8jiiKH8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
value of a convertible security is influenced by the value of the underlying equity security. Convertible debt securities and
preferred stocks may depreciate in value if the market value of the underlying equity security declines or if rates of interest
increase. In addition, although debt securities are liabilities of a corporation which the corporation is generally obligated
to repay at a specified time, debt securities, particularly convertible debt securities, are often subordinated to the claims
of some or all of the other creditors of the corporation.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mandatory
conversion securities (securities that automatically convert into equity securities at a future date) may limit the potential
for capital appreciation and, in some instances, are subject to complete loss of invested capital. Other innovative convertibles
include &#8220;equity-linked&#8221; securities, which are securities or derivatives that may have fixed, variable, or no interest
payments prior to maturity, may convert (at the option of the holder or on a mandatory basis) into cash or a combination of cash
and equity securities, and may be structured to limit the potential for capital appreciation. Equity-linked securities may be
illiquid and difficult to value and may be subject to greater credit risk than that of other convertibles. Moreover, mandatory
conversion securities and equity-linked securities have increased the sensitivity of the convertible securities market to the
volatility of the equity markets and to the special risks of those innovations, which may include risks different from, and possibly
greater than, those associated with traditional convertible securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
stocks are equity securities in the sense that they do not represent a liability of the corporation. In the event of liquidation
of the corporation, and after its creditors have been paid or provided for, holders of preferred stock are generally entitled
to a preference as to the assets of the corporation before any distribution may be made to the holders of common stock. Debt securities
normally do not have voting rights. Preferred stocks may have no voting rights or may have voting rights only under certain circumstances.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i>. Credit risk is the risk that an issuer will fail to pay interest or dividends and principal in a timely manner. Companies
that issue convertible securities may be small to medium-size, and they often have low credit ratings. In addition, the credit
rating of a company&#8217;s convertible securities is generally lower than that of its conventional debt securities. Convertible
securities are normally considered &#8220;junior&#8221; securities&#8212;that is, the company usually must pay interest on its
conventional debt before it can make payments on its convertible securities. Credit risk could be high for the Fund, because it
could invest in securities with low credit quality. The lower a debt security is rated, the greater its default risk. As a result,
the Fund may incur cost and delays in enforcing its rights against the issuer.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk.</i> Although convertible securities do derive part of their value from that of the securities into which they are convertible,
they are not considered derivative financial instruments. However, manda-tory convertible securities include features which render
them more sensitive to price changes of their underlying securities. Thus they expose the Fund to greater downside risk than traditional
convertible securities, but generally less than that of the underlying common stock.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk for Convertible Securities</i>. The Fund may be subject to a greater risk of rising interest rates due to the current
period of rising interest rates and high inflation. The Federal Reserve has aggressively begun to raise interest rates which
is likely to drive down the prices of convertible securities held by the Fund. Convertible securities are particularly sensitive
to interest rate changes when their predetermined conversion price is much higher than the issuing company&#8217;s common stock.
See &#8220;&#8212;Fixed</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
Securities Risks&#8212;Duration and Maturity Risk&#8221; and &#8220;&#8212; General Risks&#8212;Interest Rate Risks Generally.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector
Risk</i>. Sector risk is the risk that returns from the economic sectors in which convertible securities are concentrated will
trail returns from other economic sectors. As a group, sectors tend to go through cycles of doing better-or-worse-than the convertible
securities market in general. These periods have, in the past, lasted for as long as several years. Moreover, the sectors that
dominate this market change over time.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Dilution
Risk</i>. 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></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_dU_zkrFUp1ZZkfh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Fixed
Income Securities Risks (Principal). </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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;Risk Factors and Special Considerations
&#8212; General Risks &#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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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;).</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be
enhanced.&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.22in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.22in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 NAV that is expected for every percentage point change in interest rates. The two have an inverse relationship.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV of the portfolio
by approximately 5%; if interest rates increase by 1%, the NAV 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 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. 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LiborRiskMember_dU_znTsCSFz6Py5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>LIBOR
Risk. </i></b>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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_z4CD3183OEy3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Corporate
Bonds Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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;&#8212;General Risk&#8212;Fixed Income Securities
Risks&#8212;Credit Risk,&#8221; &#8220;&#8212;General Risks&#8212;Fixed Income Securities Risks&#8212; Interest Rate Risk,&#8221;
&#8220;&#8212; General Risks&#8212;Fixed Income Securities Risks&#8212;Prepayment Risk&#8221; and &#8220;&#8212; General Risks&#8212;Interest
Rate Risk Generally.&#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."</span></p>

<p style="font: 11pt 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 id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_ztjhT1oy6vC9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Non-Investment
Grade Securities. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">The
Fund may invest in below investment-grade securities, also known as &#8220;high-yield&#8221; securities or &#8220;junk&#8221;
bonds. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to
adverse conditions. Securities that are rated lower than &#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><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">greater
volatility;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">greater
credit risk and risk of default;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potentially
greater sensitivity to general economic or industry conditions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potential
lack of attractive resale opportunities (illiquidity); and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">additional
expenses to seek recovery from issuers who default.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the market value of securities in non-investment 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of its investments in non-investment grade securities, the Fund may invest without limit in securities of issuers in default.
The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers
will honor their obligations or emerge from bankruptcy protection and the value of these securities will appreciate. By investing
in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or
emerge from bankruptcy protection or that the value of the securities will not appreciate.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
market for non-investment grade and comparable unrated securities has experienced period of significantly adverse price and liquidity
several times, particularly at or around times of economic recession. Past market</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">recessions
have adversely affected the value of such securities and the ability of certain issuers of such securities to repay principal
and pay interest thereon or to refinance such securities. The market for those securities may react in a similar fashion in the
future.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zM1BgAhkxU1h" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>U.S.
Government Securities and Credit Rating Downgrade Risk (Non-Principal). </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SignificantHoldingsRiskMember_dU_z7Jzb5LzmiS1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Significant
Holdings Risk. </i></b>The Fund may invest up to 25% of its total assets in securities of a single industry. Should the Fund choose
to do so, the net asset value of the Fund will be more susceptible to factors affecting those particular types of companies, which,
depending on the particular industry, may include, among others: governmental regulation; inflation; cost increases in raw materials,
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 capital investment, including costs associated with compliance
with environmental and other regulations. In such circumstances 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 industries.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zRdmF7RqWlab" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Foreign
Securities Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. Foreign markets also have different clearance and settlement
procedures that could cause the Fund to encounter difficulties in purchasing and selling securities on such markets and may result
in the Fund missing attractive investment opportunities or experiencing loss. In addition, a portfolio that includes foreign securities
can expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following provides more detail on certain pronounced risks with foreign investing:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>EMU
and Redenomination Risk. </i>As EMU and Redenomination Risk. 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 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging
Markets Risk. </i>The considerations noted above 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 risks of expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation
of capital invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest
rates may result in heightened market volatility and may detract from the Fund&#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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zEK36sWvAC41" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Restricted
and Illiquid Securities Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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: 11pt 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 id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zNsFWfs384pa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Short
Sales Risk</i></b></span><b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">.</span></b><span style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B">
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zyTHsDYF4fTk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Leverage
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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
35% of the Fund&#8217;s assets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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 the 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b/></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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, 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. For more information regarding the risks of a leverage capital structure to holders of the Fund&#8217;s common
shares, see &#8220;&#8212; Special Risks to Holder of Common Shares&#8212;Leverage Risk."</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zHlVZrIKKjR3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Special
Risks Related to Investment in Derivatives. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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:</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
possible need to defer closing out certain positions to avoid adverse tax consequences;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 comply with Rule 18f-4; and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
creditworthiness of counterparties.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve
a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the
prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political,
legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii)
delays in the ability of the Fund to act upon economic events occurring in the foreign markets during non-business hours in the
United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the
United States and (v) less trading volume. Exchanges on which options, futures, swaps and options on futures or swaps are traded
may impose limits on the positions that the Fund may take in certain circumstances.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no assurance that the Fund&#8217;s hedging transactions will
be effective.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives
may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for
new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some
time. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zbA1WcwDIQ07" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Counterparty
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zW4V491nGUv9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SwapsRiskMember_dU_zMbT0amOwxtk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 a Fund has entered into the swap will default on its obligation to pay
a Fund and the risk that a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_zSVFUrAxCmyl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 when 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_zz12pRBhizGi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_z4SXiXBSSGpc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_zhET5ihfwLY5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_zOGeyJJDWGs4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Market
Discount Risk. </i></b>Whether investors will realize gains or losses upon the sale of 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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zsDOlUGOB244" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Long
Term Objective; Not a Complete Investment Program. </i></b>The Fund is intended for investors seeking long-term growth of capital.
The Fund is not meant to provide a vehicle for those who wish to exploit short-</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_za21jVujRWck" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Management
Risk. </i></b>The Fund is subject to management risk because it is an actively managed portfolio. The 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DecisionMakingAuthorityRiskMember_dU_zvMiqpFU9eLk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceOnKeyPersonnelMember_dU_zKe043Tj4Do8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zim2VAeRhymb" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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's inability at times to agree on a long-term budget and deficit reduction plan, may in
the future result in additional government shutdowns, which could have a material adverse effect on the Fund's investments
and operations. In addition, the Fund's ability to raise additional capital in the future through the sale of securities
could be materially affected by a government shutdown. Additional and/or prolonged U.S. government shutdowns may affect
investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to
a significant degree.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 on 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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zArevO8UE3Wa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">debt
and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer
confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and
adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and
negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may
also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising
interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s ability to achieve its investment
objectives.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_z5h1mNVfy23" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has,
resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could
have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities
markets. Any of these effects could have a material adverse effect on the Fund&#8217;s net asset value.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zp2aKFr6oTDj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zBHG4yst5juk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceOnServiceProvidersRiskMember_dU_zSzlJ2THLGx7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zql1YAikzS5l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">impact
issuers of securities in which the Fund invests, which may cause the Fund&#8217;s investment in such issuers to lose value.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_zfv7A6S48KMh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z6jBg7VvAtsk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk. </i></b>The Fund&#8217;s annual portfolio turnover rate may vary greatly from year to year, as well as within a
given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund.
A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that
are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund
which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio
turnover may create realized capital losses.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zBxarTKi05b9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain amendments
to the 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zgQz4Qflmky4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Legal,
Tax and Regulatory Risks. </i></b>Legal, tax and regulatory changes could occur that may have material adverse effects on the
Fund. 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has elected to qualify as a RIC under Subchapter M of the Code. Qualification requires, among other things, compliance by
the Fund with certain distribution requirements. 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. To qualify and maintain its status as a RIC, the Fund must, among other things, 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; (generally, ordinary income plus excess, if any, of net short-term capital gain over net long-term
capital loss). 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 the Fund fails to qualify as a RIC for any reason, it will be subject to U.S. federal
income tax at regular corporate rates on all of its taxable income and gains. The resulting corporate taxes would materially reduce
the Fund&#8217;s net assets and the amount of cash available for distribution to holders of the Units.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zjAeJsucIVeh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_zIxgp3wDsHzl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Notes</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_z3vSWxuR4F5b" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Fixed Rate Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zr3mOT1TkhY9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Notes and Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 may return capital
as part of its distribution. This would decrease the asset coverage 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the fiscal year ended December 31, 2022, the Fund made distributions of $0.48 per common share, approximately $0.48 of which constituted
a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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. In order to obtain and maintain attractive credit quality ratings for
preferred shares or borrowings, if desired, the Fund&#8217;s portfolio must satisfy over-collateralization tests established by
the relevant rating agencies. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. A rating (if any) by
a rating 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 (if any) does not address 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 notes
or preferred shares, we may alter our portfolio or redeem the preferred securities or notes under certain circumstances.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zzuVn2PhSfza" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks of Notes to Holders of Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonSharesMember_dU_zXc2McPZDQP7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Common Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 35% of the Fund&#8217;s assets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 and do not reduce
the principal due to noteholders on maturity or the liquidation preference to which preferred shareholders are entitled. The Prospectus
Supplement relating to any sale of preferred shares will set forth dividend rate on such preferred shares.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. See &#8220;Description of the
Securities&#8212;Preferred Shares&#8221; and &#8220;Description of the Securities&#8212;Notes.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 notes, 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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Impact
on Common Shares. </i>Assuming that leverage will (1) be equal in amount to approximately 19% of the Fund&#8217;s total net assets (the
Fund&#8217;s average amount of outstanding financial leverage during the fiscal year ended 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_z5suCM0cwFii">4.60%</span>, (the average dividend
rate on the Fund&#8217;s outstanding financial leverage as of December 31, 2022) 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_zKi92E1hScba">1.61%</span> 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<i>.</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 35% of the Fund&#8217;s total assets (the Fund&#8217;s amount of outstanding financial leverage as of 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_zbLYfiirhrV6">4.60%</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 a performance
fee at an annual rate of 0.00% and estimated annual incremental expenses attributable to any outstanding preferred shares of 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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="padding-left: 0in; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">Assumed
    Return on Portfolio (Net of Expenses)</span></td>
    <td style="padding-right: 5pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">(10)%</span></td>
    <td style="padding-right: 6pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">(5)%</span></td>
    <td style="padding-right: 10pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">0%</span></td>
    <td style="padding-right: 7pt; text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">5%</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">10%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0in"><span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B">Corresponding Return to
    Common</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Shareholder</span></td>
    <td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zlFf66SFlC74" style="padding-right: 5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(18.13)%</span></td>
    <td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zYUH8UVgjhij" style="padding-right: 6pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(10.44)%</span></td>
    <td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zpBic7Ze4REk" style="padding-right: 10pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(2.75)%</span></td>
    <td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zuI1xrXj6Uyh" style="padding-right: 7pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">4.94%</span></td>
    <td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zZLQAWe40ug1" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">12.63%</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Market
Discount Risk</i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">. As described
above in &#8220;&#8211;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></p>

<p style="font: 11pt 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 id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zpOXPwAgLeJ8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risk to Holders of Subscription Rights</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p id="xdx_855_zGiEmppt9XS5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="text"><p id="xdx_80F_ecef--SharePriceTableTextBlock_dU_z4XsLhZjU2F7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td id="xdx_486_ecef--HighestPriceOrBid_zr0lQQEry39k">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_481_ecef--LowestPriceOrBid_zsISuX0Nwnw9">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_48F_ecef--HighestPriceOrBidNav_zXgNztkyd6eh" style="text-align: center">&#160;</td>
    <td colspan="2" id="xdx_48A_ecef--LowestPriceOrBidNav_zZZPmWIznxS8" style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_485_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_z6HhgHuM4Rs1">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_48E_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_zYUxb69ah1Gl">&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Corresponding</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Net
    Asset</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Corresponding</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" rowspan="2" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Common
    Share</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Value</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Premium
    or</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>(&#8220;NAV&#8221;)
    Per</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Discount
    as a %</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Market
    Price</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Share</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>of
    NAV</b></span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 37%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Quarter
    Ended</b></span>

<div style="text-align: left; margin-right: 5.4pt; margin-top: 0; margin-bottom: 0"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&#160;</div></div>

<span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B"><b/></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>High</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Low</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>High</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Low</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>High</b></span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Low</b></span></td>
    <td style="width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_41A_20210101__20210331__cef--SecurityAxis__custom--CommonStockMember_zA10xRYjqAR4" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">March 31, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$9.04</span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.70</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.81</span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.78</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(16.14)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(19.51)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_414_20210401__20210630__cef--SecurityAxis__custom--CommonStockMember_z0IuuVWqWeH5" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">June 30, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$9.09</span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.91</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.89</span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.84</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(16.52)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(17.80)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_41A_20210701__20210930__cef--SecurityAxis__custom--CommonStockMember_zmQF1FXj7448" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">September 30, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$9.13</span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.93</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.70</span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.67</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(14.43)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(16.54)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_412_20211001__20211231__cef--SecurityAxis__custom--CommonStockMember_z4ET2w18lqob" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">December 31, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$9.03</span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.82</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.64</span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.41</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(15.13)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(15.27)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_41C_20220101__20220331__cef--SecurityAxis__custom--CommonStockMember_zBVLj4sRfcab" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">March 31, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.97</span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.39</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.44</span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.39</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(14.08)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(19.25)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_41B_20220401__20220630__cef--SecurityAxis__custom--CommonStockMember_zXSM6tYMmDgh" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">June 30, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.65</span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.03</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.39</span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$9.98</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(16.75)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(19.54)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_417_20220701__20220930__cef--SecurityAxis__custom--CommonStockMember_z5Noh1PrmUwh" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">September 30, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.38</span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$7.85</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.27</span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$9.88</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(18.40)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(20.55)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr id="xdx_410_20221001__20221231__cef--SecurityAxis__custom--CommonStockMember_zJe8cBDbIEtk" style="vertical-align: bottom">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">December 31, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$8.03</span></td>
    <td style="padding-left: 7pt; text-align: center">&#160;</td>
    <td style="padding-left: 7pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$7.75</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$10.05</span></td>
    <td style="padding-left: 5pt; text-align: center">&#160;</td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">$9.93</span></td>
    <td colspan="2" style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(20.10)%</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(21.95)%</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
<tr>
    <td><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>
        <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>
        <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="text"><p id="xdx_806_ecef--CapitalStockTableTextBlock_dU_zFNMoOtr30ed" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 the Fund&#8217;s common shares on the open market when its shares are trading at a discount
of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV per share. During the years
ended December 31, 2022 and 2021, the Fund repurchased and retired 900,714 and 265,048 common shares in the open market at an
investment of $7,308,675 and $2,366,693 and an average discount of approximately 19.47% and 17.46%, respectively, from its NAV.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has an effective shelf registration authorizing an additional $200 million of common or preferred shares.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_844_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_z8tOokD4VFCd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. The 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
March 28, 2022, the Fund issued 3,500,000 shares of Series E Cumulative Term Preferred Shares (Series E Preferred), receiving
$34,750,000 after the deduction of estimated offering expenses of $250,000. The Series E Preferred has a liquidation value of
$10 per share, and pays dividends at the rate of 4.00% per annum of the $10 per share liquidation preference for the dividend
period beginning with the date of original issuance and</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ending
on June 26, 2022 and the three dividend periods thereafter, and 4.25% per annum of the $10 per share liquidation preference for
all subsequent dividend periods. The Series E Preferred Shares are callable at the Fund&#8217;s option on March 26, 2024, are
puttable in each 60-day period ending March 26, 2023 and March 26, 2024, and have a mandatory redemption date of March, 26, 2025.
At December 31, 2022, there were 3,500,000 Series E Preferred outstanding and distributions amounted to $19,444.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Series C Preferred paid distributions at an annualized rate of 4.000% on the $50 per share liquidation preference for the
quarterly dividend periods ended on or prior to March 26, 2019 (Year 1). On February 22, 2019, the Fund&#8217;s Board
announced a reset fixed dividend rate of 4.000% that will apply for the next eight quarterly dividend periods (Year 2 and
Year 3). On March 1, 2021, the Board continued the 4.000% dividend rate for Series C Preferred through the mandatory
redemption date of March 26, 2025. On March 26, 2020, 1,935,093 Series C Preferred were put back to the Fund at the
liquidation value of $96,754,650, plus accumulated and unpaid dividends. At December 31, 2022, there were 688,932 Series C
Preferred outstanding and distributions amounted to $19,137.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends
on the Preferred Shares are cumulative. 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 Preferred Shares at the respective redemption
prices 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 id="xdx_856_zJ6hnXf0O3Va" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84E_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxrnjB2QcjM5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders
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 shares, 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>

<p id="xdx_85B_zTPUXnD8Ma1a" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
<td class="text"><p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zwhhFhLuvSqg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Outstanding
Securities</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following information regarding the Fund&#8217;s authorized shares is as of December 31, 2022.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #1D1D1B 1pt solid; width: 35%; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Title
    of Class</b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; padding-left: 5pt; text-align: center; width: 18%; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Amount
    Authorized</b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; text-align: center; width: 17%; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Amount
    Held by <br/>
Fund
    for its Account</b></span></td>
    <td style="border-bottom: #1D1D1B 1pt solid; padding-right: 5pt; text-align: center; width: 30%; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"><b>Amount
    Outstanding Exclusive of <br/>
Amount
    Held by Fund</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zCM2gNNyyo58" style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Common Shares</span></td>
    <td style="padding-left: 5pt; text-align: center; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Unlimited</span></td>
    <td id="xdx_98B_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zY9hiEDYw2wk" style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">&#8212;</span></td>
    <td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zISgbBY8R8Xa" style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">12,929,843</span></td></tr>
<tr style="vertical-align: bottom">
    <td id="xdx_98E_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zrvKU8ZhiwJ9" style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Series C Cumulative Puttable and
    Callable Preferred Shares</span></td>
    <td id="xdx_98E_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zmhYxDaE9EM4" style="padding-left: 5pt; text-align: center; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">2,624,025</span></td>
    <td id="xdx_984_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_z38YPJ2qcfE6" style="text-align: center; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">&#8212;</span></td>
    <td id="xdx_98D_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zVlytA0Sc9P6" style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">688,932</span></td></tr>
<tr style="vertical-align: bottom">
    <td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_zmMh6olRdd4c" style="padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Series E Cumulative Preferred
    Shares</span></td>
    <td id="xdx_982_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_z6XiR22pD77a" style="padding-left: 5pt; text-align: center; padding-right: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">3,500,000</span></td>
    <td style="padding-right: 5pt; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td id="xdx_986_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_z9MjJS9eRRda" style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">3,500,000</span></td></tr>
</table>
<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_MarketRiskMember', window );">Market Risk [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_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zZYMTl6bao4c" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Market
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.
Additional interest rate increases in the future could cause the value of the Fund&#8217;s assets to decrease. Inflation has also
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_InterestRateRiskGenerallyMember', window );">Interest Rate Risk Generally [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zNaXPkE3mI3l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">severe
declines in the Fund&#8217;s net asset values;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to accurately or reliably value its portfolio;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to pay any dividends or distributions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">declines
in the value of the Fund&#8217;s investments;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limited
availability of new investment opportunities.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_InflationRiskMember', window );">Inflation Risk [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_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zbBTo8zyKat9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Inflation
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_MergerArbitrageRiskMember', window );">Merger Arbitrage Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_z4qNO67ulmRk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Merger
Arbitrage Risk. </i></b>The Fund&#8217;s investment strategy involves investment techniques and securities holdings that entail
risks, in some cases different from the risks ordinarily associated with investments in equity securities. The principal risk
associated with the Fund&#8217;s arbitrage investments is that certain of the proposed reorganizations in which the Fund invests
may be renegotiated, terminated or involve a longer time frame than originally contemplated, in which case the Fund may realize
losses. 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_EquityRiskMember', window );">Equity Risk [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_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_znsmr36O9DNh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 economic stake in the securities owned by the Fund, which are for the
most part traded on securities exchanges or in the OTC markets. The market value of these securities, like other market investments,
may move up or down, sometimes rapidly and unpredictably. The net asset value of the Fund may at any point in time be worth less
than the amount at the time the shareholder invested in the Fund, even after taking into account any reinvestment of distributions.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_CommonStockRiskMember', window );">Common Stock Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zfiYoB9o8Ujg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 those returns.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_PreferredStockRiskMember', window );">Preferred Stock Risk [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_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zByEo1H8Iir" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>There are special risks associated with the Fund's investing in preferred securities, including:&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"/></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_ConvertibleSecuritiesRiskMember', window );">Convertible Securities Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zyOzA8jiiKH8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
value of a convertible security is influenced by the value of the underlying equity security. Convertible debt securities and
preferred stocks may depreciate in value if the market value of the underlying equity security declines or if rates of interest
increase. In addition, although debt securities are liabilities of a corporation which the corporation is generally obligated
to repay at a specified time, debt securities, particularly convertible debt securities, are often subordinated to the claims
of some or all of the other creditors of the corporation.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mandatory
conversion securities (securities that automatically convert into equity securities at a future date) may limit the potential
for capital appreciation and, in some instances, are subject to complete loss of invested capital. Other innovative convertibles
include &#8220;equity-linked&#8221; securities, which are securities or derivatives that may have fixed, variable, or no interest
payments prior to maturity, may convert (at the option of the holder or on a mandatory basis) into cash or a combination of cash
and equity securities, and may be structured to limit the potential for capital appreciation. Equity-linked securities may be
illiquid and difficult to value and may be subject to greater credit risk than that of other convertibles. Moreover, mandatory
conversion securities and equity-linked securities have increased the sensitivity of the convertible securities market to the
volatility of the equity markets and to the special risks of those innovations, which may include risks different from, and possibly
greater than, those associated with traditional convertible securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
stocks are equity securities in the sense that they do not represent a liability of the corporation. In the event of liquidation
of the corporation, and after its creditors have been paid or provided for, holders of preferred stock are generally entitled
to a preference as to the assets of the corporation before any distribution may be made to the holders of common stock. Debt securities
normally do not have voting rights. Preferred stocks may have no voting rights or may have voting rights only under certain circumstances.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i>. Credit risk is the risk that an issuer will fail to pay interest or dividends and principal in a timely manner. Companies
that issue convertible securities may be small to medium-size, and they often have low credit ratings. In addition, the credit
rating of a company&#8217;s convertible securities is generally lower than that of its conventional debt securities. Convertible
securities are normally considered &#8220;junior&#8221; securities&#8212;that is, the company usually must pay interest on its
conventional debt before it can make payments on its convertible securities. Credit risk could be high for the Fund, because it
could invest in securities with low credit quality. The lower a debt security is rated, the greater its default risk. As a result,
the Fund may incur cost and delays in enforcing its rights against the issuer.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk.</i> Although convertible securities do derive part of their value from that of the securities into which they are convertible,
they are not considered derivative financial instruments. However, manda-tory convertible securities include features which render
them more sensitive to price changes of their underlying securities. Thus they expose the Fund to greater downside risk than traditional
convertible securities, but generally less than that of the underlying common stock.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk for Convertible Securities</i>. The Fund may be subject to a greater risk of rising interest rates due to the current
period of rising interest rates and high inflation. The Federal Reserve has aggressively begun to raise interest rates which
is likely to drive down the prices of convertible securities held by the Fund. Convertible securities are particularly sensitive
to interest rate changes when their predetermined conversion price is much higher than the issuing company&#8217;s common stock.
See &#8220;&#8212;Fixed</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
Securities Risks&#8212;Duration and Maturity Risk&#8221; and &#8220;&#8212; General Risks&#8212;Interest Rate Risks Generally.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector
Risk</i>. Sector risk is the risk that returns from the economic sectors in which convertible securities are concentrated will
trail returns from other economic sectors. As a group, sectors tend to go through cycles of doing better-or-worse-than the convertible
securities market in general. These periods have, in the past, lasted for as long as several years. Moreover, the sectors that
dominate this market change over time.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Dilution
Risk</i>. 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></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_FixedIncomeSecuritiesRisksMember', window );">Fixed Income Securities Risks (Principal) [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_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_dU_zkrFUp1ZZkfh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Fixed
Income Securities Risks (Principal). </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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;Risk Factors and Special Considerations
&#8212; General Risks &#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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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;).</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be
enhanced.&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.22in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.22in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 NAV that is expected for every percentage point change in interest rates. The two have an inverse relationship.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV of the portfolio
by approximately 5%; if interest rates increase by 1%, the NAV 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 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. 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_LiborRiskMember', window );">LIBOR Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LiborRiskMember_dU_znTsCSFz6Py5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>LIBOR
Risk. </i></b>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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_CorporateBondsRiskMember', window );">Corporate Bonds Risk [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_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_z4CD3183OEy3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Corporate
Bonds Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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;&#8212;General Risk&#8212;Fixed Income Securities
Risks&#8212;Credit Risk,&#8221; &#8220;&#8212;General Risks&#8212;Fixed Income Securities Risks&#8212; Interest Rate Risk,&#8221;
&#8220;&#8212; General Risks&#8212;Fixed Income Securities Risks&#8212;Prepayment Risk&#8221; and &#8220;&#8212; General Risks&#8212;Interest
Rate Risk Generally.&#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."</span></p>

<p style="font: 11pt 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>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_NonInvestmentGradeSecuritiesMember', window );">Non-Investment Grade Securities [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_ztjhT1oy6vC9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Non-Investment
Grade Securities. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">The
Fund may invest in below investment-grade securities, also known as &#8220;high-yield&#8221; securities or &#8220;junk&#8221;
bonds. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to
adverse conditions. Securities that are rated lower than &#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><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">greater
volatility;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">greater
credit risk and risk of default;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potentially
greater sensitivity to general economic or industry conditions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potential
lack of attractive resale opportunities (illiquidity); and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">additional
expenses to seek recovery from issuers who default.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the market value of securities in non-investment 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of its investments in non-investment grade securities, the Fund may invest without limit in securities of issuers in default.
The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers
will honor their obligations or emerge from bankruptcy protection and the value of these securities will appreciate. By investing
in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or
emerge from bankruptcy protection or that the value of the securities will not appreciate.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
market for non-investment grade and comparable unrated securities has experienced period of significantly adverse price and liquidity
several times, particularly at or around times of economic recession. Past market</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">recessions
have adversely affected the value of such securities and the ability of certain issuers of such securities to repay principal
and pay interest thereon or to refinance such securities. The market for those securities may react in a similar fashion in the
future.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember', window );">U.S. Government Securities and Credit Rating Downgrade Risk (Non-Principal) [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_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zM1BgAhkxU1h" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>U.S.
Government Securities and Credit Rating Downgrade Risk (Non-Principal). </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SignificantHoldingsRiskMember', window );">Significant Holdings Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SignificantHoldingsRiskMember_dU_z7Jzb5LzmiS1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Significant
Holdings Risk. </i></b>The Fund may invest up to 25% of its total assets in securities of a single industry. Should the Fund choose
to do so, the net asset value of the Fund will be more susceptible to factors affecting those particular types of companies, which,
depending on the particular industry, may include, among others: governmental regulation; inflation; cost increases in raw materials,
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 capital investment, including costs associated with compliance
with environmental and other regulations. In such circumstances 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 industries.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_ForeignSecuritiesRiskMember', window );">Foreign Securities Risk [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_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zRdmF7RqWlab" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Foreign
Securities Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. Foreign markets also have different clearance and settlement
procedures that could cause the Fund to encounter difficulties in purchasing and selling securities on such markets and may result
in the Fund missing attractive investment opportunities or experiencing loss. In addition, a portfolio that includes foreign securities
can expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following provides more detail on certain pronounced risks with foreign investing:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>EMU
and Redenomination Risk. </i>As EMU and Redenomination Risk. 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 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Emerging
Markets Risk. </i>The considerations noted above 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 risks of expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation
of capital invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest
rates may result in heightened market volatility and may detract from the Fund&#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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_RestrictedAndIlliquidSecuritiesMember', window );">Restricted and Illiquid Securities Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zEK36sWvAC41" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Restricted
and Illiquid Securities Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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 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: 11pt 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>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_ShortSalesRiskMember', window );">Short Sales Risk [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_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zNsFWfs384pa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Short
Sales Risk</i></b></span><b><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">.</span></b><span style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B">
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_LeverageRiskMember', window );">Leverage Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zyTHsDYF4fTk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Leverage
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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
35% of the Fund&#8217;s assets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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 the 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif"><b/></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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, 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. For more information regarding the risks of a leverage capital structure to holders of the Fund&#8217;s common
shares, see &#8220;&#8212; Special Risks to Holder of Common Shares&#8212;Leverage Risk."</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SpecialRisksRelatedToInvestmentinDerivativesMember', window );">Special Risks Related to Investment in Derivatives [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_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zHlVZrIKKjR3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Special
Risks Related to Investment in Derivatives. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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:</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
possible need to defer closing out certain positions to avoid adverse tax consequences;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 comply with Rule 18f-4; and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
creditworthiness of counterparties.</span></td>
</tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve
a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the
prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political,
legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii)
delays in the ability of the Fund to act upon economic events occurring in the foreign markets during non-business hours in the
United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the
United States and (v) less trading volume. Exchanges on which options, futures, swaps and options on futures or swaps are traded
may impose limits on the positions that the Fund may take in certain circumstances.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no assurance that the Fund&#8217;s hedging transactions will
be effective.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives
may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for
new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some
time. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_CounterpartyRiskMember', window );">Counterparty Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zbA1WcwDIQ07" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Counterparty
Risk. </i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember', window );">Failure of Futures Commission Merchants and Clearing Organizations Risk [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_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zW4V491nGUv9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SwapsRiskMember', window );">Swaps Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SwapsRiskMember_dU_zMbT0amOwxtk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 a Fund has entered into the swap will default on its obligation to pay
a Fund and the risk that a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_ForwardForeignCurrencyExchangeContractsMember', window );">Forward Foreign Currency Exchange Contracts [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_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_zSVFUrAxCmyl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 when 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_FuturesContractsAndOptionsonFuturesMember', window );">Futures Contracts and Options on Futures [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_zz12pRBhizGi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_OptionsRiskMember', window );">Options Risk [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_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_z4SXiXBSSGpc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_DerivativesRegulationRiskMember', window );">Derivatives Regulation Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_zhET5ihfwLY5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_MarketDiscountRiskMember', window );">Market Discount Risk [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--MarketDiscountRiskMember_dU_zOGeyJJDWGs4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Market
Discount Risk. </i></b>Whether investors will realize gains or losses upon the sale of 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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_LongTermObjectiveNotACompleteInvestmentProgramMember', window );">Long Term Objective: Not a Complete Investment Program [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zsDOlUGOB244" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Long
Term Objective; Not a Complete Investment Program. </i></b>The Fund is intended for investors seeking long-term growth of capital.
The Fund is not meant to provide a vehicle for those who wish to exploit short-</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_ManagementRiskMember', window );">Management Risk [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_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_za21jVujRWck" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Management
Risk. </i></b>The Fund is subject to management risk because it is an actively managed portfolio. The 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_DecisionMakingAuthorityRiskMember', window );">Decision-Making Authority Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DecisionMakingAuthorityRiskMember_dU_zvMiqpFU9eLk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_DependenceOnKeyPersonnelMember', window );">Dependence on Key Personnel [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_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceOnKeyPersonnelMember_dU_zKe043Tj4Do8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_MarketDisruptionAndGeopoliticalRiskMember', window );">Market Disruption and Geopolitical Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zim2VAeRhymb" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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's inability at times to agree on a long-term budget and deficit reduction plan, may in
the future result in additional government shutdowns, which could have a material adverse effect on the Fund's investments
and operations. In addition, the Fund's ability to raise additional capital in the future through the sale of securities
could be materially affected by a government shutdown. Additional and/or prolonged U.S. government shutdowns may affect
investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to
a significant degree.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 on 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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_EconomicEventsAndMarketRiskMember', window );">Economic Events and Market Risk [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_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zArevO8UE3Wa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">debt
and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer
confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and
adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and
negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may
also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising
interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s ability to achieve its investment
objectives.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_RegulationAndGovernmentInterventionRiskMember', window );">Regulation and Government Intervention Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_z5h1mNVfy23" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has,
resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could
have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities
markets. Any of these effects could have a material adverse effect on the Fund&#8217;s net asset value.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_DeflationRiskMember', window );">Deflation Risk [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_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zp2aKFr6oTDj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_LegislationRiskMember', window );">Legislation Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zBHG4yst5juk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_RelianceOnServiceProvidersRiskMember', window );">Reliance on Service Providers Risk [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_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceOnServiceProvidersRiskMember_dU_zSzlJ2THLGx7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_CyberSecurityRiskMember', window );">Cyber Security Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zql1YAikzS5l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">impact
issuers of securities in which the Fund invests, which may cause the Fund&#8217;s investment in such issuers to lose value.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember', window );">Misconduct of Employees and of Service Providers Risk [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_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_zfv7A6S48KMh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_PortfolioTurnoverRiskMember', window );">Portfolio Turnover Risk [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z6jBg7VvAtsk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk. </i></b>The Fund&#8217;s annual portfolio turnover rate may vary greatly from year to year, as well as within a
given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund.
A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that
are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund
which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio
turnover may create realized capital losses.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_InvestmentDilutionRiskMember', window );">Investment Dilution Risk [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_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zBxarTKi05b9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain amendments
to the 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_LegalTaxAndRegulatoryRiskMember', window );">Legal, Tax and Regulatory Risks [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zgQz4Qflmky4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Legal,
Tax and Regulatory Risks. </i></b>Legal, tax and regulatory changes could occur that may have material adverse effects on the
Fund. 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has elected to qualify as a RIC under Subchapter M of the Code. Qualification requires, among other things, compliance by
the Fund with certain distribution requirements. 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. To qualify and maintain its status as a RIC, the Fund must, among other things, 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; (generally, ordinary income plus excess, if any, of net short-term capital gain over net long-term
capital loss). 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 the Fund fails to qualify as a RIC for any reason, it will be subject to U.S. federal
income tax at regular corporate rates on all of its taxable income and gains. The resulting corporate taxes would materially reduce
the Fund&#8217;s net assets and the amount of cash available for distribution to holders of the Units.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_AntiTakeoverProvisionsMember', window );">Anti-Takeover Provisions [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_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zjAeJsucIVeh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SpecialRisksToHoldersOfNotesMember', window );">Special Risks to Holders of Notes [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_zIxgp3wDsHzl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Notes</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember', window );">Special Risks to Holders of Fixed Rate Preferred Shares [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_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_z3vSWxuR4F5b" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Fixed Rate Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember', window );">Special Risks to Holders of Notes and Preferred Shares [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zr3mOT1TkhY9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Notes and Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 may return capital
as part of its distribution. This would decrease the asset coverage 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the fiscal year ended December 31, 2022, the Fund made distributions of $0.48 per common share, approximately $0.48 of which constituted
a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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. In order to obtain and maintain attractive credit quality ratings for
preferred shares or borrowings, if desired, the Fund&#8217;s portfolio must satisfy over-collateralization tests established by
the relevant rating agencies. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. A rating (if any) by
a rating 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 (if any) does not address 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 notes
or preferred shares, we may alter our portfolio or redeem the preferred securities or notes under certain circumstances.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember', window );">Special Risks of Notes to Holders of Preferred Shares [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_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zzuVn2PhSfza" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks of Notes to Holders of Preferred Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SpecialRisksToHoldersOfCommonSharesMember', window );">Special Risks to Holders of Common Shares [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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonSharesMember_dU_zXc2McPZDQP7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risks to Holders of Common Shares</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 35% of the Fund&#8217;s assets.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 and do not reduce
the principal due to noteholders on maturity or the liquidation preference to which preferred shareholders are entitled. The Prospectus
Supplement relating to any sale of preferred shares will set forth dividend rate on such preferred shares.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. See &#8220;Description of the
Securities&#8212;Preferred Shares&#8221; and &#8220;Description of the Securities&#8212;Notes.&#8221;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 notes, 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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Impact
on Common Shares. </i>Assuming that leverage will (1) be equal in amount to approximately 19% of the Fund&#8217;s total net assets (the
Fund&#8217;s average amount of outstanding financial leverage during the fiscal year ended 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_z5suCM0cwFii">4.60%</span>, (the average dividend
rate on the Fund&#8217;s outstanding financial leverage as of December 31, 2022) 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_zKi92E1hScba">1.61%</span> 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<i>.</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 35% of the Fund&#8217;s total assets (the Fund&#8217;s amount of outstanding financial leverage as of 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_zbLYfiirhrV6">4.60%</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 a performance
fee at an annual rate of 0.00% and estimated annual incremental expenses attributable to any outstanding preferred shares of 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></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="padding-left: 0in; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">Assumed
    Return on Portfolio (Net of Expenses)</span></td>
    <td style="padding-right: 5pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">(10)%</span></td>
    <td style="padding-right: 6pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">(5)%</span></td>
    <td style="padding-right: 10pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">0%</span></td>
    <td style="padding-right: 7pt; text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">5%</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)">10%</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0in"><span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B">Corresponding Return to
    Common</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Shareholder</span></td>
    <td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zlFf66SFlC74" style="padding-right: 5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(18.13)%</span></td>
    <td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zYUH8UVgjhij" style="padding-right: 6pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(10.44)%</span></td>
    <td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zpBic7Ze4REk" style="padding-right: 10pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">(2.75)%</span></td>
    <td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zuI1xrXj6Uyh" style="padding-right: 7pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">4.94%</span></td>
    <td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zZLQAWe40ug1" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">12.63%</span></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"><b><i>Market
Discount Risk</i></b></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B">. As described
above in &#8220;&#8211;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></p>

<p style="font: 11pt 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>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_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_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zpOXPwAgLeJ8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Special
Risk to Holders of Subscription Rights</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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=gdl_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">4.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">1.61%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">(18.13%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">(10.44%)<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="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">(2.75%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">4.94%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">12.63%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 7.75<span></span>
</td>
<td class="nump">$ 7.85<span></span>
</td>
<td class="nump">$ 8.03<span></span>
</td>
<td class="nump">$ 8.39<span></span>
</td>
<td class="nump">$ 8.82<span></span>
</td>
<td class="nump">$ 8.93<span></span>
</td>
<td class="nump">$ 8.91<span></span>
</td>
<td class="nump">$ 8.70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">8.03<span></span>
</td>
<td class="nump">8.38<span></span>
</td>
<td class="nump">8.65<span></span>
</td>
<td class="nump">8.97<span></span>
</td>
<td class="nump">9.03<span></span>
</td>
<td class="nump">9.13<span></span>
</td>
<td class="nump">9.09<span></span>
</td>
<td class="nump">9.04<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">9.93<span></span>
</td>
<td class="nump">9.88<span></span>
</td>
<td class="nump">9.98<span></span>
</td>
<td class="nump">10.39<span></span>
</td>
<td class="nump">10.41<span></span>
</td>
<td class="nump">10.67<span></span>
</td>
<td class="nump">10.84<span></span>
</td>
<td class="nump">10.78<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 10.05<span></span>
</td>
<td class="nump">$ 10.27<span></span>
</td>
<td class="nump">$ 10.39<span></span>
</td>
<td class="nump">$ 10.44<span></span>
</td>
<td class="nump">$ 10.64<span></span>
</td>
<td class="nump">$ 10.70<span></span>
</td>
<td class="nump">$ 10.89<span></span>
</td>
<td class="nump">$ 10.81<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_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">(21.95%)<span></span>
</td>
<td class="num">(20.55%)<span></span>
</td>
<td class="num">(19.54%)<span></span>
</td>
<td class="num">(19.25%)<span></span>
</td>
<td class="num">(15.27%)<span></span>
</td>
<td class="num">(16.54%)<span></span>
</td>
<td class="num">(17.80%)<span></span>
</td>
<td class="num">(19.51%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LatestSharePrice', window );">Latest Share Price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.84<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2144.00%)<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>
</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_LatestNav', window );">Latest NAV</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.98<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Common Shares</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">12,929,843<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SeriesCCumulativePreferredStockMember', window );">Series C 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">$ 34,447,000<span></span>
</td>
<td class="nump">$ 34,447,000<span></span>
</td>
<td class="nump">$ 34,447,000<span></span>
</td>
<td class="nump">$ 131,201,000<span></span>
</td>
<td class="nump">$ 131,201,000<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">$ 142.95<span></span>
</td>
<td class="nump">$ 261.43<span></span>
</td>
<td class="nump">$ 269.83<span></span>
</td>
<td class="nump">$ 116.57<span></span>
</td>
<td class="nump">$ 119.90<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 50.21<span></span>
</td>
<td class="nump">$ 51.51<span></span>
</td>
<td class="nump">$ 51.15<span></span>
</td>
<td class="nump">$ 50.71<span></span>
</td>
<td class="nump">$ 51.63<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Series C Cumulative Puttable and
    Callable Preferred Shares</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">2,624,025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">688,932<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">689,000<span></span>
</td>
<td class="nump">689,000<span></span>
</td>
<td class="nump">689,000<span></span>
</td>
<td class="nump">2,624,000<span></span>
</td>
<td class="nump">2,624,000<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=gdl_SeriesECumulativePreferredStockMember', window );">Series E 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">$ 35,000,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_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">$ 28.59<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit', window );">Senior Securities Involuntary Liquidating Preference 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">10.00<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_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">$ 100.00<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B">Series E Cumulative Preferred
    Shares</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">3,500,000<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_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</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">3,500,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 131,201,000<span></span>
</td>
<td class="nump">$ 131,201,000<span></span>
</td>
<td class="nump">$ 131,201,000<span></span>
</td>
<td class="nump">$ 136,232,000<span></span>
</td>
<td class="nump">$ 136,232,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 127.78<span></span>
</td>
<td class="nump">$ 132.61<span></span>
</td>
<td class="nump">$ 138.78<span></span>
</td>
<td class="nump">$ 139.88<span></span>
</td>
<td class="nump">$ 148.64<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 50.51<span></span>
</td>
<td class="nump">$ 50.51<span></span>
</td>
<td class="nump">$ 50.30<span></span>
</td>
<td class="nump">$ 50.36<span></span>
</td>
<td class="nump">$ 50.41<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_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</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="nump">2,624,000<span></span>
</td>
<td class="nump">2,624,000<span></span>
</td>
<td class="nump">2,624,000<span></span>
</td>
<td class="nump">2,725,000<span></span>
</td>
<td class="nump">2,725,000<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=gdl_CumulativePreferredStockMember', window );">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_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_SecurityVotingRightsTextBlock', window );">Security Voting Rights [Text Block]</a></td>
<td class="text"><p id="xdx_84E_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxrnjB2QcjM5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders
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 shares, 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>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PreferredStockRestrictionsOtherTextBlock', window );">Preferred Stock Restrictions, Other [Text Block]</a></td>
<td class="text"><p id="xdx_844_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_z8tOokD4VFCd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. The 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
March 28, 2022, the Fund issued 3,500,000 shares of Series E Cumulative Term Preferred Shares (Series E Preferred), receiving
$34,750,000 after the deduction of estimated offering expenses of $250,000. The Series E Preferred has a liquidation value of
$10 per share, and pays dividends at the rate of 4.00% per annum of the $10 per share liquidation preference for the dividend
period beginning with the date of original issuance and</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ending
on June 26, 2022 and the three dividend periods thereafter, and 4.25% per annum of the $10 per share liquidation preference for
all subsequent dividend periods. The Series E Preferred Shares are callable at the Fund&#8217;s option on March 26, 2024, are
puttable in each 60-day period ending March 26, 2023 and March 26, 2024, and have a mandatory redemption date of March, 26, 2025.
At December 31, 2022, there were 3,500,000 Series E Preferred outstanding and distributions amounted to $19,444.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Series C Preferred paid distributions at an annualized rate of 4.000% on the $50 per share liquidation preference for the
quarterly dividend periods ended on or prior to March 26, 2019 (Year 1). On February 22, 2019, the Fund&#8217;s Board
announced a reset fixed dividend rate of 4.000% that will apply for the next eight quarterly dividend periods (Year 2 and
Year 3). On March 1, 2021, the Board continued the 4.000% dividend rate for Series C Preferred through the mandatory
redemption date of March 26, 2025. On March 26, 2020, 1,935,093 Series C Preferred were put back to the Fund at the
liquidation value of $96,754,650, plus accumulated and unpaid dividends. At December 31, 2022, there were 688,932 Series C
Preferred outstanding and distributions amounted to $19,137.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends
on the Preferred Shares are cumulative. 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 Preferred Shares at the respective redemption
prices 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>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_PurchaseTransactionMember', window );">Purchase Transaction [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_FeeTableAbstract', window );"><strong>Fee Table [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_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_SaleTransactionMember', window );">Sale Transaction [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_FeeTableAbstract', window );"><strong>Fee Table [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_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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=gdl_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="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_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="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="nump">45<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="nump">78<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="nump">$ 170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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>
<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_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>
</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_CapitalStockLongTermDebtAndOtherSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_DividendReinvestmentAndCashPurchaseFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_DividendReinvestmentAndCashPurchaseFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYear01">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYear01</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to10">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to10</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_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_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_OtherAnnualExpense1Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpense1Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpense2Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpense2Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpense3Percent">
<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_OtherAnnualExpense3Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_LiborRiskMember">
<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=gdl_LiborRiskMember</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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_SignificantHoldingsRiskMember">
<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=gdl_SignificantHoldingsRiskMember</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=gdl_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=gdl_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=gdl_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=gdl_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=gdl_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;">
<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=gdl_ShortSalesRiskMember</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=gdl_LeverageRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=gdl_LeverageRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=gdl_SpecialRisksRelatedToInvestmentinDerivativesMember">
<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=gdl_SpecialRisksRelatedToInvestmentinDerivativesMember</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=gdl_CounterpartyRiskMember">
<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=gdl_CounterpartyRiskMember</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=gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember">
<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=gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember</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=gdl_SwapsRiskMember">
<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=gdl_SwapsRiskMember</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=gdl_ForwardForeignCurrencyExchangeContractsMember">
<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=gdl_ForwardForeignCurrencyExchangeContractsMember</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=gdl_FuturesContractsAndOptionsonFuturesMember">
<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=gdl_FuturesContractsAndOptionsonFuturesMember</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=gdl_OptionsRiskMember">
<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=gdl_OptionsRiskMember</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=gdl_DerivativesRegulationRiskMember">
<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=gdl_DerivativesRegulationRiskMember</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=gdl_MarketDiscountRiskMember">
<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=gdl_MarketDiscountRiskMember</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=gdl_LongTermObjectiveNotACompleteInvestmentProgramMember">
<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=gdl_LongTermObjectiveNotACompleteInvestmentProgramMember</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=gdl_ManagementRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=gdl_ManagementRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=gdl_DecisionMakingAuthorityRiskMember">
<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=gdl_DecisionMakingAuthorityRiskMember</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=gdl_DependenceOnKeyPersonnelMember">
<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=gdl_DependenceOnKeyPersonnelMember</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=gdl_MarketDisruptionAndGeopoliticalRiskMember">
<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=gdl_MarketDisruptionAndGeopoliticalRiskMember</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=gdl_EconomicEventsAndMarketRiskMember">
<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=gdl_EconomicEventsAndMarketRiskMember</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=gdl_RegulationAndGovernmentInterventionRiskMember">
<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=gdl_RegulationAndGovernmentInterventionRiskMember</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=gdl_DeflationRiskMember">
<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=gdl_DeflationRiskMember</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=gdl_LegislationRiskMember">
<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=gdl_LegislationRiskMember</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=gdl_RelianceOnServiceProvidersRiskMember">
<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=gdl_RelianceOnServiceProvidersRiskMember</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=gdl_CyberSecurityRiskMember">
<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=gdl_CyberSecurityRiskMember</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=gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember">
<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=gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember</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=gdl_PortfolioTurnoverRiskMember">
<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=gdl_PortfolioTurnoverRiskMember</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=gdl_InvestmentDilutionRiskMember">
<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=gdl_InvestmentDilutionRiskMember</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=gdl_LegalTaxAndRegulatoryRiskMember">
<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=gdl_LegalTaxAndRegulatoryRiskMember</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=gdl_AntiTakeoverProvisionsMember">
<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=gdl_AntiTakeoverProvisionsMember</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=gdl_SpecialRisksToHoldersOfNotesMember">
<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=gdl_SpecialRisksToHoldersOfNotesMember</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=gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember">
<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=gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember</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=gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember">
<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=gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember</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=gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember">
<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=gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember</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=gdl_SpecialRisksToHoldersOfCommonSharesMember">
<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=gdl_SpecialRisksToHoldersOfCommonSharesMember</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=gdl_SpecialRiskToHoldersOfSubscriptionRightsMember">
<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=gdl_SpecialRiskToHoldersOfSubscriptionRightsMember</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_SecurityAxis=gdl_CommonStockMember">
<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_SecurityAxis=gdl_CommonStockMember</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_SecurityAxis=gdl_SeriesCCumulativePreferredStockMember">
<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_SecurityAxis=gdl_SeriesCCumulativePreferredStockMember</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_SecurityAxis=gdl_SeriesECumulativePreferredStockMember">
<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_SecurityAxis=gdl_SeriesECumulativePreferredStockMember</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_SecurityAxis=gdl_SeriesBCumulativePreferredStockMember">
<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_SecurityAxis=gdl_SeriesBCumulativePreferredStockMember</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_SecurityAxis=gdl_CumulativePreferredStockMember">
<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_SecurityAxis=gdl_CumulativePreferredStockMember</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_SecurityAxis=gdl_PurchaseTransactionMember">
<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_SecurityAxis=gdl_PurchaseTransactionMember</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_SecurityAxis=gdl_SaleTransactionMember">
<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_SecurityAxis=gdl_SaleTransactionMember</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_SecurityAxis=gdl_DividendsOnPreferredSharesNotIncludedMember">
<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_SecurityAxis=gdl_DividendsOnPreferredSharesNotIncludedMember</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>gdl-ncsr_123122_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:cef="http://xbrl.sec.gov/cef/2022"
  xmlns:dei="http://xbrl.sec.gov/dei/2022"
  xmlns:gdl="http://gabelli.com/20221231"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <link:schemaRef xlink:href="gdl-20221231.xsd" xlink:type="simple"/>
    <context id="From2023-03-09to2023-03-09">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2022-12-312022-12-31_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-12-31</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2018-01-01</startDate>
            <endDate>2018-12-31</endDate>
        </period>
    </context>
    <context id="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-12-31</endDate>
        </period>
    </context>
    <context id="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-01-01</startDate>
            <endDate>2019-12-31</endDate>
        </period>
    </context>
    <context id="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2018-01-01</startDate>
            <endDate>2018-12-31</endDate>
        </period>
    </context>
    <context id="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2017-01-01</startDate>
            <endDate>2017-12-31</endDate>
        </period>
    </context>
    <context id="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2016-01-01</startDate>
            <endDate>2016-12-31</endDate>
        </period>
    </context>
    <context id="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2015-01-01</startDate>
            <endDate>2015-12-31</endDate>
        </period>
    </context>
    <context id="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2014-01-01</startDate>
            <endDate>2014-12-31</endDate>
        </period>
    </context>
    <context id="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesBCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2013-01-01</startDate>
            <endDate>2013-12-31</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_CumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2021-01-012021-03-31_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-03-31</endDate>
        </period>
    </context>
    <context id="From2021-04-012021-06-30_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-04-01</startDate>
            <endDate>2021-06-30</endDate>
        </period>
    </context>
    <context id="From2021-07-012021-09-30_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-07-01</startDate>
            <endDate>2021-09-30</endDate>
        </period>
    </context>
    <context id="From2021-10-012021-12-31_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-10-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="From2022-01-012022-03-31_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-03-31</endDate>
        </period>
    </context>
    <context id="From2022-04-012022-06-30_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-04-01</startDate>
            <endDate>2022-06-30</endDate>
        </period>
    </context>
    <context id="From2022-07-012022-09-30_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-07-01</startDate>
            <endDate>2022-09-30</endDate>
        </period>
    </context>
    <context id="From2022-10-012022-12-31_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-10-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesCCumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-12-31</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="From2022-12-312022-12-31_custom_SeriesECumulativePreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SeriesECumulativePreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-12-31</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_MarketRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MarketRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_InterestRateRiskGenerallyMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:InterestRateRiskGenerallyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_InflationRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:InflationRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_MergerArbitrageRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MergerArbitrageRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_EquityRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:EquityRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_CommonStockRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:CommonStockRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_PreferredStockRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:PreferredStockRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_ConvertibleSecuritiesRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ConvertibleSecuritiesRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_FixedIncomeSecuritiesRisksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:FixedIncomeSecuritiesRisksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_LiborRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LiborRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_CorporateBondsRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:CorporateBondsRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_NonInvestmentGradeSecuritiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:NonInvestmentGradeSecuritiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SignificantHoldingsRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SignificantHoldingsRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_ForeignSecuritiesRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ForeignSecuritiesRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_RestrictedAndIlliquidSecuritiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:RestrictedAndIlliquidSecuritiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_ShortSalesRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ShortSalesRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_LeverageRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LeverageRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SpecialRisksRelatedToInvestmentinDerivativesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksRelatedToInvestmentinDerivativesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_CounterpartyRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:CounterpartyRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SwapsRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SwapsRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_ForwardForeignCurrencyExchangeContractsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ForwardForeignCurrencyExchangeContractsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_FuturesContractsAndOptionsonFuturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:FuturesContractsAndOptionsonFuturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_OptionsRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:OptionsRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_DerivativesRegulationRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:DerivativesRegulationRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_MarketDiscountRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MarketDiscountRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_LongTermObjectiveNotACompleteInvestmentProgramMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LongTermObjectiveNotACompleteInvestmentProgramMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_ManagementRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:ManagementRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_DecisionMakingAuthorityRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:DecisionMakingAuthorityRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_DependenceOnKeyPersonnelMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:DependenceOnKeyPersonnelMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_MarketDisruptionAndGeopoliticalRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MarketDisruptionAndGeopoliticalRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_EconomicEventsAndMarketRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:EconomicEventsAndMarketRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_RegulationAndGovernmentInterventionRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:RegulationAndGovernmentInterventionRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_DeflationRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:DeflationRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_LegislationRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LegislationRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_RelianceOnServiceProvidersRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:RelianceOnServiceProvidersRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_CyberSecurityRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:CyberSecurityRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_MisconductOfEmployeesAndOfServiceProvidersRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:MisconductOfEmployeesAndOfServiceProvidersRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_PortfolioTurnoverRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:PortfolioTurnoverRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_InvestmentDilutionRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:InvestmentDilutionRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_LegalTaxAndRegulatoryRiskMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:LegalTaxAndRegulatoryRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_AntiTakeoverProvisionsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:AntiTakeoverProvisionsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksToHoldersOfNotesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfFixedRatePreferredSharesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksToHoldersOfFixedRatePreferredSharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesAndPreferredSharesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksToHoldersOfNotesAndPreferredSharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SpecialRisksOfNotesToHoldersOfPreferredSharesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksOfNotesToHoldersOfPreferredSharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfCommonSharesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRisksToHoldersOfCommonSharesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SpecialRiskToHoldersOfSubscriptionRightsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:RiskAxis">gdl:SpecialRiskToHoldersOfSubscriptionRightsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_PurchaseTransactionMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:PurchaseTransactionMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_SaleTransactionMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:SaleTransactionMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <context id="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001378701</identifier>
            <segment>
                <xbrldi:explicitMember dimension="cef:SecurityAxis">gdl:DividendsOnPreferredSharesNotIncludedMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-03-09</startDate>
            <endDate>2023-03-09</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <unit id="Ratio">
        <measure>pure</measure>
    </unit>
    <dei:EntityCentralIndexKey contextRef="From2023-03-09to2023-03-09">0001378701</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag contextRef="From2023-03-09to2023-03-09">false</dei:AmendmentFlag>
    <cef:SeniorSecuritiesAmount
      contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0046"
      unitRef="USD"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesAmount
      contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0047"
      unitRef="USD"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesAmount
      contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0048"
      unitRef="USD"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesAmount
      contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0049"
      unitRef="USD"
      xsi:nil="true"/>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0052"
      unitRef="Shares"
      xsi:nil="true"/>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0053"
      unitRef="Shares"
      xsi:nil="true"/>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0054"
      unitRef="Shares"
      xsi:nil="true"/>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0055"
      unitRef="Shares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0058"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0059"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0060"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0061"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0064"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0065"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0066"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0067"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0070"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0071"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0072"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesECumulativePreferredStockMember"
      id="xdx2ixbrl0073"
      unitRef="USDPShares"
      xsi:nil="true"/>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="From2023-03-092023-03-09_custom_PurchaseTransactionMember"
      id="xdx2ixbrl0090"
      unitRef="USD"
      xsi:nil="true"/>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="From2023-03-092023-03-09_custom_SaleTransactionMember"
      id="xdx2ixbrl0091"
      unitRef="USD"
      xsi:nil="true"/>
    <dei:DocumentType contextRef="From2023-03-09to2023-03-09">N-CSR</dei:DocumentType>
    <dei:EntityRegistrantName contextRef="From2023-03-09to2023-03-09">The   GDL Fund</dei:EntityRegistrantName>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-12-312022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Shares">12929843</cef:OutstandingSecurityNotHeldShares>
    <cef:LatestNav
      contextRef="From2022-12-312022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.98</cef:LatestNav>
    <cef:SeniorSecuritiesAmount
      contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">34447000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">34447000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">34447000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">131201000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">131201000</cef:SeniorSecuritiesAmount>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">689000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">689000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">689000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">2624000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">2624000</cef:OutstandingSecurityNotHeldShares>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.21</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">51.51</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">51.15</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.71</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">51.63</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">142.95</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">261.43</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">269.83</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">116.57</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">119.90</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesAmount
      contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">35000000</cef:SeniorSecuritiesAmount>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">3500000</cef:OutstandingSecurityNotHeldShares>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">10.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">100.00</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">28.59</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:CapitalStockTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_806_ecef--CapitalStockTableTextBlock_dU_zFNMoOtr30ed" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 the Fund&#x2019;s common shares on the open market when its shares are trading at a discount
of 7.5% or more (or such other percentage as the Board may determine from time to time) from the NAV per share. During the years
ended December 31, 2022 and 2021, the Fund repurchased and retired 900,714 and 265,048 common shares in the open market at an
investment of $7,308,675 and $2,366,693 and an average discount of approximately 19.47% and 17.46%, respectively, from its NAV.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund has an effective shelf registration authorizing an additional $200 million of common or preferred shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_z8tOokD4VFCd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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. The 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;On
March 28, 2022, the Fund issued 3,500,000 shares of Series E Cumulative Term Preferred Shares (Series E Preferred), receiving
$34,750,000 after the deduction of estimated offering expenses of $250,000. The Series E Preferred has a liquidation value of
$10 per share, and pays dividends at the rate of 4.00% per annum of the $10 per share liquidation preference for the dividend
period beginning with the date of original issuance and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;ending
on June 26, 2022 and the three dividend periods thereafter, and 4.25% per annum of the $10 per share liquidation preference for
all subsequent dividend periods. The Series E Preferred Shares are callable at the Fund&#x2019;s option on March 26, 2024, are
puttable in each 60-day period ending March 26, 2023 and March 26, 2024, and have a mandatory redemption date of March, 26, 2025.
At December 31, 2022, there were 3,500,000 Series E Preferred outstanding and distributions amounted to $19,444.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Series C Preferred paid distributions at an annualized rate of 4.000% on the $50 per share liquidation preference for the
quarterly dividend periods ended on or prior to March 26, 2019 (Year 1). On February 22, 2019, the Fund&#x2019;s Board
announced a reset fixed dividend rate of 4.000% that will apply for the next eight quarterly dividend periods (Year 2 and
Year 3). On March 1, 2021, the Board continued the 4.000% dividend rate for Series C Preferred through the mandatory
redemption date of March 26, 2025. On March 26, 2020, 1,935,093 Series C Preferred were put back to the Fund at the
liquidation value of $96,754,650, plus accumulated and unpaid dividends. At December 31, 2022, there were 688,932 Series C
Preferred outstanding and distributions amounted to $19,137.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Dividends
on the Preferred Shares are cumulative. 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 Preferred Shares at the respective redemption
prices 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 id="xdx_856_zJ6hnXf0O3Va" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxrnjB2QcjM5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders
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 shares, 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_85B_zTPUXnD8Ma1a" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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_z8tOokD4VFCd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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. The 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;On
March 28, 2022, the Fund issued 3,500,000 shares of Series E Cumulative Term Preferred Shares (Series E Preferred), receiving
$34,750,000 after the deduction of estimated offering expenses of $250,000. The Series E Preferred has a liquidation value of
$10 per share, and pays dividends at the rate of 4.00% per annum of the $10 per share liquidation preference for the dividend
period beginning with the date of original issuance and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;ending
on June 26, 2022 and the three dividend periods thereafter, and 4.25% per annum of the $10 per share liquidation preference for
all subsequent dividend periods. The Series E Preferred Shares are callable at the Fund&#x2019;s option on March 26, 2024, are
puttable in each 60-day period ending March 26, 2023 and March 26, 2024, and have a mandatory redemption date of March, 26, 2025.
At December 31, 2022, there were 3,500,000 Series E Preferred outstanding and distributions amounted to $19,444.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Series C Preferred paid distributions at an annualized rate of 4.000% on the $50 per share liquidation preference for the
quarterly dividend periods ended on or prior to March 26, 2019 (Year 1). On February 22, 2019, the Fund&#x2019;s Board
announced a reset fixed dividend rate of 4.000% that will apply for the next eight quarterly dividend periods (Year 2 and
Year 3). On March 1, 2021, the Board continued the 4.000% dividend rate for Series C Preferred through the mandatory
redemption date of March 26, 2025. On March 26, 2020, 1,935,093 Series C Preferred were put back to the Fund at the
liquidation value of $96,754,650, plus accumulated and unpaid dividends. At December 31, 2022, there were 688,932 Series C
Preferred outstanding and distributions amounted to $19,137.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Dividends
on the Preferred Shares are cumulative. 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 Preferred Shares at the respective redemption
prices 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;

</cef:PreferredStockRestrictionsOtherTextBlock>
    <cef:SecurityVotingRightsTextBlock contextRef="From2023-03-092023-03-09_custom_CumulativePreferredStockMember">&lt;p id="xdx_84E_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxrnjB2QcjM5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders
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 shares, 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_zMDfFxLn4Sxc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
following tables are intended to assist you in understanding the various costs and expenses directly or indirectly associated
with investing in our common shares as a percentage of net assets attributable to common shares. The table is based on the capital
structure of the Fund as of December 31, 2022.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; color: #1D1D1B"/&gt;

</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:ShareholderTransactionExpensesTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_803_ecef--ShareholderTransactionExpensesTableTextBlock_dU_zEUjWNBZK176" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.125in; text-indent: -0.125in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;Shareholder Transaction Expenses&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.125in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Sales Load (as a percentage of
    offering price)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;span id="xdx_909_ecef--SalesLoadPercent_d0_c20230309__20230309_ztNOWukBtk4"&gt;-&lt;/span&gt;%
    (a)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 70%; padding-left: 0.125in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Offering Expenses
    Borne by the Fund&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.25in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(as
    a percentage of offering price) &lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;span id="xdx_90B_ecef--OtherTransactionExpensesPercent_d0_c20230309__20230309_zLv7QscjNnG"&gt;-&lt;/span&gt;%
    (a)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&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; color: #1D1D1B"&gt;Dividend
    Reinvestment and Voluntary Cash Purchase Plan Fees &lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$&lt;span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_d0_c20230309__20230309_zY57kLaWR4Xa"&gt;1.00&lt;/span&gt;
    (b)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.375in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Purchase
    Transactions &lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;span id="xdx_901_ecef--DividendReinvestmentAndCashPurchaseFees_pdp0_c20230309__20230309__cef--SecurityAxis__custom--PurchaseTransactionMember_zgfPRFQzKXVc"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0090"&gt;-&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.375in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;One-time
    Fee for Deposit of Share Certificates&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_pdp0_c20230309__20230309__cef--SecurityAxis__custom--SaleTransactionMember_zkurrTL39dD2"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0091"&gt;-&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&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="From2023-03-09to2023-03-09"
      decimals="0"
      unitRef="USD">1.00</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_808_ecef--AnnualExpensesTableTextBlock_dU_zdvpLCai9Ztk" style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Annual
    Expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Percentages
    of Net Assets Attributable to Common Shares&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 64%; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Management
    Fees&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; color: #1D1D1B; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_90A_ecef--ManagementFeesPercent_dp_c20230309__20230309_zfkeleIxlJbg"&gt;0.77&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 7%; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%(c)(d)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Base
    Fee&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_908_ecef--OtherAnnualExpense1Percent_dp_c20230309__20230309_z71eA6JOOb66"&gt;0.77&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Performance
    Fee&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_908_ecef--OtherAnnualExpense2Percent_dp_c20230309__20230309_zqHKRua09xPh"&gt;0.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Interest
    Expense&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_909_ecef--InterestExpensesOnBorrowingsPercent_dp_c20230309__20230309_zkxt7ghJSMzk"&gt;2.48&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%(e)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Other
    Expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_90B_ecef--OtherAnnualExpense3Percent_dp_c20230309__20230309_zqfljQCfMWf2"&gt;0.65&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                                                                                                                                                                           &lt;td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%(f)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Total
    Annual Expenses&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_904_ecef--TotalAnnualExpensesPercent_dp_c20230309__20230309_zda0VLCU9Ae4"&gt;3.90&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Dividends
    on Preferred Shares&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_90E_ecef--WaiversAndReimbursementsOfFeesPercent_dp_c20230309__20230309_zCWt0LjEpQj"&gt;0.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="color: #1D1D1B; text-align: left; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Total
    Annual Expenses and Dividends on Preferred&lt;/span&gt;&lt;/td&gt;&lt;td style="color: #1D1D1B; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; color: #1D1D1B; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&lt;span id="xdx_906_ecef--NetExpenseOverAssetsPercent_dp_c20230309__20230309_zasAt1ybobcg"&gt;3.90&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; color: #1D1D1B; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;%(b)(c)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0077</cef:ManagementFeesPercent>
    <cef:OtherAnnualExpense1Percent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0077</cef:OtherAnnualExpense1Percent>
    <cef:OtherAnnualExpense2Percent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0000</cef:OtherAnnualExpense2Percent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0248</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpense3Percent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0065</cef:OtherAnnualExpense3Percent>
    <cef:TotalAnnualExpensesPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0390</cef:TotalAnnualExpensesPercent>
    <cef:WaiversAndReimbursementsOfFeesPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0000</cef:WaiversAndReimbursementsOfFeesPercent>
    <cef:NetExpenseOverAssetsPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0390</cef:NetExpenseOverAssetsPercent>
    <cef:OtherExpensesNoteTextBlock contextRef="From2023-03-09to2023-03-09">"Other
Expenses" are based on the Fund'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_zAU7vmvGr7mc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 38%; text-align: center; padding-bottom: 1pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;1
    Year&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 2%; text-align: center; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;3
    Year&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 2%; text-align: center; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;5
    Year&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 2%; text-align: center; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 9%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;10
    Year&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Total Expenses Incurred&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--ExpenseExampleYear01_pp2p0_c20230309__20230309_zeaznTbBorlk" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$3.90&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecef--ExpenseExampleYears1to3_c20230309__20230309_zPTfkZc0c2T8" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$119&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ExpenseExampleYears1to5_c20230309__20230309_zUjdm0Qk88E5" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$200&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--ExpenseExampleYears1to10_c20230309__20230309_zim8EGMpjaje" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$412&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/&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;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;*&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&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: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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_zuuw1vT8S10f"&gt;14&lt;/span&gt;, $&lt;span id="xdx_904_ecef--ExpenseExampleYears1to3_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zTIUPK1FMMMh"&gt;45&lt;/span&gt;, $&lt;span id="xdx_90C_ecef--ExpenseExampleYears1to5_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zUPimzCayrBd"&gt;78&lt;/span&gt;, and $&lt;span id="xdx_903_ecef--ExpenseExampleYears1to10_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zpp7BwJfPL48"&gt;170&lt;/span&gt;.&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="From2023-03-09to2023-03-09"
      decimals="2"
      unitRef="USD">3.90</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="From2023-03-09to2023-03-09"
      decimals="0"
      unitRef="USD">119</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="From2023-03-09to2023-03-09"
      decimals="0"
      unitRef="USD">200</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="From2023-03-09to2023-03-09"
      decimals="0"
      unitRef="USD">412</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">45</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      unitRef="USD">78</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      unitRef="USD">170</cef:ExpenseExampleYears1to10>
    <cef:SharePriceTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_80F_ecef--SharePriceTableTextBlock_dU_z4XsLhZjU2F7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_486_ecef--HighestPriceOrBid_zr0lQQEry39k"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_481_ecef--LowestPriceOrBid_zsISuX0Nwnw9"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_48F_ecef--HighestPriceOrBidNav_zXgNztkyd6eh" style="text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_48A_ecef--LowestPriceOrBidNav_zZZPmWIznxS8" style="text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_485_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_z6HhgHuM4Rs1"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_48E_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_zYUxb69ah1Gl"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Corresponding&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Net
    Asset&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Corresponding&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" rowspan="2" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Common
    Share&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Premium
    or&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;(&#x201c;NAV&#x201d;)
    Per&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Discount
    as a %&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Market
    Price&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Share&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: #1D1D1B 1pt solid; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;of
    NAV&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 37%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Quarter
    Ended&lt;/b&gt;&lt;/span&gt;

&lt;div style="text-align: left; margin-right: 5.4pt; margin-top: 0; margin-bottom: 0"&gt;&lt;div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"&gt;&#160;&lt;/div&gt;&lt;/div&gt;

&lt;span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;High&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Low&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;High&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; width: 8%; padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Low&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;High&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; width: 8%; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Low&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41A_20210101__20210331__cef--SecurityAxis__custom--CommonStockMember_zA10xRYjqAR4" style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;March 31, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$9.04&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.70&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.81&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.78&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(16.14)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(19.51)%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_414_20210401__20210630__cef--SecurityAxis__custom--CommonStockMember_z0IuuVWqWeH5" style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;June 30, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$9.09&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.91&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.89&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.84&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(16.52)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(17.80)%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41A_20210701__20210930__cef--SecurityAxis__custom--CommonStockMember_zmQF1FXj7448" style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;September 30, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$9.13&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.93&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.70&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.67&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(14.43)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(16.54)%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_412_20211001__20211231__cef--SecurityAxis__custom--CommonStockMember_z4ET2w18lqob" style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;December 31, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$9.03&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.82&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.64&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.41&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(15.13)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(15.27)%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41C_20220101__20220331__cef--SecurityAxis__custom--CommonStockMember_zBVLj4sRfcab" style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;March 31, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.97&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.39&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.44&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.39&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(14.08)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(19.25)%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41B_20220401__20220630__cef--SecurityAxis__custom--CommonStockMember_zXSM6tYMmDgh" style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;June 30, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.65&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.03&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.39&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$9.98&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(16.75)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(19.54)%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_417_20220701__20220930__cef--SecurityAxis__custom--CommonStockMember_z5Noh1PrmUwh" style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;September 30, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.38&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$7.85&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.27&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$9.88&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(18.40)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(20.55)%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20221001__20221231__cef--SecurityAxis__custom--CommonStockMember_zJe8cBDbIEtk" style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;December 31, 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$8.03&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 7pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$7.75&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 6pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$10.05&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;$9.93&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(20.10)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(21.95)%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:SharePriceTableTextBlock>
    <cef:HighestPriceOrBid
      contextRef="From2021-01-012021-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.04</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2021-01-012021-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.70</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2021-01-012021-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.81</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2021-01-012021-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.78</cef:LowestPriceOrBidNav>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-01-012021-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1951</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.09</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.91</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.89</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.84</cef:LowestPriceOrBidNav>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1780</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.13</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.93</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.70</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.67</cef:LowestPriceOrBidNav>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1654</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.03</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.82</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.64</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.41</cef:LowestPriceOrBidNav>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1527</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.97</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.39</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.44</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.39</cef:LowestPriceOrBidNav>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1925</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.65</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.03</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.39</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.98</cef:LowestPriceOrBidNav>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1954</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2022-07-012022-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.38</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2022-07-012022-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">7.85</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2022-07-012022-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.27</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2022-07-012022-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.88</cef:LowestPriceOrBidNav>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-07-012022-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.2055</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2022-10-012022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">8.03</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2022-10-012022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">7.75</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2022-10-012022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">10.05</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2022-10-012022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.93</cef:LowestPriceOrBidNav>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-10-012022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.2195</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LatestSharePrice
      contextRef="From2022-12-312022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">7.84</cef:LatestSharePrice>
    <cef:LatestNav
      contextRef="From2022-12-312022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">9.98</cef:LatestNav>
    <cef:LatestPremiumDiscountToNavPercent
      contextRef="From2022-12-312022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-21.44</cef:LatestPremiumDiscountToNavPercent>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zwhhFhLuvSqg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Outstanding
Securities&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; width: 35%; padding-right: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Title
    of Class&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; padding-left: 5pt; text-align: center; width: 18%; padding-right: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Amount
    Authorized&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; text-align: center; width: 17%; padding-right: 5pt; padding-left: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Amount
    Held by &lt;br/&gt;
Fund
    for its Account&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: #1D1D1B 1pt solid; padding-right: 5pt; text-align: center; width: 30%; padding-left: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&lt;b&gt;Amount
    Outstanding Exclusive of &lt;br/&gt;
Amount
    Held by Fund&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zCM2gNNyyo58" style="padding-right: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Common Shares&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5pt; text-align: center; padding-right: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Unlimited&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zY9hiEDYw2wk" style="text-align: center; padding-right: 5pt; padding-left: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zISgbBY8R8Xa" style="padding-right: 5pt; text-align: center; padding-left: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;12,929,843&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zrvKU8ZhiwJ9" style="padding-right: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Series C Cumulative Puttable and
    Callable Preferred Shares&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zmhYxDaE9EM4" style="padding-left: 5pt; text-align: center; padding-right: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;2,624,025&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_z38YPJ2qcfE6" style="text-align: center; padding-right: 5pt; padding-left: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesCCumulativePreferredStockMember_zVlytA0Sc9P6" style="padding-right: 5pt; text-align: center; padding-left: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;688,932&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_zmMh6olRdd4c" style="padding-right: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Series E Cumulative Preferred
    Shares&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_z6XiR22pD77a" style="padding-left: 5pt; text-align: center; padding-right: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;3,500,000&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5pt; padding-left: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesECumulativePreferredStockMember_z9MjJS9eRRda" style="padding-right: 5pt; text-align: center; padding-left: 5pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;3,500,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityTitleTextBlock contextRef="From2022-12-312022-12-31_custom_CommonStockMember">&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Common Shares&lt;/span&gt;</cef:OutstandingSecurityTitleTextBlock>
    <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">12929843</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember">&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Series C Cumulative Puttable and
    Callable Preferred Shares&lt;/span&gt;</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">2624025</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">0</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-12-312022-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">688932</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="From2022-12-312022-12-31_custom_SeriesECumulativePreferredStockMember">&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Series E Cumulative Preferred
    Shares&lt;/span&gt;</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2022-12-312022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">3500000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2022-12-312022-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">3500000</cef:OutstandingSecurityAuthorizedShares>
    <cef:SeniorSecuritiesAmount
      contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">131201000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">131201000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">131201000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">136232000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">136232000</cef:SeniorSecuritiesAmount>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">2624000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">2624000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">2624000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">2725000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">2725000</cef:OutstandingSecurityNotHeldShares>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.51</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.51</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.30</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.36</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.41</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2017-01-012017-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">127.78</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2016-01-012016-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">132.61</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2015-01-012015-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">138.78</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2014-01-012014-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">139.88</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2013-01-012013-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">148.64</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_802_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zMub3nfSFang" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;INVESTMENT
OBJECTIVES AND POLICIES&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Investment Objectives and Policies&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 141pt 0pt 0; text-indent: 140.75pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund&#x2019;s investment objective is to achieve absolute returns in various market conditions without excessive risk of capital.
Absolute returns are defined as positive total returns, regardless of the direction of securities markets. To achieve its investment
objective, the Fund, under normal market conditions, will invest primarily in securities of companies (both domestic and foreign)
involved in publicly announced mergers, takeovers, tender offers and leveraged buyouts (i.e., merger arbitrage transitions) and,
to a lesser extent, in corporate reorganizations involving stubs, spin-offs and liquidations. The key determinants of the profitability
of a merger arbitrage transaction are the probability that the deal will close, the length of time to closing, the likelihood
that the deal price will be increased or decreased and the level of short-term interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Merger
arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of proposed
mergers, takeovers, tender offers and leveraged buyouts. Broadly speaking, an investor purchases the stock of a company in the
process of being acquired by another company in anticipation of capturing the spread between the current market price and the
acquisition price. A &#x201c;stub&#x201d; refers to a small stake in a target company division or subsidiary that is not purchased
by an acquirer in a merger, takeover or leveraged buyout. The arbitrageur may buy the stub, and if the acquiring company is successful
in boosting the target company&#x2019;s appeal, the shares will benefit from a boost in price and the arbitrageur will profit.
A spin-off occurs when an independent company is created from an existing part of another company through a distribution of new
shares. An arbitrageur may benefit from the share price differential in the same manner as in traditional merger arbitrage if,
upon completion of the spin-off, the separate securities trade for more in the aggregate than the former single security. Finally,
when a company makes the decision to liquidate, or sell all of its assets, it is often worth more in liquidation than as an ongoing
entity. An arbitrageur benefits when the company is able to distribute more than the price at which the stock is trading at the
time the arbitrageur acquires its position.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
order to minimize market exposure and volatility of such merger arbitrage strategies, the Fund may utilize hedging strategies,
such as short selling and the use of options, futures, swaps, forward foreign exchange contracts and other derivatives. The Fund
expects that it will invest in these types of instruments primarily for hedging and risk management purposes. The Fund may also
invest in derivative 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. There is no specific limit on the
proportion of its assets that the Fund may use to invest in derivatives and conduct short sales in connection with its investments
in corporate transactions and reorganizations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Under
normal market conditions, the Fund will invest at least 80% of its assets in securities or hedging arrangements relating to companies
involved in corporate transactions or reorganizations, giving rise to the possibility of realizing gains upon or within relatively
short periods of time after the completion of such transactions, or reorganizations. This policy is not fundamental and may be
changed by the Fund with notice of not less than 60 days to its shareholders. Securities in which the Fund may invest include
both equity securities (e.g., common stocks and preferred stocks) and fixed-income securities. The Fund may make unlimited&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;investments
in securities 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. However, the Fund does not expect these
investments to exceed 10% of its total assets. These securities, 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. The Fund may also invest up to 15%
of its assets 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
applying the Fund&#x2019;s investment policies, the Investment Adviser considers normal market conditions to exist when there
are a substantial number of corporate transactions or reorganizations that, in the Investment Adviser&#x2019;s judgment, have
an attractive investment profile. Depending upon the level of merger activity and other economic and market conditions, and
the availability of corporate transactions or reorganizations that, in the Investment Adviser&#x2019;s judgment, have an
attractive investment profile, the Fund may invest a substantial portion of its assets in other securities, including money
market instruments such as U.S. Treasury bills and other short-term obligations of the U.S. Government, its agencies or
instrumentalities; shares of one or more money market funds managed by the Investment Adviser or unaffiliated managers;
negotiable bank certificates of deposit; prime commercial paper; and repurchase agreements with respect to the above
securities. During periods in which a substantial portion of the Fund&#x2019;s assets are invested in other securities, it is
less likely that the Fund will achieve its investment objective or an attractive rate of return.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund may invest without limitation in the securities of foreign and domestic issuers. The Fund&#x2019;s investment strategy is
to invest in merger arbitrage transactions and corporate reorganizations throughout the world. To the extent that the majority
of mergers, takeovers, tender offers and leveraged buyouts and corporate reorganizations are concentrated in any given geographic
region, such as Europe, North America or Asia, a relatively high proportion of the Fund&#x2019;s assets may be invested in that
particular region.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;No
assurances can be given that the Fund&#x2019;s objective will be achieved. Neither the Fund&#x2019;s investment objective nor,
except as expressly stated herein, any of its policies are fundamental, and each may be modified by the Board 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&#x2019;s
portfolio investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Gabelli
Funds, LLC, a New York limited liability company, with offices at One Corporate Center, Rye, New York 10580-1422, serves as
the investment adviser to the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Investment
Methodology of the Fund&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
selecting transactions in which the Fund will invest, 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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
probability that the targeted acquisition or other transaction will close;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
length of time to closing;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132pt 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
credibility, strategic motivation and financial resources of the participants;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
liquidity of the securities involved in the transaction;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
issuer's free cash flow and long term earnings trends;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
likelihood of an overbid; and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
presence of a catalyst: something indigenous to the issuer, its industry, or country to surface additional value.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Investment Adviser believes that blending traditional merger arbitrage for announced deals with strategies that focus on stubs,
spin-offs and liquidations will produce absolute returns in excess of short-term interest rates with less volatility than the
returns typically associated with equity investing. A systematic and disciplined arbitrage program may produce attractive rates
of return even in flat or down markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Certain
Investment Practices&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Merger
Arbitrage&lt;/i&gt;&lt;/b&gt;. Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful
completion of proposed mergers, takeovers, tender offers and leveraged buyouts. Although a variety of strategies may be employed
depending upon the nature of the reorganizations selected for investment, the most common merger arbitrage activity involves purchasing
the shares of an announced acquisition target at a discount to their expected value upon completion of the acquisition. Although
investors can utilize merger arbitrage techniques with respect to companies the investor believes may soon become subject to a
merger proposal or negotiated transaction, the Fund intends to invest primarily in publicly announced transactions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 at a discount to what the stated or appraised value of the securities would be if the
contemplated transaction were completed. Investments in these securities may be advantageous when the discount overstates the
risk of the contingencies involved; undervalues the securities, assets or cash to be received by shareholders of the prospective
portfolio company 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 of the offering party 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 portfolio
turnover ratio of the Fund (which may exceed 300%), thereby increasing its brokerage and other transaction expenses. The Investment
Adviser intends to select investments of this type which, in its view, have reasonable prospects of capital appreciation which
are significant in relation to both the risk involved and the potential of available alternative investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities&lt;/i&gt;&lt;/b&gt;. The Fund may invest, without limit, in the equity securities of companies located outside the United States,
which are generally denominated in foreign currencies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
following considerations comprise both risks and opportunities not typically associated with investing in U.S. securities:
fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulations or currency
restrictions that would prevent cash from being brought back to the United States; less public information with respect to
issuers of securities; less government supervision of stock exchanges, securities brokers and issuers of securities; lack of
uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices;
less liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of
foreign taxes; the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits
or other assets; the adoption of foreign government restrictions and other adverse political, social or diplomatic
developments that could affect investment; 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund may 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 held on deposit for use in the U.S. securities markets.
See &#x201c;Risk Factors and Special Considerations&#x2014;General Risks&#x2014;Foreign Securities.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Emerging
Market Countries&lt;/i&gt;&lt;/b&gt;. The risks described above for foreign securities, including the risks of nationalization and expropriation
of assets, are typically increased to the extent that the Fund invests in companies headquartered in developing, or emerging market,
countries. Investments in securities of companies headquartered in such countries may be considered speculative and subject to
certain special risks. The political and economic structures in many of these countries may be in their infancy and developing
rapidly, and such countries may lack the social, political and economic characteristics of more developed countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Certain
of these countries have in the past failed to recognize private property rights and have at times nationalized and expropriated
the assets of private companies. Some countries have inhibited the conversion of their currency to another. The currencies of
certain emerging market countries have experienced devaluation relative to the U.S. dollar, and future devaluations may adversely
affect the value of the Fund&#x2019;s assets denominated in such currencies. Some emerging market countries have experienced substantial
rates of inflation for many years. Continued inflation may adversely affect the economies and securities markets of such countries.
In addition, unanticipated political or social developments may affect the value of the Fund&#x2019;s investments in these countries
and the availability of the Fund of additional investments in these countries. The small size, limited&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;trading
volume and relative inexperience of the securities markets in these countries may make the Fund&#x2019;s investments in such countries
illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial
or other arrangements before making investments in these countries. There may be little financial or accounting information available
with respect to companies located in these countries, and it may be difficult as a result to assess the value or prospects of
an investment in such companies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Equity
Securities&lt;/i&gt;&lt;/b&gt;. The Fund invests in equity securities (such as common stock and preferred stock).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Equity
securities also include preferred stock (whether or not convertible into common stock) and debt securities convertible into or
exchangeable for common or preferred stock. Preferred stock has a preference over common stock in liquidation (and generally dividends
as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule the market value of preferred
stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while
the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock
is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause
greater changes in the value of a preferred stock than in a more senior debt security with similarly stated yield characteristics.
The market value of preferred stock will also generally reflect whether (and if so when) the issuer may force holders to sell
their preferred stock back to the issuer and whether (and if so when) the holders may force the issuer to buy back their preferred
stock. Generally speaking, the right of the issuer to repurchase the preferred stock tends to reduce any premium at which the
preferred stock might otherwise trade due to interest rate or credit factors, while the right of the holders to require the issuer
to repurchase the preferred stock tends to reduce any discount at which the preferred stock might otherwise trade due to interest
rate or credit factors. In addition, some preferred stocks are non-cumulative, meaning that the dividends do not accumulate and
need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred stocks, whereby the issuer
does not have an obligation to make up any arrearages to its shareholders. There is no assurance that dividends or distributions
on non-cumulative preferred stocks in which the Fund invests will be declared or otherwise made payable.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Securities
that are convertible into or exchangeable for preferred or common stock are liabilities of the issuer but are generally subordinated
to more senior elements of the issuer&#x2019;s balance sheet. Although such securities also generally reflect an element of conversion
value, their market value also varies with interest rates and perceived credit risk. Many convertible securities are not investment
grade, that is, not rated &#x201c;BBB&#x201d; or better by S&amp;amp;P or &#x201c;Baa&#x201d; or better by Moody&#x2019;s or considered
by the Investment Adviser to be of similar quality. Preferred stocks and convertible securities may have many of the same characteristics
and risks as nonconvertible debt securities. See &#x201c;Risk Factors and Special Considerations&#x2014;General Risks&#x2014;Non-Investment
Grade Securities.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Fixed
Income Securities&lt;/i&gt;&lt;/b&gt;. Fixed income securities include securities such as bonds, debentures, notes, preferred stock, short-term
discounted U.S. Treasury Bills or certain securities of the U.S. government sponsored instrumentalities, as well as money market
open-end 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. 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 shareholders. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 nonconvertible fixed income securities
do not participate in any capital appreciation of the issuer.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities&lt;/i&gt;&lt;/b&gt;. The Fund may make unlimited investments in securities 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. However, the Fund does not expect these investments to exceed 10% of its total assets.
These securities, 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 in the financial press as &#x201c;junk bonds&#x201d; or &#x201c;high yield&#x201d; securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Generally,
such non-investment grade securities and unrated securities of comparable quality offer a higher current yield than is offered
by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of
the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly
speculative with respect to the issuer&#x2019;s capacity to pay interest and repay principal in accordance with the terms of the
obligation. The market values of certain of these securities also tend to be more sensitive to individual corporate developments
and changes in economic conditions than higher quality securities. In addition, such non-investment grade securities generally
present a&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;higher
degree of credit risk. The risk of loss due to default by these issuers is significantly greater because such non-investment grade
securities and unrated securities of comparable quality generally are unsecured and frequently are subordinated to the prior payment
of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether
rated or unrated, will take various factors into consideration, which may include, as applicable, the issuer&#x2019;s operating
history, financial resources and its sensitivity to economic conditions and trends, the market support for the facility financed
by the issue, the perceived ability and integrity of the issuer&#x2019;s management and regulatory matters.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition, the market value of non-investment grade securities is more volatile than that of higher quality securities, and the
markets in which such non-investment grade 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 in order to respond to changes in the economy or the financial markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Non-investment
grade securities 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 nonconvertible
bonds and preferred stocks moves inversely with movements in interest rates, in the event of rising interest rates the value
of the securities held by the Fund may decline proportionately more than a portfolio consisting of higher rated securities.
Investments in zero coupon bonds may be more speculative and subject to greater fluctuations in value due to changes in
interest rates than bonds that pay interest currently. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;As
part of its investments in non-investment grade securities, the Fund may invest in securities of issuers in default. The Fund
will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers will honor
their obligations or emerge from bankruptcy protection and the value of these securities will appreciate. By investing in securities
of issuers in default, the Fund bears the risk that these&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;issuers
will not continue to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not
otherwise appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition to using recognized rating agencies and other sources, the Investment Adviser also performs its own analysis of issues
in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition of the
issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of operations. In selecting investments for the Fund, the Investment Adviser may also consider
general business conditions, anticipated changes in interest rates and the outlook for specific industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 may change their ratings of a particular issue to reflect subsequent events. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Fixed
income securities, including non-investment grade securities, frequently have call or buy-back features that permit their issuers
to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises these rights during periods
of declining interest rates, the Fund may have to replace the security with a lower yielding security, thus resulting in a decreased
return for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
market for non-investment grade and comparable unrated securities has experienced periods of significantly adverse price and liquidity
several times, particularly at or around times of economic recessions. Past market recessions have adversely affected the value
of such securities and the ability of certain issuers of such securities to repay principal and pay interest thereon or to refinance
such securities. The market for those securities may react in a similar fashion in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 25% 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 50% of the value of its total assets. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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). 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Derivatives&lt;/i&gt;&lt;/b&gt;.
Investments in options, futures and swaps are often referred to as derivatives transactions. The Fund expects that it will invest
in these types of instruments primarily for hedging and risk management purposes. The Fund may also invest in derivative 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;There
is no specific limit on the proportion of its assets that the Fund may use to invest in derivatives and conduct short sales in
connection with its investments in corporate transactions and reorganizations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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) "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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 over-the-counter (&#x201c;OTC&#x201d;) 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing
the option or is more than the premium paid to purchase the option; the Fund will realize a loss from a closing transaction if
the price of the transaction is more than the premium received from writing the option or is less than the premium paid to purchase
the option. Since call option prices generally reflect increases in the price of the underlying security, any loss resulting from
the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying security.
Other principal factors affecting the market value of a put or a call option include supply and demand, prevailing interest rates,
the current market price and price volatility of the underlying security, and the time remaining until the expiration date of
the option. Gains and losses on investments in options depend, in part, on the ability of the Investment Adviser to predict correctly
the effect of these factors. The use of options cannot serve as a complete hedge since the price movement of securities underlying
the options will not necessarily follow the price movements of the portfolio securities subject to the hedge.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 the purpose of
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund may also enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund.
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Total
rate of return swaps and related derivatives present certain legal, tax, and market uncertainties. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 if it 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;invest
in these types of instruments if the Reference Assets are commodities except for bona fide hedging or risk management purposes.
The Fund only will enter into swaps that are regulated by the CFTC if in doing so the Fund will continue to satisfy the restrictions
imposed by the CFTC under Rule 4.5.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Forward
Foreign Currency Exchange Contracts&lt;/i&gt;&lt;/b&gt;. There iis no limit on the Fund&#x2019;s ability to invest in foreign currency exchange
contracts, as the Fund may invest up to 100% of its assets in transactions involving securities denominated in foreign currencies.
The Fund may hedge up to 100% of its currency exposure.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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. 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 the Investment Adviser believes to be creditworthy.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Repurchase
Agreement Transactions&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 security 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 security at
an agreed price and time. This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations
during the holding period. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults
on its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities during the period in which it seeks to assert
these rights. The Investment Adviser, acting under the supervision of the Board, reviews the creditworthiness of those banks and
dealers with which the Fund enters into repurchase agreements to evaluate these risks and monitors on an ongoing basis the value
of the securities subject to repurchase agreements to ensure that the value is maintained at the required level. The Fund will
not enter into repurchase agreements with the Investment Adviser or any of its affiliates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Restricted
and Illiquid Securities&lt;/i&gt;&lt;/b&gt;. The Fund may invest up to 15% of its assets 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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Leverage&lt;/i&gt;&lt;/b&gt;.
The 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. Any such preferred shares may be convertible in accordance with the SEC staff guidelines, which may permit the Fund
to obtain leverage at attractive rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;Special Risks to Holders of
Common Shares&#x2014;Leverage Risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 Statement of
Preferences of the Series C Preferred Shares, a majority, as defined in the 1940 Act, of the outstanding preferred shares of
the Fund (voting separately as a single class) is also required to change a fundamental policy. See below.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover&lt;/i&gt;&lt;/b&gt;. The Fund will buy and sell securities to accomplish its investment objective. The investment policies of the
Fund may lead to frequent changes in investments, particularly in periods of rapidly fluctuating interest or currency exchange
rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Portfolio
turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction
costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed by dividing the
lesser of the amount of the securities purchased or securities sold by the average monthly value of securities owned during the
year (excluding securities whose maturities at acquisition were one year or less). Higher portfolio turnover may decrease the
after-tax return to individual investors in the Fund to the extent it results in a decrease of the long-term capital gains portion
of distributions to shareholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;For
the fiscal years ended December 31, 2021 and 2022, the portfolio turnover rate of the Fund was 329% and 263%, respectively. The
Fund anticipates that its portfolio turnover rate will be substantial and may exceed 300%.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Further
information on the investment objective and policies of the Fund is set forth below.&lt;/span&gt;&lt;/p&gt;

</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskFactorsTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_802_ecef--RiskFactorsTableTextBlock_dU_zHHpMEgnEX57" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;RISK
FACTORS AND SPECIAL CONSIDERATIONS&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 125pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;General
Risks&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zZYMTl6bao4c" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Market
Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce
consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely
impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within
the United States and abroad, such as the U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit
reduction plan, has in the past resulted, and may in the future result, in a government shutdown, which could have an adverse
impact on the Fund&#x2019;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect
investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a
significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded
to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including, but not limited to,
direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden
reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could
adversely affect the Fund&#x2019;s investments. Any market disruptions could also prevent the Fund from executing advantageous
investment decisions in a timely manner. To the extent that the Fund focuses its investments in a region enduring geopolitical
market disruption, it will face higher risks of loss, although the increasing interconnectivity between global economies and financial
markets can lead to events or conditions in one country, region or financial market adversely impacting a different country, region
or financial 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.
Additional interest rate increases in the future could cause the value of the Fund&#x2019;s assets to decrease. Inflation has also
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zNaXPkE3mI3l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater
for those securities with longer maturities. Fluctuations in the market price of the Fund&#x2019;s investments will not affect
interest income derived from instruments already owned by the Fund, but will be reflected in the Fund&#x2019;s net asset value.
The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.
To the extent the Fund invests in securities that may be prepaid at the option of the obligor, the sensitivity of such securities
to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on
certain floating rate securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden
and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests
in floating rate securities. These basic principles of bond prices also apply to U.S. government securities. A security backed
by the &#x201c;full faith and credit&#x201d; of the U.S. government is guaranteed only as to its stated interest rate and face value
at maturity, not its current market price. Just like other income- or dividend-paying securities, government-guaranteed securities
will fluctuate in value when interest rates change.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;limited
availability of new investment opportunities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zbBTo8zyKat9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Inflation
Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_z4qNO67ulmRk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Merger
Arbitrage Risk. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s investment strategy involves investment techniques and securities holdings that entail
risks, in some cases different from the risks ordinarily associated with investments in equity securities. The principal risk
associated with the Fund&#x2019;s arbitrage investments is that certain of the proposed reorganizations in which the Fund invests
may be renegotiated, terminated or involve a longer time frame than originally contemplated, in which case the Fund may realize
losses. 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_znsmr36O9DNh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Equity
Risk. &lt;/i&gt;&lt;/b&gt;Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in
market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities
held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund
holds. An investment in the Fund represents an indirect economic stake in the securities owned by the Fund, which are for the
most part traded on securities exchanges or in the OTC markets. The market value of these securities, like other market investments,
may move up or down, sometimes rapidly and unpredictably. The net asset value of the Fund may at any point in time be worth less
than the amount at the time the shareholder invested in the Fund, even after taking into account any reinvestment of distributions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zfiYoB9o8Ujg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;structurally
subordinated as to income and residual value to preferred stock, bonds and other debt instruments in a company&#x2019;s capital
structure, in terms of priority to corporate income, and therefore will be subject to greater dividend risk than preferred stock
or debt instruments of such issuers. In addition, while common stock has historically generated higher average returns than fixed
income securities, common stock has also experienced significantly more volatility in those returns.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zByEo1H8Iir" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;There are special risks associated with the Fund's investing in preferred securities, including:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Deferral.
&lt;/i&gt;Preferred securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions
for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its
dividends or distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Subordination.
&lt;/i&gt;Preferred securities are subordinated to bonds and other debt instruments in an issuer&#x2019;s capital structure in terms
of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior
debt security instruments.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Liquidity.
&lt;/i&gt;Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government
securities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Limited
Voting Rights.&lt;/i&gt; Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing
company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security
holders may be entitled to elect a number of directors to the issuer&#x2019;s board. Generally, once all the arrearages have been
paid, the preferred security holders no longer have voting rights.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Special
Redemption Rights.&lt;/i&gt; In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to
a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal
income tax or securities laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zyOzA8jiiKH8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
value of a convertible security is influenced by the value of the underlying equity security. Convertible debt securities and
preferred stocks may depreciate in value if the market value of the underlying equity security declines or if rates of interest
increase. In addition, although debt securities are liabilities of a corporation which the corporation is generally obligated
to repay at a specified time, debt securities, particularly convertible debt securities, are often subordinated to the claims
of some or all of the other creditors of the corporation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Mandatory
conversion securities (securities that automatically convert into equity securities at a future date) may limit the potential
for capital appreciation and, in some instances, are subject to complete loss of invested capital. Other innovative convertibles
include &#x201c;equity-linked&#x201d; securities, which are securities or derivatives that may have fixed, variable, or no interest
payments prior to maturity, may convert (at the option of the holder or on a mandatory basis) into cash or a combination of cash
and equity securities, and may be structured to limit the potential for capital appreciation. Equity-linked securities may be
illiquid and difficult to value and may be subject to greater credit risk than that of other convertibles. Moreover, mandatory
conversion securities and equity-linked securities have increased the sensitivity of the convertible securities market to the
volatility of the equity markets and to the special risks of those innovations, which may include risks different from, and possibly
greater than, those associated with traditional convertible securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Preferred
stocks are equity securities in the sense that they do not represent a liability of the corporation. In the event of liquidation
of the corporation, and after its creditors have been paid or provided for, holders of preferred stock are generally entitled
to a preference as to the assets of the corporation before any distribution may be made to the holders of common stock. Debt securities
normally do not have voting rights. Preferred stocks may have no voting rights or may have voting rights only under certain circumstances.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Credit
Risk&lt;/i&gt;. Credit risk is the risk that an issuer will fail to pay interest or dividends and principal in a timely manner. Companies
that issue convertible securities may be small to medium-size, and they often have low credit ratings. In addition, the credit
rating of a company&#x2019;s convertible securities is generally lower than that of its conventional debt securities. Convertible
securities are normally considered &#x201c;junior&#x201d; securities&#x2014;that is, the company usually must pay interest on its
conventional debt before it can make payments on its convertible securities. Credit risk could be high for the Fund, because it
could invest in securities with low credit quality. The lower a debt security is rated, the greater its default risk. As a result,
the Fund may incur cost and delays in enforcing its rights against the issuer.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Market
Risk.&lt;/i&gt; Although convertible securities do derive part of their value from that of the securities into which they are convertible,
they are not considered derivative financial instruments. However, manda-tory convertible securities include features which render
them more sensitive to price changes of their underlying securities. Thus they expose the Fund to greater downside risk than traditional
convertible securities, but generally less than that of the underlying common stock.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Interest
Rate Risk for Convertible Securities&lt;/i&gt;. The Fund may be subject to a greater risk of rising interest rates due to the current
period of rising interest rates and high inflation. The Federal Reserve has aggressively begun to raise interest rates which
is likely to drive down the prices of convertible securities held by the Fund. Convertible securities are particularly sensitive
to interest rate changes when their predetermined conversion price is much higher than the issuing company&#x2019;s common stock.
See &#x201c;&#x2014;Fixed&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Income
Securities Risks&#x2014;Duration and Maturity Risk&#x201d; and &#x201c;&#x2014; General Risks&#x2014;Interest Rate Risks Generally.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Sector
Risk&lt;/i&gt;. Sector risk is the risk that returns from the economic sectors in which convertible securities are concentrated will
trail returns from other economic sectors. As a group, sectors tend to go through cycles of doing better-or-worse-than the convertible
securities market in general. These periods have, in the past, lasted for as long as several years. Moreover, the sectors that
dominate this market change over time.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Dilution
Risk&lt;/i&gt;. 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;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_dU_zkrFUp1ZZkfh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Fixed
Income Securities Risks (Principal). &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;Risk Factors and Special Considerations
&#x2014; General Risks &#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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;).&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;For
premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be
enhanced.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.22in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.22in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 NAV that is expected for every percentage point change in interest rates. The two have an inverse relationship.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 NAV of the portfolio
by approximately 5%; if interest rates increase by 1%, the NAV 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 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. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LiborRiskMember_dU_znTsCSFz6Py5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;LIBOR
Risk. &lt;/i&gt;&lt;/b&gt;The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#x201c;LIBOR&#x201d;)
to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#x2019;s investments may pay
interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain
financing at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_z4CD3183OEy3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Corporate
Bonds Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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;&#x2014;General Risk&#x2014;Fixed Income Securities
Risks&#x2014;Credit Risk,&#x201d; &#x201c;&#x2014;General Risks&#x2014;Fixed Income Securities Risks&#x2014; Interest Rate Risk,&#x201d;
&#x201c;&#x2014; General Risks&#x2014;Fixed Income Securities Risks&#x2014;Prepayment Risk&#x201d; and &#x201c;&#x2014; General Risks&#x2014;Interest
Rate Risk Generally.&#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."&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_ztjhT1oy6vC9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&gt;The
Fund may invest in below investment-grade securities, also known as &#x201c;high-yield&#x201d; securities or &#x201c;junk&#x201d;
bonds. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to
adverse conditions. Securities that are rated lower than &#x201c;BBB&#x201d; by S&amp;amp;P or lower than &#x201c;Baa&#x201d; by Moody&#x2019;s
(or unrated 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;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;greater
volatility;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition, the market value of securities in non-investment 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;As
part of its investments in non-investment grade securities, the Fund may invest without limit in securities of issuers in default.
The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers
will honor their obligations or emerge from bankruptcy protection and the value of these securities will appreciate. By investing
in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or
emerge from bankruptcy protection or that the value of the securities will not appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
market for non-investment grade and comparable unrated securities has experienced period of significantly adverse price and liquidity
several times, particularly at or around times of economic recession. Past market&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;recessions
have adversely affected the value of such securities and the ability of certain issuers of such securities to repay principal
and pay interest thereon or to refinance such securities. The market for those securities may react in a similar fashion in the
future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zM1BgAhkxU1h" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;U.S.
Government Securities and Credit Rating Downgrade Risk (Non-Principal). &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SignificantHoldingsRiskMember_dU_z7Jzb5LzmiS1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Significant
Holdings Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest up to 25% of its total assets in securities of a single industry. Should the Fund choose
to do so, the net asset value of the Fund will be more susceptible to factors affecting those particular types of companies, which,
depending on the particular industry, may include, among others: governmental regulation; inflation; cost increases in raw materials,
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 capital investment, including costs associated with compliance
with environmental and other regulations. In such circumstances 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 industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zRdmF7RqWlab" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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. Foreign markets also have different clearance and settlement
procedures that could cause the Fund to encounter difficulties in purchasing and selling securities on such markets and may result
in the Fund missing attractive investment opportunities or experiencing loss. In addition, a portfolio that includes foreign securities
can expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
following provides more detail on certain pronounced risks with foreign investing:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;EMU
and Redenomination Risk. &lt;/i&gt;As EMU and Redenomination Risk. 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 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;to value or dispose of. The Fund may incur additional expenses to the
extent it is required to seek judicial or other clarification of the denomination or value of such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Emerging
Markets Risk. &lt;/i&gt;The considerations noted above in &#x201c;Foreign Securities Risk&#x201d; are generally intensified for investments
in emerging market countries. Emerging market countries typically have economic and political systems that are less fully developed,
and can be expected to be less stable than those of more developed countries. Investing in securities of companies in emerging
markets may entail special risks relating to potential political and economic instability and the risks of expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation
of capital invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Emerging
securities markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets.
The limited size of emerging securities markets and limited trading volume compared to the volume of trading in U.S. securities
could cause prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited
market size may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors&#x2019;
perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially
in these markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest
rates may result in heightened market volatility and may detract from the Fund&#x2019;s performance to the extent the Fund is exposed
to such interest rates. Among other things, these developments 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zEK36sWvAC41" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Restricted
and Illiquid Securities Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zNsFWfs384pa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Short
Sales Risk&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&gt;.&lt;/span&gt;&lt;/b&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zyTHsDYF4fTk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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
35% of the Fund&#x2019;s assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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 the 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font: 12pt Arial, Helvetica, Sans-Serif"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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, 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. For more information regarding the risks of a leverage capital structure to holders of the Fund&#x2019;s common
shares, see &#x201c;&#x2014; Special Risks to Holder of Common Shares&#x2014;Leverage Risk."&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zHlVZrIKKjR3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Special
Risks Related to Investment in Derivatives. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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:&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
possible need to defer closing out certain 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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 comply with Rule 18f-4; and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
creditworthiness of counterparties.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve
a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the
prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political,
legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii)
delays in the ability of the Fund to act upon economic events occurring in the foreign markets during non-business hours in the
United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the
United States and (v) less trading volume. Exchanges on which options, futures, swaps and options on futures or swaps are traded
may impose limits on the positions that the Fund may take in certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no assurance that the Fund&#x2019;s hedging transactions will
be effective.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Derivatives
may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for
new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some
time. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zbA1WcwDIQ07" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Counterparty
Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally
a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees
the parties&#x2019; performance under the contract as each party to a trade looks only to the clearing organization for
performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing
organization, or its members, will satisfy its obligations to the Fund, or that the Fund would be able to recover the full
amount of assets deposited on its behalf with the clearing organization in the event of the default by the clearing
organization or the Fund&#x2019;s clearing broker. In addition, cleared derivative transactions benefit from daily
marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Uncleared
OTC derivative transactions generally do not benefit from such protections. This exposes the Fund to the risk that a
counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of
the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss.
Such &#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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zW4V491nGUv9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SwapsRiskMember_dU_zMbT0amOwxtk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 a Fund has entered into the swap will default on its obligation to pay
a Fund and the risk that a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_zSVFUrAxCmyl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 when 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 that the Investment Adviser believes to be creditworthy institutions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_zz12pRBhizGi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_z4SXiXBSSGpc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_zhET5ihfwLY5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_zOGeyJJDWGs4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zsDOlUGOB244" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 long-term growth of capital.
The Fund is not meant to provide a vehicle for those who wish to exploit short-&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_za21jVujRWck" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Management
Risk. &lt;/i&gt;&lt;/b&gt;The Fund is subject to management risk because it is an actively managed portfolio. The 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DecisionMakingAuthorityRiskMember_dU_zvMiqpFU9eLk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceOnKeyPersonnelMember_dU_zKe043Tj4Do8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zim2VAeRhymb" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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's inability at times to agree on a long-term budget and deficit reduction plan, may in
the future result in additional government shutdowns, which could have a material adverse effect on the Fund's investments
and operations. In addition, the Fund's ability to raise additional capital in the future through the sale of securities
could be materially affected by a government shutdown. Additional and/or prolonged U.S. government shutdowns may affect
investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to
a significant degree.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 on the Fund&#x2019;s performance. U.S.
companies that source material and goods from China and those that make large amounts of sales in China would be particularly
vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a
trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events
such as these and their consequences are difficult to predict and it is unclear whether further tariffs may 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zArevO8UE3Wa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;debt
and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer
confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and
adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and
negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may
also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising
interest rates and/or a return to unfavorable economic conditions could impair the Fund&#x2019;s ability to achieve its investment
objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_z5h1mNVfy23" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Regulation
and Government Intervention Risk. &lt;/i&gt;&lt;/b&gt;Changes enacted by the current presidential administration could significantly
impact the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade
and foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and
social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and
the Federal Reserve. Certain of these changes can, and have, been effectuated through executive order. For example, the
current administration has taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy
technologies, cancel the Keystone XL pipeline, provide military support to Ukraine and change immigration enforcement
priorities. Other potential changes that could be pursued by the current presidential administration could include an
increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy and
infrastructure. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the
economy, securities markets or the financial stability of the U.S. The Fund may be affected by governmental 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has,
resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could
have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities
markets. Any of these effects could have a material adverse effect on the Fund&#x2019;s net asset value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zp2aKFr6oTDj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zBHG4yst5juk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceOnServiceProvidersRiskMember_dU_zSzlJ2THLGx7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zql1YAikzS5l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;impact
issuers of securities in which the Fund invests, which may cause the Fund&#x2019;s investment in such issuers to lose value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_zfv7A6S48KMh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Misconduct
of Employees and of Service Providers Risk. &lt;/i&gt;&lt;/b&gt;Misconduct or misrepresentations by employees of the Investment Adviser or
the Fund&#x2019;s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund
to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful
trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding
any of the foregoing. Losses could also result from actions by the Fund&#x2019;s service providers, including, without limitation,
failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose
confidential information, which could result in litigation or serious financial harm, including limiting 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z6jBg7VvAtsk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover Risk. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s annual portfolio turnover rate may vary greatly from year to year, as well as within a
given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund.
A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that
are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund
which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio
turnover may create realized capital losses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zBxarTKi05b9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain amendments
to the 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zgQz4Qflmky4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Legal,
Tax and Regulatory Risks. &lt;/i&gt;&lt;/b&gt;Legal, tax and regulatory changes could occur that may have material adverse effects on the
Fund. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund has elected to qualify as a RIC under Subchapter M of the Code. Qualification requires, among other things, compliance by
the Fund with certain distribution requirements. 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. To qualify and maintain its status as a RIC, the Fund must, among other things, 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; (generally, ordinary income plus excess, if any, of net short-term capital gain over net long-term
capital loss). 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 the Fund fails to qualify as a RIC for any reason, it will be subject to U.S. federal
income tax at regular corporate rates on all of its taxable income and gains. The resulting corporate taxes would materially reduce
the Fund&#x2019;s net assets and the amount of cash available for distribution to holders of the Units.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zjAeJsucIVeh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_zIxgp3wDsHzl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Special
Risks to Holders of Notes&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_z3vSWxuR4F5b" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zr3mOT1TkhY9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 may return capital
as part of its distribution. This would decrease the asset coverage 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;For
the fiscal year ended December 31, 2022, the Fund made distributions of $0.48 per common share, approximately $0.48 of which constituted
a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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. In order to obtain and maintain attractive credit quality ratings for
preferred shares or borrowings, if desired, the Fund&#x2019;s portfolio must satisfy over-collateralization tests established by
the relevant rating agencies. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. A rating (if any) by
a rating 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 (if any) does not address 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 notes
or preferred shares, we may alter our portfolio or redeem the preferred securities or notes under certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zzuVn2PhSfza" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonSharesMember_dU_zXc2McPZDQP7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Special
Risks to Holders of Common Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 35% of the Fund&#x2019;s assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 and do not reduce
the principal due to noteholders on maturity or the liquidation preference to which preferred shareholders are entitled. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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. See &#x201c;Description of the
Securities&#x2014;Preferred Shares&#x201d; and &#x201c;Description of the Securities&#x2014;Notes.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 notes, 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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Impact
on Common Shares. &lt;/i&gt;Assuming that leverage will (1) be equal in amount to approximately 19% of the Fund&#x2019;s total net assets (the
Fund&#x2019;s average amount of outstanding financial leverage during the fiscal year ended 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_z5suCM0cwFii"&gt;4.60%&lt;/span&gt;, (the average dividend
rate on the Fund&#x2019;s outstanding financial leverage as of December 31, 2022) 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_zKi92E1hScba"&gt;1.61%&lt;/span&gt; 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&lt;i&gt;.&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 35% of the Fund&#x2019;s total assets (the Fund&#x2019;s amount of outstanding financial leverage as of 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_zbLYfiirhrV6"&gt;4.60%&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 a performance
fee at an annual rate of 0.00% and estimated annual incremental expenses attributable to any outstanding preferred shares of 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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0in; width: 39%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;Assumed
    Return on Portfolio (Net of Expenses)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5pt; text-align: right; width: 13%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;(10)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 6pt; text-align: right; width: 13%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;(5)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 10pt; text-align: right; width: 13%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;0%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 7pt; text-align: right; width: 12%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;5%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 10%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;10%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0in"&gt;&lt;span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B"&gt;Corresponding Return to
    Common&lt;/span&gt; &lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Shareholder&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zlFf66SFlC74" style="padding-right: 5pt; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(18.13)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zYUH8UVgjhij" style="padding-right: 6pt; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(10.44)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zpBic7Ze4REk" style="padding-right: 10pt; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(2.75)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zuI1xrXj6Uyh" style="padding-right: 7pt; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;4.94%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zZLQAWe40ug1" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;12.63%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Market
Discount Risk&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&gt;. As described
above in &#x201c;&#x2013;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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zpOXPwAgLeJ8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Special
Risk to Holders of Subscription Rights&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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_855_zGiEmppt9XS5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MarketRiskMember">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zZYMTl6bao4c" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Market
Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce
consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely
impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within
the United States and abroad, such as the U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit
reduction plan, has in the past resulted, and may in the future result, in a government shutdown, which could have an adverse
impact on the Fund&#x2019;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect
investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a
significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded
to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including, but not limited to,
direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden
reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could
adversely affect the Fund&#x2019;s investments. Any market disruptions could also prevent the Fund from executing advantageous
investment decisions in a timely manner. To the extent that the Fund focuses its investments in a region enduring geopolitical
market disruption, it will face higher risks of loss, although the increasing interconnectivity between global economies and financial
markets can lead to events or conditions in one country, region or financial market adversely impacting a different country, region
or financial 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.
Additional interest rate increases in the future could cause the value of the Fund&#x2019;s assets to decrease. Inflation has also
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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_InterestRateRiskGenerallyMember">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zNaXPkE3mI3l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater
for those securities with longer maturities. Fluctuations in the market price of the Fund&#x2019;s investments will not affect
interest income derived from instruments already owned by the Fund, but will be reflected in the Fund&#x2019;s net asset value.
The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.
To the extent the Fund invests in securities that may be prepaid at the option of the obligor, the sensitivity of such securities
to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on
certain floating rate securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden
and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests
in floating rate securities. These basic principles of bond prices also apply to U.S. government securities. A security backed
by the &#x201c;full faith and credit&#x201d; of the U.S. government is guaranteed only as to its stated interest rate and face value
at maturity, not its current market price. Just like other income- or dividend-paying securities, government-guaranteed securities
will fluctuate in value when interest rates change.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;limited
availability of new investment opportunities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_InflationRiskMember">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zbBTo8zyKat9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Inflation
Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MergerArbitrageRiskMember">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_z4qNO67ulmRk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Merger
Arbitrage Risk. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s investment strategy involves investment techniques and securities holdings that entail
risks, in some cases different from the risks ordinarily associated with investments in equity securities. The principal risk
associated with the Fund&#x2019;s arbitrage investments is that certain of the proposed reorganizations in which the Fund invests
may be renegotiated, terminated or involve a longer time frame than originally contemplated, in which case the Fund may realize
losses. 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_EquityRiskMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_znsmr36O9DNh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Equity
Risk. &lt;/i&gt;&lt;/b&gt;Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in
market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities
held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund
holds. An investment in the Fund represents an indirect economic stake in the securities owned by the Fund, which are for the
most part traded on securities exchanges or in the OTC markets. The market value of these securities, like other market investments,
may move up or down, sometimes rapidly and unpredictably. The net asset value of the Fund may at any point in time be worth less
than the amount at the time the shareholder invested in the Fund, even after taking into account any reinvestment of distributions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_CommonStockRiskMember">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zfiYoB9o8Ujg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;structurally
subordinated as to income and residual value to preferred stock, bonds and other debt instruments in a company&#x2019;s capital
structure, in terms of priority to corporate income, and therefore will be subject to greater dividend risk than preferred stock
or debt instruments of such issuers. In addition, while common stock has historically generated higher average returns than fixed
income securities, common stock has also experienced significantly more volatility in those returns.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_PreferredStockRiskMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zByEo1H8Iir" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;There are special risks associated with the Fund's investing in preferred securities, including:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Deferral.
&lt;/i&gt;Preferred securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions
for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its
dividends or distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Subordination.
&lt;/i&gt;Preferred securities are subordinated to bonds and other debt instruments in an issuer&#x2019;s capital structure in terms
of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior
debt security instruments.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Liquidity.
&lt;/i&gt;Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government
securities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Limited
Voting Rights.&lt;/i&gt; Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing
company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security
holders may be entitled to elect a number of directors to the issuer&#x2019;s board. Generally, once all the arrearages have been
paid, the preferred security holders no longer have voting rights.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Special
Redemption Rights.&lt;/i&gt; In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to
a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal
income tax or securities laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ConvertibleSecuritiesRiskMember">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zyOzA8jiiKH8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
value of a convertible security is influenced by the value of the underlying equity security. Convertible debt securities and
preferred stocks may depreciate in value if the market value of the underlying equity security declines or if rates of interest
increase. In addition, although debt securities are liabilities of a corporation which the corporation is generally obligated
to repay at a specified time, debt securities, particularly convertible debt securities, are often subordinated to the claims
of some or all of the other creditors of the corporation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Mandatory
conversion securities (securities that automatically convert into equity securities at a future date) may limit the potential
for capital appreciation and, in some instances, are subject to complete loss of invested capital. Other innovative convertibles
include &#x201c;equity-linked&#x201d; securities, which are securities or derivatives that may have fixed, variable, or no interest
payments prior to maturity, may convert (at the option of the holder or on a mandatory basis) into cash or a combination of cash
and equity securities, and may be structured to limit the potential for capital appreciation. Equity-linked securities may be
illiquid and difficult to value and may be subject to greater credit risk than that of other convertibles. Moreover, mandatory
conversion securities and equity-linked securities have increased the sensitivity of the convertible securities market to the
volatility of the equity markets and to the special risks of those innovations, which may include risks different from, and possibly
greater than, those associated with traditional convertible securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Preferred
stocks are equity securities in the sense that they do not represent a liability of the corporation. In the event of liquidation
of the corporation, and after its creditors have been paid or provided for, holders of preferred stock are generally entitled
to a preference as to the assets of the corporation before any distribution may be made to the holders of common stock. Debt securities
normally do not have voting rights. Preferred stocks may have no voting rights or may have voting rights only under certain circumstances.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Credit
Risk&lt;/i&gt;. Credit risk is the risk that an issuer will fail to pay interest or dividends and principal in a timely manner. Companies
that issue convertible securities may be small to medium-size, and they often have low credit ratings. In addition, the credit
rating of a company&#x2019;s convertible securities is generally lower than that of its conventional debt securities. Convertible
securities are normally considered &#x201c;junior&#x201d; securities&#x2014;that is, the company usually must pay interest on its
conventional debt before it can make payments on its convertible securities. Credit risk could be high for the Fund, because it
could invest in securities with low credit quality. The lower a debt security is rated, the greater its default risk. As a result,
the Fund may incur cost and delays in enforcing its rights against the issuer.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Market
Risk.&lt;/i&gt; Although convertible securities do derive part of their value from that of the securities into which they are convertible,
they are not considered derivative financial instruments. However, manda-tory convertible securities include features which render
them more sensitive to price changes of their underlying securities. Thus they expose the Fund to greater downside risk than traditional
convertible securities, but generally less than that of the underlying common stock.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Interest
Rate Risk for Convertible Securities&lt;/i&gt;. The Fund may be subject to a greater risk of rising interest rates due to the current
period of rising interest rates and high inflation. The Federal Reserve has aggressively begun to raise interest rates which
is likely to drive down the prices of convertible securities held by the Fund. Convertible securities are particularly sensitive
to interest rate changes when their predetermined conversion price is much higher than the issuing company&#x2019;s common stock.
See &#x201c;&#x2014;Fixed&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Income
Securities Risks&#x2014;Duration and Maturity Risk&#x201d; and &#x201c;&#x2014; General Risks&#x2014;Interest Rate Risks Generally.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Sector
Risk&lt;/i&gt;. Sector risk is the risk that returns from the economic sectors in which convertible securities are concentrated will
trail returns from other economic sectors. As a group, sectors tend to go through cycles of doing better-or-worse-than the convertible
securities market in general. These periods have, in the past, lasted for as long as several years. Moreover, the sectors that
dominate this market change over time.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Dilution
Risk&lt;/i&gt;. 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;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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_zkrFUp1ZZkfh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Fixed
Income Securities Risks (Principal). &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;Risk Factors and Special Considerations
&#x2014; General Risks &#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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;).&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;For
premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be
enhanced.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.22in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.22in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 NAV that is expected for every percentage point change in interest rates. The two have an inverse relationship.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 NAV of the portfolio
by approximately 5%; if interest rates increase by 1%, the NAV 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 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. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.47in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LiborRiskMember">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LiborRiskMember_dU_znTsCSFz6Py5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;LIBOR
Risk. &lt;/i&gt;&lt;/b&gt;The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#x201c;LIBOR&#x201d;)
to determine payment obligations, financing terms, hedging strategies or investment value. The Fund&#x2019;s investments may pay
interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain
financing at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 32pt; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_CorporateBondsRiskMember">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_z4CD3183OEy3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Corporate
Bonds Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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;&#x2014;General Risk&#x2014;Fixed Income Securities
Risks&#x2014;Credit Risk,&#x201d; &#x201c;&#x2014;General Risks&#x2014;Fixed Income Securities Risks&#x2014; Interest Rate Risk,&#x201d;
&#x201c;&#x2014; General Risks&#x2014;Fixed Income Securities Risks&#x2014;Prepayment Risk&#x201d; and &#x201c;&#x2014; General Risks&#x2014;Interest
Rate Risk Generally.&#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."&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_NonInvestmentGradeSecuritiesMember">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_ztjhT1oy6vC9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&gt;The
Fund may invest in below investment-grade securities, also known as &#x201c;high-yield&#x201d; securities or &#x201c;junk&#x201d;
bonds. These securities, which may be preferred stock or debt, are predominantly speculative and involve major risk exposure to
adverse conditions. Securities that are rated lower than &#x201c;BBB&#x201d; by S&amp;amp;P or lower than &#x201c;Baa&#x201d; by Moody&#x2019;s
(or unrated 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;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;greater
volatility;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition, the market value of securities in non-investment 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;As
part of its investments in non-investment grade securities, the Fund may invest without limit in securities of issuers in default.
The Fund will make an investment in securities of issuers in default only when the Investment Adviser believes that such issuers
will honor their obligations or emerge from bankruptcy protection and the value of these securities will appreciate. By investing
in securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations or
emerge from bankruptcy protection or that the value of the securities will not appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
market for non-investment grade and comparable unrated securities has experienced period of significantly adverse price and liquidity
several times, particularly at or around times of economic recession. Past market&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;recessions
have adversely affected the value of such securities and the ability of certain issuers of such securities to repay principal
and pay interest thereon or to refinance such securities. The market for those securities may react in a similar fashion in the
future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zM1BgAhkxU1h" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;U.S.
Government Securities and Credit Rating Downgrade Risk (Non-Principal). &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SignificantHoldingsRiskMember">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SignificantHoldingsRiskMember_dU_z7Jzb5LzmiS1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Significant
Holdings Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest up to 25% of its total assets in securities of a single industry. Should the Fund choose
to do so, the net asset value of the Fund will be more susceptible to factors affecting those particular types of companies, which,
depending on the particular industry, may include, among others: governmental regulation; inflation; cost increases in raw materials,
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 capital investment, including costs associated with compliance
with environmental and other regulations. In such circumstances 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 industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ForeignSecuritiesRiskMember">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zRdmF7RqWlab" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #12110B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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. Foreign markets also have different clearance and settlement
procedures that could cause the Fund to encounter difficulties in purchasing and selling securities on such markets and may result
in the Fund missing attractive investment opportunities or experiencing loss. In addition, a portfolio that includes foreign securities
can expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
following provides more detail on certain pronounced risks with foreign investing:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;EMU
and Redenomination Risk. &lt;/i&gt;As EMU and Redenomination Risk. 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 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;to value or dispose of. The Fund may incur additional expenses to the
extent it is required to seek judicial or other clarification of the denomination or value of such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Emerging
Markets Risk. &lt;/i&gt;The considerations noted above in &#x201c;Foreign Securities Risk&#x201d; are generally intensified for investments
in emerging market countries. Emerging market countries typically have economic and political systems that are less fully developed,
and can be expected to be less stable than those of more developed countries. Investing in securities of companies in emerging
markets may entail special risks relating to potential political and economic instability and the risks of expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation
of capital invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Emerging
securities markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets.
The limited size of emerging securities markets and limited trading volume compared to the volume of trading in U.S. securities
could cause prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited
market size may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors&#x2019;
perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially
in these markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest
rates may result in heightened market volatility and may detract from the Fund&#x2019;s performance to the extent the Fund is exposed
to such interest rates. Among other things, these developments 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_RestrictedAndIlliquidSecuritiesMember">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zEK36sWvAC41" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Restricted
and Illiquid Securities Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ShortSalesRiskMember">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zNsFWfs384pa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Short
Sales Risk&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&gt;.&lt;/span&gt;&lt;/b&gt;&lt;span style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"/&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LeverageRiskMember">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zyTHsDYF4fTk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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
35% of the Fund&#x2019;s assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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 the 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font: 12pt Arial, Helvetica, Sans-Serif"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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, 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. For more information regarding the risks of a leverage capital structure to holders of the Fund&#x2019;s common
shares, see &#x201c;&#x2014; Special Risks to Holder of Common Shares&#x2014;Leverage Risk."&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksRelatedToInvestmentinDerivativesMember">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zHlVZrIKKjR3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Special
Risks Related to Investment in Derivatives. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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:&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
possible need to defer closing out certain 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: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 comply with Rule 18f-4; and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0; 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="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;the
creditworthiness of counterparties.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve
a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the
prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political,
legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii)
delays in the ability of the Fund to act upon economic events occurring in the foreign markets during non-business hours in the
United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the
United States and (v) less trading volume. Exchanges on which options, futures, swaps and options on futures or swaps are traded
may impose limits on the positions that the Fund may take in certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no assurance that the Fund&#x2019;s hedging transactions will
be effective.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Derivatives
may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for
new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some
time. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_CounterpartyRiskMember">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zbA1WcwDIQ07" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Counterparty
Risk. &lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally
a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees
the parties&#x2019; performance under the contract as each party to a trade looks only to the clearing organization for
performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing
organization, or its members, will satisfy its obligations to the Fund, or that the Fund would be able to recover the full
amount of assets deposited on its behalf with the clearing organization in the event of the default by the clearing
organization or the Fund&#x2019;s clearing broker. In addition, cleared derivative transactions benefit from daily
marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Uncleared
OTC derivative transactions generally do not benefit from such protections. This exposes the Fund to the risk that a
counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of
the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss.
Such &#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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zW4V491nGUv9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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_zMbT0amOwxtk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 a Fund has entered into the swap will default on its obligation to pay
a Fund and the risk that a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ForwardForeignCurrencyExchangeContractsMember">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_zSVFUrAxCmyl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 when 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 that the Investment Adviser believes to be creditworthy institutions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_FuturesContractsAndOptionsonFuturesMember">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_zz12pRBhizGi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_OptionsRiskMember">&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_z4SXiXBSSGpc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_DerivativesRegulationRiskMember">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_zhET5ihfwLY5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MarketDiscountRiskMember">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_zOGeyJJDWGs4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LongTermObjectiveNotACompleteInvestmentProgramMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zsDOlUGOB244" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 long-term growth of capital.
The Fund is not meant to provide a vehicle for those who wish to exploit short-&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ManagementRiskMember">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_za21jVujRWck" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Management
Risk. &lt;/i&gt;&lt;/b&gt;The Fund is subject to management risk because it is an actively managed portfolio. The 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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_zvMiqpFU9eLk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_DependenceOnKeyPersonnelMember">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceOnKeyPersonnelMember_dU_zKe043Tj4Do8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MarketDisruptionAndGeopoliticalRiskMember">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zim2VAeRhymb" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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's inability at times to agree on a long-term budget and deficit reduction plan, may in
the future result in additional government shutdowns, which could have a material adverse effect on the Fund's investments
and operations. In addition, the Fund's ability to raise additional capital in the future through the sale of securities
could be materially affected by a government shutdown. Additional and/or prolonged U.S. government shutdowns may affect
investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to
a significant degree.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 on the Fund&#x2019;s performance. U.S.
companies that source material and goods from China and those that make large amounts of sales in China would be particularly
vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a
trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events
such as these and their consequences are difficult to predict and it is unclear whether further tariffs may 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_EconomicEventsAndMarketRiskMember">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zArevO8UE3Wa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;debt
and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer
confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and
adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and
negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may
also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising
interest rates and/or a return to unfavorable economic conditions could impair the Fund&#x2019;s ability to achieve its investment
objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_RegulationAndGovernmentInterventionRiskMember">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_z5h1mNVfy23" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Regulation
and Government Intervention Risk. &lt;/i&gt;&lt;/b&gt;Changes enacted by the current presidential administration could significantly
impact the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade
and foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and
social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and
the Federal Reserve. Certain of these changes can, and have, been effectuated through executive order. For example, the
current administration has taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy
technologies, cancel the Keystone XL pipeline, provide military support to Ukraine and change immigration enforcement
priorities. Other potential changes that could be pursued by the current presidential administration could include an
increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy and
infrastructure. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the
economy, securities markets or the financial stability of the U.S. The Fund may be affected by governmental 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has,
resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could
have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities
markets. Any of these effects could have a material adverse effect on the Fund&#x2019;s net asset value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_DeflationRiskMember">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zp2aKFr6oTDj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LegislationRiskMember">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zBHG4yst5juk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_RelianceOnServiceProvidersRiskMember">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceOnServiceProvidersRiskMember_dU_zSzlJ2THLGx7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_CyberSecurityRiskMember">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zql1YAikzS5l" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;impact
issuers of securities in which the Fund invests, which may cause the Fund&#x2019;s investment in such issuers to lose value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MisconductOfEmployeesAndOfServiceProvidersRiskMember">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_zfv7A6S48KMh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Misconduct
of Employees and of Service Providers Risk. &lt;/i&gt;&lt;/b&gt;Misconduct or misrepresentations by employees of the Investment Adviser or
the Fund&#x2019;s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund
to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful
trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding
any of the foregoing. Losses could also result from actions by the Fund&#x2019;s service providers, including, without limitation,
failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose
confidential information, which could result in litigation or serious financial harm, including limiting 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_PortfolioTurnoverRiskMember">&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z6jBg7VvAtsk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover Risk. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s annual portfolio turnover rate may vary greatly from year to year, as well as within a
given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund.
A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that
are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund
which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio
turnover may create realized capital losses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_InvestmentDilutionRiskMember">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zBxarTKi05b9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain amendments
to the 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LegalTaxAndRegulatoryRiskMember">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zgQz4Qflmky4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Legal,
Tax and Regulatory Risks. &lt;/i&gt;&lt;/b&gt;Legal, tax and regulatory changes could occur that may have material adverse effects on the
Fund. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund has elected to qualify as a RIC under Subchapter M of the Code. Qualification requires, among other things, compliance by
the Fund with certain distribution requirements. 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. To qualify and maintain its status as a RIC, the Fund must, among other things, 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; (generally, ordinary income plus excess, if any, of net short-term capital gain over net long-term
capital loss). 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 the Fund fails to qualify as a RIC for any reason, it will be subject to U.S. federal
income tax at regular corporate rates on all of its taxable income and gains. The resulting corporate taxes would materially reduce
the Fund&#x2019;s net assets and the amount of cash available for distribution to holders of the Units.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_AntiTakeoverProvisionsMember">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zjAeJsucIVeh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesMember">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_zIxgp3wDsHzl" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Special
Risks to Holders of Notes&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfFixedRatePreferredSharesMember">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_z3vSWxuR4F5b" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesAndPreferredSharesMember">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zr3mOT1TkhY9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 may return capital
as part of its distribution. This would decrease the asset coverage 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;For
the fiscal year ended December 31, 2022, the Fund made distributions of $0.48 per common share, approximately $0.48 of which constituted
a 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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. In order to obtain and maintain attractive credit quality ratings for
preferred shares or borrowings, if desired, the Fund&#x2019;s portfolio must satisfy over-collateralization tests established by
the relevant rating agencies. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. A rating (if any) by
a rating 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 (if any) does not address 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 notes
or preferred shares, we may alter our portfolio or redeem the preferred securities or notes under certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksOfNotesToHoldersOfPreferredSharesMember">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zzuVn2PhSfza" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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_zXc2McPZDQP7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Special
Risks to Holders of Common Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 35% of the Fund&#x2019;s assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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, 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 and do not reduce
the principal due to noteholders on maturity or the liquidation preference to which preferred shareholders are entitled. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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. See &#x201c;Description of the
Securities&#x2014;Preferred Shares&#x201d; and &#x201c;Description of the Securities&#x2014;Notes.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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 notes, 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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;i&gt;Impact
on Common Shares. &lt;/i&gt;Assuming that leverage will (1) be equal in amount to approximately 19% of the Fund&#x2019;s total net assets (the
Fund&#x2019;s average amount of outstanding financial leverage during the fiscal year ended 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_z5suCM0cwFii"&gt;4.60%&lt;/span&gt;, (the average dividend
rate on the Fund&#x2019;s outstanding financial leverage as of December 31, 2022) 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_zKi92E1hScba"&gt;1.61%&lt;/span&gt; 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&lt;i&gt;.&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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 35% of the Fund&#x2019;s total assets (the Fund&#x2019;s amount of outstanding financial leverage as of 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_zbLYfiirhrV6"&gt;4.60%&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 a performance
fee at an annual rate of 0.00% and estimated annual incremental expenses attributable to any outstanding preferred shares of 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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0in; width: 39%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;Assumed
    Return on Portfolio (Net of Expenses)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5pt; text-align: right; width: 13%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;(10)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 6pt; text-align: right; width: 13%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;(5)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 10pt; text-align: right; width: 13%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;0%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 7pt; text-align: right; width: 12%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;5%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 10%"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(29,29,27)"&gt;10%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0in"&gt;&lt;span style="font: 8pt Arial, Helvetica, Sans-Serif; color: #1D1D1B"&gt;Corresponding Return to
    Common&lt;/span&gt; &lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;Shareholder&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zlFf66SFlC74" style="padding-right: 5pt; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(18.13)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zYUH8UVgjhij" style="padding-right: 6pt; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(10.44)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zpBic7Ze4REk" style="padding-right: 10pt; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;(2.75)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zuI1xrXj6Uyh" style="padding-right: 7pt; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;4.94%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zZLQAWe40ug1" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1D1D1B"&gt;12.63%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;&lt;i&gt;Market
Discount Risk&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #12110B"&gt;. As described
above in &#x201c;&#x2013;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;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:AnnualInterestRatePercent
      contextRef="From2023-03-092023-03-09_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">0.0460</cef:AnnualInterestRatePercent>
    <cef:AnnualCoverageReturnRatePercent
      contextRef="From2023-03-092023-03-09_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">0.0161</cef:AnnualCoverageReturnRatePercent>
    <cef:AnnualInterestRatePercent
      contextRef="From2023-03-092023-03-09_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">0.0460</cef:AnnualInterestRatePercent>
    <cef:ReturnAtMinusTenPercent
      contextRef="From2023-03-092023-03-09_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1813</cef:ReturnAtMinusTenPercent>
    <cef:ReturnAtMinusFivePercent
      contextRef="From2023-03-092023-03-09_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1044</cef:ReturnAtMinusFivePercent>
    <cef:ReturnAtZeroPercent
      contextRef="From2023-03-092023-03-09_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.0275</cef:ReturnAtZeroPercent>
    <cef:ReturnAtPlusFivePercent
      contextRef="From2023-03-092023-03-09_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">0.0494</cef:ReturnAtPlusFivePercent>
    <cef:ReturnAtPlusTenPercent
      contextRef="From2023-03-092023-03-09_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">0.1263</cef:ReturnAtPlusTenPercent>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRiskToHoldersOfSubscriptionRightsMember">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zpOXPwAgLeJ8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;b&gt;Special
Risk to Holders of Subscription Rights&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&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;

</cef:RiskTextBlock>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.22.4</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>81</ContextCount>
  <ElementCount>55</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>57</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>4</UnitCount>
  <MyReports>
    <Report instance="gdl-ncsr_123122.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>995470 - Disclosure - N-2</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/cef/role/N2</Role>
      <ShortName>N-2</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="N-CSR" original="gdl-ncsr_123122.htm">gdl-ncsr_123122.htm</File>
    <File>ex99-a1.htm</File>
    <File>ex99-a2.htm</File>
    <File>ex99-b.htm</File>
    <File>ex99-c.htm</File>
    <File>gdl-20221231.xsd</File>
    <File>gdl-20221231_def.xml</File>
    <File>gdl-20221231_lab.xml</File>
    <File>gdl-20221231_pre.xml</File>
  </InputFiles>
  <SupplementalFiles>
    <File>gdlncsr123122001.jpg</File>
    <File>gdlncsr123122002.jpg</File>
    <File>gdlncsr123122003.jpg</File>
    <File>gdlncsr123122004.jpg</File>
    <File>gdlncsr123122005.jpg</File>
    <File>gdlncsr123122006.jpg</File>
  </SupplementalFiles>
  <BaseTaxonomies>
    <BaseTaxonomy items="220">http://xbrl.sec.gov/cef/2022</BaseTaxonomy>
    <BaseTaxonomy items="4">http://xbrl.sec.gov/dei/2022</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>22
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "gdl-ncsr_123122.htm": {
   "axisCustom": 0,
   "axisStandard": 2,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/cef/2022": 220,
    "http://xbrl.sec.gov/dei/2022": 4
   },
   "contextCount": 81,
   "dts": {
    "definitionLink": {
     "local": [
      "gdl-20221231_def.xml"
     ]
    },
    "inline": {
     "local": [
      "gdl-ncsr_123122.htm"
     ]
    },
    "labelLink": {
     "local": [
      "gdl-20221231_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "gdl-20221231_pre.xml"
     ]
    },
    "schema": {
     "local": [
      "gdl-20221231.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/2006/xbrldi-2006.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://xbrl.sec.gov/cef/2022/cef-2022.xsd",
      "https://xbrl.sec.gov/dei/2022/dei-2022.xsd",
      "https://xbrl.sec.gov/dei/2022/dei-2022_lab.xsd"
     ]
    }
   },
   "elementCount": 246,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/cef/2022": 22,
    "http://xbrl.sec.gov/dei/2022": 2,
    "total": 24
   },
   "keyCustom": 0,
   "keyStandard": 55,
   "memberCustom": 57,
   "memberStandard": 0,
   "nsprefix": "gdl",
   "nsuri": "http://gabelli.com/20221231",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "b",
       "span",
       "p",
       "div",
       "body",
       "html"
      ],
      "baseRef": "gdl-ncsr_123122.htm",
      "contextRef": "From2023-03-09to2023-03-09",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "disclosure",
     "isDefault": "true",
     "longName": "995470 - Disclosure - N-2",
     "menuCat": "Cover",
     "order": "1",
     "role": "http://xbrl.sec.gov/cef/role/N2",
     "shortName": "N-2",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "b",
       "span",
       "p",
       "div",
       "body",
       "html"
      ],
      "baseRef": "gdl-ncsr_123122.htm",
      "contextRef": "From2023-03-09to2023-03-09",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 57,
   "tag": {
    "cef_AcquiredFundFeesAndExpensesNoteTextBlock": {
     "auth_ref": [
      "r32"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Acquired Fund Fees and Expenses, Note [Text Block]"
       }
      }
     },
     "localname": "AcquiredFundFeesAndExpensesNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_AcquiredFundFeesAndExpensesPercent": {
     "auth_ref": [
      "r33"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Acquired Fund Fees and Expenses [Percent]"
       }
      }
     },
     "localname": "AcquiredFundFeesAndExpensesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_AcquiredFundFeesEstimatedNoteTextBlock": {
     "auth_ref": [
      "r34"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Acquired Fund Fees Estimated, Note [Text Block]"
       }
      }
     },
     "localname": "AcquiredFundFeesEstimatedNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_AcquiredFundIncentiveAllocationNoteTextBlock": {
     "auth_ref": [
      "r35"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Acquired Fund Incentive Allocation, Note [Text Block]"
       }
      }
     },
     "localname": "AcquiredFundIncentiveAllocationNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_AcquiredFundTotalAnnualExpensesNoteTextBlock": {
     "auth_ref": [
      "r36"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Acquired Fund Total Annual Expenses, Note [Text Block]"
       }
      }
     },
     "localname": "AcquiredFundTotalAnnualExpensesNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_AllRisksMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "All Risks:"
       }
      }
     },
     "localname": "AllRisksMember",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "cef_AllSecuritiesMember": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "All Securities:"
       }
      }
     },
     "localname": "AllSecuritiesMember",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "cef_AnnualCoverageReturnRatePercent": {
     "auth_ref": [
      "r62"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Coverage Return Rate [Percent]"
       }
      }
     },
     "localname": "AnnualCoverageReturnRatePercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_AnnualDividendPayment": {
     "auth_ref": [
      "r61"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Dividend Payment"
       }
      }
     },
     "localname": "AnnualDividendPayment",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_AnnualDividendPaymentCurrent": {
     "auth_ref": [
      "r61"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Dividend Payment, Current"
       }
      }
     },
     "localname": "AnnualDividendPaymentCurrent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_AnnualDividendPaymentInitial": {
     "auth_ref": [
      "r61"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Dividend Payment, Initial"
       }
      }
     },
     "localname": "AnnualDividendPaymentInitial",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_AnnualExpensesTableTextBlock": {
     "auth_ref": [
      "r40"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Expenses [Table Text Block]"
       }
      }
     },
     "localname": "AnnualExpensesTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_AnnualInterestRateCurrentPercent": {
     "auth_ref": [
      "r61"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Interest Rate, Current [Percent]"
       }
      }
     },
     "localname": "AnnualInterestRateCurrentPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_AnnualInterestRateInitialPercent": {
     "auth_ref": [
      "r61"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Interest Rate, Initial [Percent]"
       }
      }
     },
     "localname": "AnnualInterestRateInitialPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_AnnualInterestRatePercent": {
     "auth_ref": [
      "r61"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Interest Rate [Percent]"
       }
      }
     },
     "localname": "AnnualInterestRatePercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_BasisOfTransactionFeesNoteTextBlock": {
     "auth_ref": [
      "r38"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Basis of Transaction Fees, Note [Text Block]"
       }
      }
     },
     "localname": "BasisOfTransactionFeesNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_BdcFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "BDC File Number"
       }
      }
     },
     "localname": "BdcFileNumber",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "cef_BusinessDevelopmentCompanyFlag": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Business Development Company [Flag]"
       }
      }
     },
     "localname": "BusinessDevelopmentCompanyFlag",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Capital Stock, Long-Term Debt, and Other Securities [Abstract]"
       }
      }
     },
     "localname": "CapitalStockLongTermDebtAndOtherSecuritiesAbstract",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_CapitalStockTableTextBlock": {
     "auth_ref": [
      "r7"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Capital Stock [Table Text Block]"
       }
      }
     },
     "localname": "CapitalStockTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_DistributionServicingFeesPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Distribution/Servicing Fees [Percent]"
       }
      }
     },
     "localname": "DistributionServicingFeesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_DistributionsMayReducePrincipalTextBlock": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Distributions May Reduce Principal [Text Block]"
       }
      }
     },
     "localname": "DistributionsMayReducePrincipalTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_DividendAndInterestExpensesOnShortSalesPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Dividend and Interest Expenses on Short Sales [Percent]"
       }
      }
     },
     "localname": "DividendAndInterestExpensesOnShortSalesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_DividendExpenseOnPreferredSharesPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Dividend Expenses on Preferred Shares [Percent]"
       }
      }
     },
     "localname": "DividendExpenseOnPreferredSharesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_DividendReinvestmentAndCashPurchaseFees": {
     "auth_ref": [
      "r30"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Dividend Reinvestment and Cash Purchase Fees"
       }
      }
     },
     "localname": "DividendReinvestmentAndCashPurchaseFees",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_EffectsOfLeveragePurposeTextBlock": {
     "auth_ref": [
      "r63"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effects of Leverage, Purpose [Text Block]"
       }
      }
     },
     "localname": "EffectsOfLeveragePurposeTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_EffectsOfLeverageTableTextBlock": {
     "auth_ref": [
      "r63"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effects of Leverage [Table Text Block]"
       }
      }
     },
     "localname": "EffectsOfLeverageTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_EffectsOfLeverageTextBlock": {
     "auth_ref": [
      "r60"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effects of Leverage [Text Block]"
       }
      }
     },
     "localname": "EffectsOfLeverageTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_ExpenseExampleTableTextBlock": {
     "auth_ref": [
      "r30"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Expense Example [Table Text Block]"
       }
      }
     },
     "localname": "ExpenseExampleTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_ExpenseExampleYear01": {
     "auth_ref": [
      "r37"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Expense Example, Year 01"
       }
      }
     },
     "localname": "ExpenseExampleYear01",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_ExpenseExampleYears1to10": {
     "auth_ref": [
      "r37"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Expense Example, Years 1 to 10"
       }
      }
     },
     "localname": "ExpenseExampleYears1to10",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_ExpenseExampleYears1to3": {
     "auth_ref": [
      "r37"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Expense Example, Years 1 to 3"
       }
      }
     },
     "localname": "ExpenseExampleYears1to3",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_ExpenseExampleYears1to5": {
     "auth_ref": [
      "r37"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Expense Example, Years 1 to 5"
       }
      }
     },
     "localname": "ExpenseExampleYears1to5",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_FeeTableAbstract": {
     "auth_ref": [
      "r30"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Table [Abstract]"
       }
      }
     },
     "localname": "FeeTableAbstract",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_FinancialHighlightsAbstract": {
     "auth_ref": [
      "r45"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Financial Highlights [Abstract]"
       }
      }
     },
     "localname": "FinancialHighlightsAbstract",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_GeneralDescriptionOfRegistrantAbstract": {
     "auth_ref": [
      "r57"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "General Description of Registrant [Abstract]"
       }
      }
     },
     "localname": "GeneralDescriptionOfRegistrantAbstract",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_HighestPriceOrBid": {
     "auth_ref": [
      "r64"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Highest Price or Bid"
       }
      }
     },
     "localname": "HighestPriceOrBid",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_HighestPriceOrBidNav": {
     "auth_ref": [
      "r68"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Highest Price or Bid, NAV"
       }
      }
     },
     "localname": "HighestPriceOrBidNav",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_HighestPriceOrBidPremiumDiscountToNavPercent": {
     "auth_ref": [
      "r69"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Highest Price or Bid, Premium (Discount) to NAV [Percent]"
       }
      }
     },
     "localname": "HighestPriceOrBidPremiumDiscountToNavPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_IncentiveAllocationMaximumPercent": {
     "auth_ref": [
      "r35"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Incentive Allocation Maximum [Percent]"
       }
      }
     },
     "localname": "IncentiveAllocationMaximumPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_IncentiveAllocationMinimumPercent": {
     "auth_ref": [
      "r35"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Incentive Allocation Minimum [Percent]"
       }
      }
     },
     "localname": "IncentiveAllocationMinimumPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_IncentiveAllocationPercent": {
     "auth_ref": [
      "r35"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Incentive Allocation [Percent]"
       }
      }
     },
     "localname": "IncentiveAllocationPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_IncentiveFeesPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Incentive Fees [Percent]"
       }
      }
     },
     "localname": "IncentiveFeesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_InterestExpensesOnBorrowingsPercent": {
     "auth_ref": [
      "r43"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Interest Expenses on Borrowings [Percent]"
       }
      }
     },
     "localname": "InterestExpensesOnBorrowingsPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_IntervalFundFlag": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Interval Fund [Flag]"
       }
      }
     },
     "localname": "IntervalFundFlag",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "cef_InvestmentObjectivesAndPracticesTextBlock": {
     "auth_ref": [
      "r58"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investment Objectives and Practices [Text Block]"
       }
      }
     },
     "localname": "InvestmentObjectivesAndPracticesTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_LatestNav": {
     "auth_ref": [
      "r70"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Latest NAV"
       }
      }
     },
     "localname": "LatestNav",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_LatestPremiumDiscountToNavPercent": {
     "auth_ref": [
      "r70"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Latest Premium (Discount) to NAV [Percent]"
       }
      }
     },
     "localname": "LatestPremiumDiscountToNavPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_LatestSharePrice": {
     "auth_ref": [
      "r70"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Latest Share Price"
       }
      }
     },
     "localname": "LatestSharePrice",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_LoanServicingFeesPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Loan Servicing Fees [Percent]"
       }
      }
     },
     "localname": "LoanServicingFeesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_LongTermDebtDividendsAndCovenantsTextBlock": {
     "auth_ref": [
      "r21"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Debt, Dividends and Covenants [Text Block]"
       }
      }
     },
     "localname": "LongTermDebtDividendsAndCovenantsTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_LongTermDebtIssuanceAndSubstitutionTextBlock": {
     "auth_ref": [
      "r22"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Debt, Issuance and Substitution [Text Block]"
       }
      }
     },
     "localname": "LongTermDebtIssuanceAndSubstitutionTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_LongTermDebtPrincipal": {
     "auth_ref": [
      "r19"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Debt, Principal"
       }
      }
     },
     "localname": "LongTermDebtPrincipal",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_LongTermDebtRightsLimitedByOtherSecuritiesTextBlock": {
     "auth_ref": [
      "r23"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Debt, Rights Limited by Other Securities [Text Block]"
       }
      }
     },
     "localname": "LongTermDebtRightsLimitedByOtherSecuritiesTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_LongTermDebtStructuringTextBlock": {
     "auth_ref": [
      "r20"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Debt, Structuring [Text Block]"
       }
      }
     },
     "localname": "LongTermDebtStructuringTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_LongTermDebtTableTextBlock": {
     "auth_ref": [
      "r19"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Debt [Table Text Block]"
       }
      }
     },
     "localname": "LongTermDebtTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_LongTermDebtTitleTextBlock": {
     "auth_ref": [
      "r19"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Debt, Title [Text Block]"
       }
      }
     },
     "localname": "LongTermDebtTitleTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_LowestPriceOrBid": {
     "auth_ref": [
      "r64"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Lowest Price or Bid"
       }
      }
     },
     "localname": "LowestPriceOrBid",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_LowestPriceOrBidNav": {
     "auth_ref": [
      "r68"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Lowest Price or Bid, NAV"
       }
      }
     },
     "localname": "LowestPriceOrBidNav",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_LowestPriceOrBidPremiumDiscountToNavPercent": {
     "auth_ref": [
      "r69"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Lowest Price or Bid, Premium (Discount) to NAV [Percent]"
       }
      }
     },
     "localname": "LowestPriceOrBidPremiumDiscountToNavPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock": {
     "auth_ref": [
      "r42"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Management Fee not based on Net Assets, Note [Text Block]"
       }
      }
     },
     "localname": "ManagementFeeNotBasedOnNetAssetsNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_ManagementFeesPercent": {
     "auth_ref": [
      "r41"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Management Fees [Percent]"
       }
      }
     },
     "localname": "ManagementFeesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_NetExpenseOverAssetsPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Expense over Assets [Percent]"
       }
      }
     },
     "localname": "NetExpenseOverAssetsPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_NewCefOrBdcRegistrantFlag": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "New CEF or BDC Registrant [Flag]"
       }
      }
     },
     "localname": "NewCefOrBdcRegistrantFlag",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "cef_NoPublicTradingTextBlock": {
     "auth_ref": [
      "r67"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "No Public Trading [Text Block]"
       }
      }
     },
     "localname": "NoPublicTradingTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_NoTradingHistoryTextBlock": {
     "auth_ref": [
      "r71"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "No Trading History [Text Block]"
       }
      }
     },
     "localname": "NoTradingHistoryTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_OtherAnnualExpense1Percent": {
     "auth_ref": [
      "r44"
     ],
     "calculation": {
      "http://xbrl.sec.gov/cef/role/Item3Ae": {
       "order": 1.0,
       "parentTag": "cef_OtherAnnualExpensesPercent",
       "weight": 1.0
      }
     },
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Annual Expense 1 [Percent]"
       }
      }
     },
     "localname": "OtherAnnualExpense1Percent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherAnnualExpense2Percent": {
     "auth_ref": [
      "r44"
     ],
     "calculation": {
      "http://xbrl.sec.gov/cef/role/Item3Ae": {
       "order": 2.0,
       "parentTag": "cef_OtherAnnualExpensesPercent",
       "weight": 1.0
      }
     },
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Annual Expense 2 [Percent]"
       }
      }
     },
     "localname": "OtherAnnualExpense2Percent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherAnnualExpense3Percent": {
     "auth_ref": [
      "r44"
     ],
     "calculation": {
      "http://xbrl.sec.gov/cef/role/Item3Ae": {
       "order": 3.0,
       "parentTag": "cef_OtherAnnualExpensesPercent",
       "weight": 1.0
      }
     },
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Annual Expense 3 [Percent]"
       }
      }
     },
     "localname": "OtherAnnualExpense3Percent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherAnnualExpensesAbstract": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Annual Expenses [Abstract]"
       }
      }
     },
     "localname": "OtherAnnualExpensesAbstract",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_OtherAnnualExpensesPercent": {
     "auth_ref": [
      "r44"
     ],
     "calculation": {
      "http://xbrl.sec.gov/cef/role/Item3Ae": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Annual Expenses [Percent]"
       }
      }
     },
     "localname": "OtherAnnualExpensesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherExpensesNoteTextBlock": {
     "auth_ref": [
      "r40"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Expenses, Note [Text Block]"
       }
      }
     },
     "localname": "OtherExpensesNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_OtherFeederFundExpensesPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Feeder Fund Expenses [Percent]"
       }
      }
     },
     "localname": "OtherFeederFundExpensesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherMasterFundExpensesPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Master Fund Expenses [Percent]"
       }
      }
     },
     "localname": "OtherMasterFundExpensesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherSecuritiesTableTextBlock": {
     "auth_ref": [
      "r24"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Securities [Table Text Block]"
       }
      }
     },
     "localname": "OtherSecuritiesTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_OtherSecurityDescriptionTextBlock": {
     "auth_ref": [
      "r24"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Security, Description [Text Block]"
       }
      }
     },
     "localname": "OtherSecurityDescriptionTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_OtherSecurityTitleTextBlock": {
     "auth_ref": [
      "r24"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Security, Title [Text Block]"
       }
      }
     },
     "localname": "OtherSecurityTitleTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_OtherTransactionExpense1Percent": {
     "auth_ref": [
      "r39"
     ],
     "calculation": {
      "http://xbrl.sec.gov/cef/role/Item3Te": {
       "order": 1.0,
       "parentTag": "cef_OtherTransactionExpensesPercent",
       "weight": 1.0
      }
     },
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Expense 1 [Percent]"
       }
      }
     },
     "localname": "OtherTransactionExpense1Percent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherTransactionExpense2Percent": {
     "auth_ref": [
      "r39"
     ],
     "calculation": {
      "http://xbrl.sec.gov/cef/role/Item3Te": {
       "order": 2.0,
       "parentTag": "cef_OtherTransactionExpensesPercent",
       "weight": 1.0
      }
     },
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Expense 2 [Percent]"
       }
      }
     },
     "localname": "OtherTransactionExpense2Percent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherTransactionExpense3Percent": {
     "auth_ref": [
      "r39"
     ],
     "calculation": {
      "http://xbrl.sec.gov/cef/role/Item3Te": {
       "order": 3.0,
       "parentTag": "cef_OtherTransactionExpensesPercent",
       "weight": 1.0
      }
     },
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Expense 3 [Percent]"
       }
      }
     },
     "localname": "OtherTransactionExpense3Percent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherTransactionExpensesAbstract": {
     "auth_ref": [
      "r39"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Expenses [Abstract]"
       }
      }
     },
     "localname": "OtherTransactionExpensesAbstract",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_OtherTransactionExpensesPercent": {
     "auth_ref": [
      "r39"
     ],
     "calculation": {
      "http://xbrl.sec.gov/cef/role/Item3Te": {
       "order": null,
       "parentTag": null,
       "root": true,
       "weight": null
      }
     },
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Expenses [Percent]"
       }
      }
     },
     "localname": "OtherTransactionExpensesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherTransactionFeesBasisMaximum": {
     "auth_ref": [
      "r39"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Fees Basis, Maximum"
       }
      }
     },
     "localname": "OtherTransactionFeesBasisMaximum",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_OtherTransactionFeesBasisMaximumPercent": {
     "auth_ref": [
      "r39"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Fees Basis, Maximum [Percent]"
       }
      }
     },
     "localname": "OtherTransactionFeesBasisMaximumPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_OtherTransactionFeesBasisNoteTextBlock": {
     "auth_ref": [
      "r39"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Fees Basis, Note [Text Block]"
       }
      }
     },
     "localname": "OtherTransactionFeesBasisNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_OtherTransactionFeesNoteTextBlock": {
     "auth_ref": [
      "r39"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Transaction Fees, Note [Text Block]"
       }
      }
     },
     "localname": "OtherTransactionFeesNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_OutstandingSecuritiesTableTextBlock": {
     "auth_ref": [
      "r25"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Outstanding Securities [Table Text Block]"
       }
      }
     },
     "localname": "OutstandingSecuritiesTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_OutstandingSecurityAuthorizedShares": {
     "auth_ref": [
      "r27"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Outstanding Security, Authorized [Shares]"
       }
      }
     },
     "localname": "OutstandingSecurityAuthorizedShares",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "sharesItemType"
    },
    "cef_OutstandingSecurityHeldShares": {
     "auth_ref": [
      "r28"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Outstanding Security, Held [Shares]"
       }
      }
     },
     "localname": "OutstandingSecurityHeldShares",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "sharesItemType"
    },
    "cef_OutstandingSecurityNotHeldShares": {
     "auth_ref": [
      "r29"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Outstanding Security, Not Held [Shares]"
       }
      }
     },
     "localname": "OutstandingSecurityNotHeldShares",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "sharesItemType"
    },
    "cef_OutstandingSecurityTitleTextBlock": {
     "auth_ref": [
      "r26"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Outstanding Security, Title [Text Block]"
       }
      }
     },
     "localname": "OutstandingSecurityTitleTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_PreferredStockRestrictionsArrearageTextBlock": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Preferred Stock Restrictions, Arrearage [Text Block]"
       }
      }
     },
     "localname": "PreferredStockRestrictionsArrearageTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_PreferredStockRestrictionsOtherTextBlock": {
     "auth_ref": [
      "r16"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Preferred Stock Restrictions, Other [Text Block]"
       }
      }
     },
     "localname": "PreferredStockRestrictionsOtherTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_PrimaryShelfFlag": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Primary Shelf [Flag]"
       }
      }
     },
     "localname": "PrimaryShelfFlag",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "cef_PrimaryShelfQualifiedFlag": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Primary Shelf Qualified [Flag]"
       }
      }
     },
     "localname": "PrimaryShelfQualifiedFlag",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "cef_ProspectusLineItems": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Prospectus [Line Items]"
       }
      }
     },
     "localname": "ProspectusLineItems",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "xbrltype": "stringItemType"
    },
    "cef_ProspectusTable": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Prospectus:"
       }
      }
     },
     "localname": "ProspectusTable",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_PurposeOfFeeTableNoteTextBlock": {
     "auth_ref": [
      "r31"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Purpose of Fee Table , Note [Text Block]"
       }
      }
     },
     "localname": "PurposeOfFeeTableNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_RegisteredClosedEndFundFlag": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Registered Closed-End Fund [Flag]"
       }
      }
     },
     "localname": "RegisteredClosedEndFundFlag",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "cef_ReturnAtMinusFivePercent": {
     "auth_ref": [
      "r63"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Return at Minus Five [Percent]"
       }
      }
     },
     "localname": "ReturnAtMinusFivePercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_ReturnAtMinusTenPercent": {
     "auth_ref": [
      "r63"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Return at Minus Ten [Percent]"
       }
      }
     },
     "localname": "ReturnAtMinusTenPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_ReturnAtPlusFivePercent": {
     "auth_ref": [
      "r63"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Return at Plus Five [Percent]"
       }
      }
     },
     "localname": "ReturnAtPlusFivePercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_ReturnAtPlusTenPercent": {
     "auth_ref": [
      "r63"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Return at Plus Ten [Percent]"
       }
      }
     },
     "localname": "ReturnAtPlusTenPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_ReturnAtZeroPercent": {
     "auth_ref": [
      "r63"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Return at Zero [Percent]"
       }
      }
     },
     "localname": "ReturnAtZeroPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_RightsLimitedByOtherSecuritiesTextBlock": {
     "auth_ref": [
      "r18"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rights Limited by Other Securities [Text Block]"
       }
      }
     },
     "localname": "RightsLimitedByOtherSecuritiesTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_RightsSubjectToOtherThanMajorityVoteTextBlock": {
     "auth_ref": [
      "r17"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rights Subject to Other than Majority Vote [Text Block]"
       }
      }
     },
     "localname": "RightsSubjectToOtherThanMajorityVoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_RiskAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Risk [Axis]"
       }
      }
     },
     "localname": "RiskAxis",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_RiskFactorsTableTextBlock": {
     "auth_ref": [
      "r59"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Risk Factors [Table Text Block]"
       }
      }
     },
     "localname": "RiskFactorsTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_RiskTextBlock": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Risk [Text Block]"
       }
      }
     },
     "localname": "RiskTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SalesLoadPercent": {
     "auth_ref": [
      "r30"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Sales Load [Percent]"
       }
      }
     },
     "localname": "SalesLoadPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_SecurityAxis": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security [Axis]"
       }
      }
     },
     "localname": "SecurityAxis",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "cef_SecurityDividendsTextBlock": {
     "auth_ref": [
      "r8"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Dividends [Text Block]"
       }
      }
     },
     "localname": "SecurityDividendsTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SecurityLiabilitiesTextBlock": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Liabilities [Text Block]"
       }
      }
     },
     "localname": "SecurityLiabilitiesTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SecurityLiquidationRightsTextBlock": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Liquidation Rights [Text Block]"
       }
      }
     },
     "localname": "SecurityLiquidationRightsTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SecurityObligationsOfOwnershipTextBlock": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Obligations of Ownership [Text Block]"
       }
      }
     },
     "localname": "SecurityObligationsOfOwnershipTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SecurityPreemptiveAndOtherRightsTextBlock": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Preemptive and Other Rights [Text Block]"
       }
      }
     },
     "localname": "SecurityPreemptiveAndOtherRightsTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SecurityTitleTextBlock": {
     "auth_ref": [
      "r7"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Title [Text Block]"
       }
      }
     },
     "localname": "SecurityTitleTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SecurityVotingRightsTextBlock": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Voting Rights [Text Block]"
       }
      }
     },
     "localname": "SecurityVotingRightsTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SeniorSecuritiesAmount": {
     "auth_ref": [
      "r50"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities Amount"
       }
      }
     },
     "localname": "SeniorSecuritiesAmount",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_SeniorSecuritiesAverageMarketValuePerUnit": {
     "auth_ref": [
      "r53"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities Average Market Value per Unit"
       }
      }
     },
     "localname": "SeniorSecuritiesAverageMarketValuePerUnit",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_SeniorSecuritiesAveragingMethodNoteTextBlock": {
     "auth_ref": [
      "r55"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities Averaging Method, Note [Text Block]"
       }
      }
     },
     "localname": "SeniorSecuritiesAveragingMethodNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SeniorSecuritiesCoveragePerUnit": {
     "auth_ref": [
      "r51"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities Coverage per Unit"
       }
      }
     },
     "localname": "SeniorSecuritiesCoveragePerUnit",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_SeniorSecuritiesHeadingsNoteTextBlock": {
     "auth_ref": [
      "r56"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities Headings, Note [Text Block]"
       }
      }
     },
     "localname": "SeniorSecuritiesHeadingsNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SeniorSecuritiesHighlightsAnnualizedNoteTextBlock": {
     "auth_ref": [
      "r47",
      "r54"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities Highlights Annualized, Note [Text Block]"
       }
      }
     },
     "localname": "SeniorSecuritiesHighlightsAnnualizedNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SeniorSecuritiesHighlightsAuditedNoteTextBlock": {
     "auth_ref": [
      "r48",
      "r54"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities Highlights Audited, Note [Text Block]"
       }
      }
     },
     "localname": "SeniorSecuritiesHighlightsAuditedNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit": {
     "auth_ref": [
      "r52"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities Involuntary Liquidating Preference per Unit"
       }
      }
     },
     "localname": "SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "cef_SeniorSecuritiesNoteTextBlock": {
     "auth_ref": [
      "r46",
      "r54"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities, Note [Text Block]"
       }
      }
     },
     "localname": "SeniorSecuritiesNoteTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SeniorSecuritiesTableTextBlock": {
     "auth_ref": [
      "r49"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Senior Securities [Table Text Block]"
       }
      }
     },
     "localname": "SeniorSecuritiesTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SharePriceTableTextBlock": {
     "auth_ref": [
      "r65"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Share Price [Table Text Block]"
       }
      }
     },
     "localname": "SharePriceTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_SharePricesNotActualTransactionsTextBlock": {
     "auth_ref": [
      "r66"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Share Prices Not Actual Transactions [Text Block]"
       }
      }
     },
     "localname": "SharePricesNotActualTransactionsTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_ShareholderTransactionExpensesTableTextBlock": {
     "auth_ref": [
      "r30"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Shareholder Transaction Expenses [Table Text Block]"
       }
      }
     },
     "localname": "ShareholderTransactionExpensesTableTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_TotalAnnualExpensesPercent": {
     "auth_ref": [
      "r43"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Annual Expenses [Percent]"
       }
      }
     },
     "localname": "TotalAnnualExpensesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_UnderwritersCompensationPercent": {
     "auth_ref": [
      "r39"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Underwriters Compensation [Percent]"
       }
      }
     },
     "localname": "UnderwritersCompensationPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_WaiversAndReimbursementsOfFeesPercent": {
     "auth_ref": [
      "r44"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Waivers and Reimbursements of Fees [Percent]"
       }
      }
     },
     "localname": "WaiversAndReimbursementsOfFeesPercent",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "percentItemType"
    },
    "cef_WarrantsOrRightsCalledAmount": {
     "auth_ref": [
      "r24"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Warrants or Rights, Called Amount"
       }
      }
     },
     "localname": "WarrantsOrRightsCalledAmount",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "monetaryItemType"
    },
    "cef_WarrantsOrRightsCalledPeriodDate": {
     "auth_ref": [
      "r24"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Warrants or Rights, Called Period [Date]"
       }
      }
     },
     "localname": "WarrantsOrRightsCalledPeriodDate",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "dateItemType"
    },
    "cef_WarrantsOrRightsCalledTitleTextBlock": {
     "auth_ref": [
      "r24"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Warrants or Rights, Called Title"
       }
      }
     },
     "localname": "WarrantsOrRightsCalledTitleTextBlock",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "textBlockItemType"
    },
    "cef_WarrantsOrRightsExercisePrice": {
     "auth_ref": [
      "r24"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Warrants or Rights, Exercise Price"
       }
      }
     },
     "localname": "WarrantsOrRightsExercisePrice",
     "nsuri": "http://xbrl.sec.gov/cef/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "perShareItemType"
    },
    "dei_AdditionalSecurities462b": {
     "auth_ref": [
      "r80"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Additional Securities. 462(b)"
       }
      }
     },
     "localname": "AdditionalSecurities462b",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AdditionalSecurities462bFileNumber": {
     "auth_ref": [
      "r80"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Additional Securities, 462(b), File Number"
       }
      }
     },
     "localname": "AdditionalSecurities462bFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_AdditionalSecuritiesEffective413b": {
     "auth_ref": [
      "r79"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Additional Securities Effective, 413(b)"
       }
      }
     },
     "localname": "AdditionalSecuritiesEffective413b",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AddressTypeDomain": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "An entity may have several addresses for different purposes and this domain represents all such types.",
        "label": "Address Type [Domain]"
       }
      }
     },
     "localname": "AddressTypeDomain",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "dei_AmendmentDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of changes contained within amended document.",
        "label": "Amendment Description"
       }
      }
     },
     "localname": "AmendmentDescription",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_ApproximateDateOfCommencementOfProposedSaleToThePublic": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The approximate date of a commencement of a proposed sale of securities to the public. This element is disclosed in S-1, S-3, S-4, S-11, F-1, F-3 and F-10 filings.",
        "label": "Approximate Date of Commencement of Proposed Sale to Public"
       }
      }
     },
     "localname": "ApproximateDateOfCommencementOfProposedSaleToThePublic",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "dateOrAsapItemType"
    },
    "dei_BusinessContactMember": {
     "auth_ref": [
      "r2",
      "r3"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Business contact for the entity",
        "label": "Business Contact [Member]"
       }
      }
     },
     "localname": "BusinessContactMember",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_ContactPersonnelName": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of contact personnel",
        "label": "Contact Personnel Name"
       }
      }
     },
     "localname": "ContactPersonnelName",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CoverAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page.",
        "label": "Cover [Abstract]"
       }
      }
     },
     "localname": "CoverAbstract",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_DelayedOrContinuousOffering": {
     "auth_ref": [
      "r4",
      "r5",
      "r75"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Delayed or Continuous Offering"
       }
      }
     },
     "localname": "DelayedOrContinuousOffering",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DividendOrInterestReinvestmentPlanOnly": {
     "auth_ref": [
      "r4",
      "r5",
      "r75"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Dividend or Interest Reinvestment Plan Only"
       }
      }
     },
     "localname": "DividendOrInterestReinvestmentPlanOnly",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentRegistrationStatement": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a registration statement.",
        "label": "Document Registration Statement"
       }
      }
     },
     "localname": "DocumentRegistrationStatement",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "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'.",
        "label": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_EffectiveAfter60Days486a": {
     "auth_ref": [
      "r84"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effective after 60 Days, 486(a)"
       }
      }
     },
     "localname": "EffectiveAfter60Days486a",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EffectiveOnDate486a": {
     "auth_ref": [
      "r84"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effective on Date, 486(a)"
       }
      }
     },
     "localname": "EffectiveOnDate486a",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_EffectiveOnDate486b": {
     "auth_ref": [
      "r85"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effective on Date, 486(b)"
       }
      }
     },
     "localname": "EffectiveOnDate486b",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_EffectiveOnSetDate486a": {
     "auth_ref": [
      "r84"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effective on Set Date, 486(a)"
       }
      }
     },
     "localname": "EffectiveOnSetDate486a",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EffectiveOnSetDate486b": {
     "auth_ref": [
      "r85"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effective on Set Date, 486(b)"
       }
      }
     },
     "localname": "EffectiveOnSetDate486b",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EffectiveUponFiling462e": {
     "auth_ref": [
      "r83"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effective Upon Filing, 462(e)"
       }
      }
     },
     "localname": "EffectiveUponFiling462e",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EffectiveUponFiling486b": {
     "auth_ref": [
      "r85"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effective upon Filing, 486(b)"
       }
      }
     },
     "localname": "EffectiveUponFiling486b",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EffectiveWhenDeclaredSection8c": {
     "auth_ref": [
      "r87"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Effective when Declared, Section 8(c)"
       }
      }
     },
     "localname": "EffectiveWhenDeclaredSection8c",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine2": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 2 such as Street or Suite number",
        "label": "Entity Address, Address Line Two"
       }
      }
     },
     "localname": "EntityAddressAddressLine2",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine3": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 3 such as an Office Park",
        "label": "Entity Address, Address Line Three"
       }
      }
     },
     "localname": "EntityAddressAddressLine3",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityAddressesAddressTypeAxis": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.",
        "label": "Entity Addresses, Address Type [Axis]"
       }
      }
     },
     "localname": "EntityAddressesAddressTypeAxis",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityExTransitionPeriod": {
     "auth_ref": [
      "r86"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.",
        "label": "Entity Ex Transition Period"
       }
      }
     },
     "localname": "EntityExTransitionPeriod",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Securities Act File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityInvCompanyType": {
     "auth_ref": [
      "r77"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).",
        "label": "Entity Inv Company Type"
       }
      }
     },
     "localname": "EntityInvCompanyType",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "invCompanyType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "auth_ref": [
      "r78"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.",
        "label": "Entity Well-known Seasoned Issuer"
       }
      }
     },
     "localname": "EntityWellKnownSeasonedIssuer",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_ExhibitsOnly462d": {
     "auth_ref": [
      "r82"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Exhibits Only, 462(d)"
       }
      }
     },
     "localname": "ExhibitsOnly462d",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_ExhibitsOnly462dFileNumber": {
     "auth_ref": [
      "r82"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Exhibits Only, 462(d), File Number"
       }
      }
     },
     "localname": "ExhibitsOnly462dFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_InvestmentCompanyActFileNumber": {
     "auth_ref": [
      "r5",
      "r72",
      "r73",
      "r74"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investment Company Act File Number"
       }
      }
     },
     "localname": "InvestmentCompanyActFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_InvestmentCompanyActRegistration": {
     "auth_ref": [
      "r76"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investment Company Act Registration"
       }
      }
     },
     "localname": "InvestmentCompanyActRegistration",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_InvestmentCompanyRegistrationAmendment": {
     "auth_ref": [
      "r76"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investment Company Registration Amendment"
       }
      }
     },
     "localname": "InvestmentCompanyRegistrationAmendment",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_InvestmentCompanyRegistrationAmendmentNumber": {
     "auth_ref": [
      "r76"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investment Company Registration Amendment Number"
       }
      }
     },
     "localname": "InvestmentCompanyRegistrationAmendmentNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "sequenceNumberItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_NewEffectiveDateForPreviousFiling": {
     "auth_ref": [
      "r5",
      "r72",
      "r73",
      "r74"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "New Effective Date for Previous Filing"
       }
      }
     },
     "localname": "NewEffectiveDateForPreviousFiling",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_NoSubstantiveChanges462c": {
     "auth_ref": [
      "r81"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "No Substantive Changes, 462(c)"
       }
      }
     },
     "localname": "NoSubstantiveChanges462c",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_NoSubstantiveChanges462cFileNumber": {
     "auth_ref": [
      "r81"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "No Substantive Changes, 462(c), File Number"
       }
      }
     },
     "localname": "NoSubstantiveChanges462cFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_PostEffectiveAmendment": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Post-Effective Amendment"
       }
      }
     },
     "localname": "PostEffectiveAmendment",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PostEffectiveAmendmentNumber": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amendment number to registration statement under the Securities Act of 1933 after the registration becomes effective.",
        "label": "Post-Effective Amendment Number"
       }
      }
     },
     "localname": "PostEffectiveAmendmentNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "sequenceNumberItemType"
    },
    "dei_PreEffectiveAmendment": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Pre-Effective Amendment"
       }
      }
     },
     "localname": "PreEffectiveAmendment",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreEffectiveAmendmentNumber": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Amendment number to registration statement under the Securities Act of 1933 before the registration becomes effective.",
        "label": "Pre-Effective Amendment Number"
       }
      }
     },
     "localname": "PreEffectiveAmendmentNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "sequenceNumberItemType"
    },
    "gdl_AntiTakeoverProvisionsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Anti-Takeover Provisions [Member]"
       }
      }
     },
     "localname": "AntiTakeoverProvisionsMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_CommonStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Common Stock [Member]"
       }
      }
     },
     "localname": "CommonStockMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_CommonStockRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Common Stock Risk [Member]"
       }
      }
     },
     "localname": "CommonStockRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_ConvertibleSecuritiesRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Convertible Securities Risk [Member]"
       }
      }
     },
     "localname": "ConvertibleSecuritiesRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_CorporateBondsRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Corporate Bonds Risk [Member]"
       }
      }
     },
     "localname": "CorporateBondsRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_CounterpartyRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Counterparty Risk [Member]"
       }
      }
     },
     "localname": "CounterpartyRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_CumulativePreferredStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cumulative Preferred Stock [Member]"
       }
      }
     },
     "localname": "CumulativePreferredStockMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_CyberSecurityRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cyber Security Risk [Member]"
       }
      }
     },
     "localname": "CyberSecurityRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_DecisionMakingAuthorityRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Decision-Making Authority Risk [Member]"
       }
      }
     },
     "localname": "DecisionMakingAuthorityRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_DeflationRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Deflation Risk [Member]"
       }
      }
     },
     "localname": "DeflationRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_DependenceOnKeyPersonnelMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Dependence on Key Personnel [Member]"
       }
      }
     },
     "localname": "DependenceOnKeyPersonnelMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_DerivativesRegulationRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Derivatives Regulation Risk [Member]"
       }
      }
     },
     "localname": "DerivativesRegulationRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_DividendsOnPreferredSharesNotIncludedMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Dividends on Preferred Shares Not Included [Member]"
       }
      }
     },
     "localname": "DividendsOnPreferredSharesNotIncludedMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_EconomicEventsAndMarketRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Economic Events and Market Risk [Member]"
       }
      }
     },
     "localname": "EconomicEventsAndMarketRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_EquityRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Equity Risk [Member]"
       }
      }
     },
     "localname": "EquityRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Failure of Futures Commission Merchants and Clearing Organizations Risk [Member]"
       }
      }
     },
     "localname": "FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_FixedIncomeSecuritiesRisksMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fixed Income Securities Risks (Principal) [Member]"
       }
      }
     },
     "localname": "FixedIncomeSecuritiesRisksMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_ForeignSecuritiesRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Foreign Securities Risk [Member]"
       }
      }
     },
     "localname": "ForeignSecuritiesRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_ForwardForeignCurrencyExchangeContractsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Forward Foreign Currency Exchange Contracts [Member]"
       }
      }
     },
     "localname": "ForwardForeignCurrencyExchangeContractsMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_FuturesContractsAndOptionsonFuturesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Futures Contracts and Options on Futures [Member]"
       }
      }
     },
     "localname": "FuturesContractsAndOptionsonFuturesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_InflationRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Inflation Risk [Member]"
       }
      }
     },
     "localname": "InflationRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_InterestRateRiskGenerallyMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Interest Rate Risk Generally [Member]"
       }
      }
     },
     "localname": "InterestRateRiskGenerallyMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_InvestmentDilutionRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Investment Dilution Risk [Member]"
       }
      }
     },
     "localname": "InvestmentDilutionRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_LegalTaxAndRegulatoryRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Legal, Tax and Regulatory Risks [Member]"
       }
      }
     },
     "localname": "LegalTaxAndRegulatoryRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_LegislationRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Legislation Risk [Member]"
       }
      }
     },
     "localname": "LegislationRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_LeverageRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Leverage Risk [Member]"
       }
      }
     },
     "localname": "LeverageRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_LiborRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "LIBOR Risk [Member]"
       }
      }
     },
     "localname": "LiborRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_LongTermObjectiveNotACompleteInvestmentProgramMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Long Term Objective: Not a Complete Investment Program [Member]"
       }
      }
     },
     "localname": "LongTermObjectiveNotACompleteInvestmentProgramMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_ManagementRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Management Risk [Member]"
       }
      }
     },
     "localname": "ManagementRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_MarketDiscountRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Market Discount Risk [Member]"
       }
      }
     },
     "localname": "MarketDiscountRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_MarketDisruptionAndGeopoliticalRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Market Disruption and Geopolitical Risk [Member]"
       }
      }
     },
     "localname": "MarketDisruptionAndGeopoliticalRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_MarketRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Market Risk [Member]"
       }
      }
     },
     "localname": "MarketRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_MergerArbitrageRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Merger Arbitrage Risk [Member]"
       }
      }
     },
     "localname": "MergerArbitrageRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Misconduct of Employees and of Service Providers Risk [Member]"
       }
      }
     },
     "localname": "MisconductOfEmployeesAndOfServiceProvidersRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_NonInvestmentGradeSecuritiesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Non-Investment Grade Securities [Member]"
       }
      }
     },
     "localname": "NonInvestmentGradeSecuritiesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_OptionsRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Options Risk [Member]"
       }
      }
     },
     "localname": "OptionsRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_PortfolioTurnoverRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Portfolio Turnover Risk [Member]"
       }
      }
     },
     "localname": "PortfolioTurnoverRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_PreferredStockRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Preferred Stock Risk [Member]"
       }
      }
     },
     "localname": "PreferredStockRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_PurchaseTransactionMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Purchase Transaction [Member]"
       }
      }
     },
     "localname": "PurchaseTransactionMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_RegulationAndGovernmentInterventionRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Regulation and Government Intervention Risk [Member]"
       }
      }
     },
     "localname": "RegulationAndGovernmentInterventionRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_RelianceOnServiceProvidersRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Reliance on Service Providers Risk [Member]"
       }
      }
     },
     "localname": "RelianceOnServiceProvidersRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_RestrictedAndIlliquidSecuritiesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Restricted and Illiquid Securities Risk [Member]"
       }
      }
     },
     "localname": "RestrictedAndIlliquidSecuritiesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SaleTransactionMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Sale Transaction [Member]"
       }
      }
     },
     "localname": "SaleTransactionMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SeriesBCumulativePreferredStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Series B Cumulative Preferred Stock [Member]"
       }
      }
     },
     "localname": "SeriesBCumulativePreferredStockMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SeriesCCumulativePreferredStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Series C Cumulative Preferred Stock [Member]"
       }
      }
     },
     "localname": "SeriesCCumulativePreferredStockMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SeriesECumulativePreferredStockMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Series E Cumulative Preferred Stock [Member]"
       }
      }
     },
     "localname": "SeriesECumulativePreferredStockMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_ShortSalesRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Short Sales Risk [Member]"
       }
      }
     },
     "localname": "ShortSalesRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SignificantHoldingsRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Significant Holdings Risk [Member]"
       }
      }
     },
     "localname": "SignificantHoldingsRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SpecialRiskToHoldersOfSubscriptionRightsMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Special Risk to Holders of Subscription Rights [Member]"
       }
      }
     },
     "localname": "SpecialRiskToHoldersOfSubscriptionRightsMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Special Risks of Notes to Holders of Preferred Shares [Member]"
       }
      }
     },
     "localname": "SpecialRisksOfNotesToHoldersOfPreferredSharesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SpecialRisksRelatedToInvestmentinDerivativesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Special Risks Related to Investment in Derivatives [Member]"
       }
      }
     },
     "localname": "SpecialRisksRelatedToInvestmentinDerivativesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SpecialRisksToHoldersOfCommonSharesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Special Risks to Holders of Common Shares [Member]"
       }
      }
     },
     "localname": "SpecialRisksToHoldersOfCommonSharesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Special Risks to Holders of Fixed Rate Preferred Shares [Member]"
       }
      }
     },
     "localname": "SpecialRisksToHoldersOfFixedRatePreferredSharesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Special Risks to Holders of Notes and Preferred Shares [Member]"
       }
      }
     },
     "localname": "SpecialRisksToHoldersOfNotesAndPreferredSharesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SpecialRisksToHoldersOfNotesMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Special Risks to Holders of Notes [Member]"
       }
      }
     },
     "localname": "SpecialRisksToHoldersOfNotesMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_SwapsRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "Swaps Risk [Member]"
       }
      }
     },
     "localname": "SwapsRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    },
    "gdl_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "label": "U.S. Government Securities and Credit Rating Downgrade Risk (Non-Principal) [Member]"
       }
      }
     },
     "localname": "USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember",
     "nsuri": "http://gabelli.com/20221231",
     "presentation": [
      "http://xbrl.sec.gov/cef/role/N2"
     ],
     "xbrltype": "domainItemType"
    }
   },
   "unitCount": 4
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r10": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r11": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "4",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r12": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "5",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r13": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "6",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r14": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "Instruction 2",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r15": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "1",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r16": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "2",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r17": {
   "Name": "Form N-2",
   "Paragraph": "c",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r18": {
   "Name": "Form N-2",
   "Paragraph": "d",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r19": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "2",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r2": {
   "Name": "Form 20-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220",
   "Subsection": "f",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r20": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "2",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r21": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "2",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r22": {
   "Name": "Form N-2",
   "Paragraph": "c",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "2",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r23": {
   "Name": "Form N-2",
   "Paragraph": "e",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "2",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r24": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r25": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r26": {
   "Name": "Form N-2",
   "Paragraph": "1",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r27": {
   "Name": "Form N-2",
   "Paragraph": "2",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r28": {
   "Name": "Form N-2",
   "Paragraph": "3",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r29": {
   "Name": "Form N-2",
   "Paragraph": "4",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r3": {
   "Name": "Form 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "240",
   "Subsection": "f",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r30": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r31": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 1",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r32": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 10",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subparagraph": "a",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r33": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 10",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subparagraph": "a, g, h",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r34": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 10",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subparagraph": "f",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r35": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 10",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subparagraph": "g",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r36": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 10",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subparagraph": "i",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r37": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 11",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r38": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 4",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r39": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 5",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r4": {
   "Name": "Form F-3",
   "Publisher": "SEC",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r40": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 6",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r41": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 7",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subparagraph": "a",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r42": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 7",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subparagraph": "b",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r43": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 8",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r44": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 9",
   "Publisher": "SEC",
   "Section": "Item 3",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r45": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "Section": "Item 4",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r46": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 2",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r47": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 3",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r48": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 8",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r49": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r5": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r50": {
   "Name": "Form N-2",
   "Paragraph": "2",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r51": {
   "Name": "Form N-2",
   "Paragraph": "3",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subparagraph": "Instruction 2",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r52": {
   "Name": "Form N-2",
   "Paragraph": "4",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subparagraph": "Instruction 3",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r53": {
   "Name": "Form N-2",
   "Paragraph": "5",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r54": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 1",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r55": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 4",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r56": {
   "Name": "Form N-2",
   "Paragraph": "Instruction 5",
   "Publisher": "SEC",
   "Section": "Item 4",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r57": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "Section": "Item 8",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r58": {
   "Name": "Form N-2",
   "Paragraph": "b, d",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subsection": "2",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r59": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r6": {
   "Name": "Form N-2",
   "Publisher": "SEC",
   "Section": "Item 10",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r60": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r61": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subparagraph": "1",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r62": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subparagraph": "2",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r63": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subparagraph": "3",
   "Subsection": "3",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r64": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r65": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subparagraph": "4",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r66": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subparagraph": "Instruction 2",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r67": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subparagraph": "Instruction 3",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r68": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subparagraph": "Instruction 4",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r69": {
   "Name": "Form N-2",
   "Paragraph": "b",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subparagraph": "Instructions 4, 5",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r7": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r70": {
   "Name": "Form N-2",
   "Paragraph": "c",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r71": {
   "Name": "Form N-2",
   "Paragraph": "e",
   "Publisher": "SEC",
   "Section": "Item 8",
   "Subsection": "5",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r72": {
   "Name": "Form N-3",
   "Publisher": "SEC",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r73": {
   "Name": "Form N-4",
   "Publisher": "SEC",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r74": {
   "Name": "Form N-6",
   "Publisher": "SEC",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r75": {
   "Name": "Form S-3",
   "Publisher": "SEC",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r76": {
   "Name": "Investment Company Act",
   "Number": "270",
   "Publisher": "SEC",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r77": {
   "Name": "Regulation S-T",
   "Number": "232",
   "Publisher": "SEC",
   "Section": "313",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r78": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "405",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r79": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "413",
   "Subsection": "b",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r8": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "1",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r80": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "462",
   "Subsection": "b",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r81": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "462",
   "Subsection": "c",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r82": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "462",
   "Subsection": "d",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r83": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "462",
   "Subsection": "e",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r84": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "486",
   "Subsection": "a",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r85": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "486",
   "Subsection": "b",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r86": {
   "Name": "Securities Act",
   "Number": "7A",
   "Publisher": "SEC",
   "Section": "B",
   "Subsection": "2",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r87": {
   "Name": "Securities Act",
   "Publisher": "SEC",
   "Section": "8",
   "Subsection": "c",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  },
  "r9": {
   "Name": "Form N-2",
   "Paragraph": "a",
   "Publisher": "SEC",
   "Section": "Item 10",
   "Subparagraph": "2",
   "Subsection": "1",
   "role": "http://www.xbrl.org/2003/role/presentationRef"
  }
 },
 "version": "2.2"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>23
<FILENAME>0001387131-23-003224-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001387131-23-003224-xbrl.zip
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M=*[>__JV4J^X[W<WI^?Y]_]>=;KOWE:<)_M<#;Q[JZ]PEG@&<'1O<\EC6GK
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MM*@Y>?-0]?A.WL"TTN8!2T,(=ZKE4U3^9\Z7U?G_9^"?_P)02P,$%     @
MR(%I5@V%D U7"   A5T  !0   !G9&PM,C R,C$R,S%?9&5F+GAM;-5<;5/C
M-A#^WIG^!S?W.827TBL<]":7 ,T4")-P-_UVH]B;1$664EF&I+^^DN.$0&1+
M-@JCXP.09'>U^ZQ>]I'DG'V>QR1X!)Y@1L\;!WO[C0!HR"),)^>-K\-F>]CI
M]1I!(A"-$&$4SAN4-3[_\?-/@?PY^Z79#"XQD.@TZ+*PV:-C]BFX13&<!E=
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MGXN^32A_7_U27X0MW_D?4$L#!!0    ( ,B!:59-+".?=PL  %Z)   4
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MGK.LOCJ6U-HE!F=)%[5#DJC\?P_\FJ]1BWF^2".&-^6RT>K.<))Y:( ]V'!
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M)E /K3S \C#ITPB-G<M:)AQS3#T ,R?ST^B*?9EH C7?V@-<\Y,_C;;H,+H
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MT $0C)*S]E >%C@ V>RK)["X\6**G:<'@-L5HO%WO5/W549/[X>;;R_E&7N
M<F[N&EC7<E)=::!A'(C^^$8J6O8*R>ZF_OC8B5XND@>4E"M,\^58KCXQ+L:R
M567/,:?J;&U\(*#(P0/T"_/7(#L6I]MK.EU,8KM'UXH\/("YN(#MLT*N&Q5$
MGM%*'DQI&\JX<74W.GF MK$&#;ACX=F6_?PS>@%U'"6KEKKX4W@+KMC# ZB+
M"] XN]ZCN[,OYYFI':OR[- ?/S)AOTTIS\\#S&W*T,@[%I(Y0R>/WZCGGM]\
M6T(),DRA_.7'5)FFS+%<+9HM<H'\=L8,D?PES%"8YLOU;N&=9-(<=G(J29=U
M(,_8LJY+D^58..?,G/0)YK)'5):[9\08JM%TG&X_\TX"PW@4!1S/UVWW9%J\
M6>W8&'X18U629F=/7.=_I5'ZB?JEOD96OO,?4$L#!!0    ( ,B!:5;4^D,N
MIS(# +#<(  3    9V1L+6YC<W)?,3(S,3(R+FAT;>Q]>7/;.K+O_ZG*=\!X
MCN]-;M$R=XG9WI.WQ'/BY5E.SLRMJ4I!%&3QA")U2,J.Y],_ "0E:E\LB2#5
M.3.)+9% +S]T XU&X\/_^=5UT2,)0L?W/AXH%?D $<_V6X[W\/&@'[6/:@?_
MY]/K5Q\Z$7V./NN%'P\Z4=1[=WS\]/14>=(J?O!PK%B6=?R+/7,0/_3NU]3G
M5%E6CO]Y];5A=T@7'SE>&&'/)H.77,?[.;M]]NW@T6;@.B./LD_23K3CB:;I
MMZWA"]F'S>/XRY%'HZF/&O&C4?JH$_JZJE3GT1$_,7CAUZQG%48SY9#\\^3N
MZ_#Q:/KSPT>/HP![8=L/NCBB.F0M&4>R>J2:F4:.0F*/-$1_KSSXCPO;J1UI
M2MK.A')&.65?-W$XD'B+C(D[[9-^0=]0U?1!F[2G/TB_&'GPH>4.'GS 3>*Z
M3L7VN_P91:6$<J 2W*+_(O;G0^1$+OGTX3C^EW[;)1%&K(DC\E??>?QX<.I[
M$?&BH_OG'J7<CG_[>!"17]%QC.=C]MYQTNR'OQT=H0N'N*UWJ$&B]^@:=\D[
M]*OUZSVZ/.,__)#5TQ^GYQ>'ZADC#!T=+?N>IOV@+/[(L/8C96V%5O0:>TN3
M-=D:_+#"ZX;Z@U -4>KI_\X]*KGG4RJ2 +N77HO\^IT\_Y#I*-:JM:J\"EF&
ME6FWWB5>B_X_NG#QPX\V=D.R0E-5_<<_S_[YXS9NZ]^GKD-;"O_].98;NNA[
MK?#?]QV"/I]]Y;\A^AC[Y=],'O_^2]7H[U0L->/'C^O3QMV_J=3I)YX=!C]^
M,&FK:H5VM )%YLF/;XVS'\J/9+C'E-&/5FE#_='HX("$/]0?W+K%C83\LU7:
M.6.TW"9M:1,DO:QQX\<=LP\_]&PSO7Z0ZJ_IMYY1&#V[Y.-!FXZF=TB1>Q&Z
M=[JTGVORA.[\+O:D^ .)=A0X;3YN6\YC^E[+"7LN?GZ'/-\C_$OGUSLV $G
M1C;_S6FUB,?'.?N5/GC=[]*V['@(_XKNF%&Y"/PN4_F13/]G1?[PYP/D4>YH
M5\1Y-Q7D!Y^&*/]P/-+%9GH=&0('G_@8F-/118!M9I>3%JAI?-<@GN,'#6+W
M R=R2%CO^GTO.IA&BW(DL__QGQ25VO0?=C^,J'UA\B?A^6F_VW>I7A_);4#:
M) A(JQ'Y]L\KTFV2X  YK8\'5/^JPY0NRSKU+7W/B;N@D*(&.GSG.=0Z1T&?
M:BSE(R5Z<XS( T;DC3!2S8D1Q4H9H3]M@I%:7HS4!HS4-L*(M5%&;OH1FP>R
MZ6S"S?.U'WVA1BZVC[L8+8::82GM=O=<;7CH&)H(7&UZ'!FZ$%QM>% 9QJ:Y
M&C<0E]ZC[U(3@8/GKPZ=6;<H<=Y#3!Q=3Y);$GRC!.QDN(V9PEOA&-[T2+0$
M9WC3@]2416=XP^/75';!</V1!/B!7.'@)XF^8[>_RU%KZN*QN.%Q:AK"L;CQ
MD6F*Q^*FQV)U%RR>^C&/.QR!U9U8U648V_"XJ^[$>B[!V*9'6U45A;$-C[&J
MM@W&SIQ'IT6\UAUQO$<21BSX4O=:ISCLW/8#NX-#<D%F+)Z2 ,[PIY3!],U[
M%CV/NYS!E"5O=&6[%6X:V%V&$V4=3HY'PG:,L<%4*HR?8#L([T*^-42;1GR_
MYUTG8+T\M-RC-!9>^16V#I)OH^<>E4?H='LNB4/U24^C;<>]A3X53-(9?8P'
M,-\EXN$\SHG<I5L*Z6N$!PT'GPX^9SJ)G+9# L0Y(5.W74XO?Q\-,(Z_/.SN
M>&I_26\].KS\UB05=,491&<X(I^&+*0M#;^;>(W":<9+Z3?C9(T0D'Z8B'2A
MG-785@Q_2F%XZG>[OI>U$'F)?RA1\L!&6.:+Y*L6)>97SW5L)XII12V'/AGO
MI\;V-%[UUW\YX<$G"N1W$^Q].)[:4I:*X^ED;  >B>Q7@\?82UN"1SH-4*<Y
ME=,%3J54D%F*Y9QAQ+4E'HP63),!1D+!2%D'1LH.8+1@40(P$@I&\CHPDK</
MHT5+0("12#!*M;42C%+%;A5&"Q;< ".A8%1;!T:U_*?8B^(V)831 I9ABKW&
M%!M@)!2,BCK%!A@)!:.B3K$!1B+!J+!3;("14# 2=8JM5 <PJDZ#T<G^P6@!
MR[G"J+H.C*H[@)$Y@)$),!(>1N8Z,#)W "-C ",#8"0\C(QU8&3L $;Z $8Z
MP$AX&.GKP$C? 8RT 8PT@)'P,-+6@9&V@[C1S'2V?<*/N, 1-P$M&[>FO4$"
M6I'BT5QAVX:'/H"'>:3) (]\X*&O P^FL&W#HSJ AP7PR T>U77@86T?'HH\
M=5,4X+%3>' MB+?9F4V]@+E'P5(JMC_W4 =S#Q7F'GG"8_6YA[J#N8<ZF'NH
M,/?($QZKSSW4'<P]U,'< TY6Y0F/->8>NSE9->/@'60/"Q@^$_B WEP8088,
MP.A%X?NXP,>=$Y8 ,8R+(5K&.8/P_$K N*2/!B2,[FB73(B?B4<"[+K/9</)
M D8!-BO"INWRXM9E-"E3F -XK.9N2/! @GK0=")6[Z:,()G)(D!E):B<_]6G
MS)81(>.< 3!6RS@9!B#*B(ZI[ %$5H+(Z,*PC"B9Q2$ 945;XCV2('*:+AE6
MXRLC7A8P"K!9"387SB_2NO1LOSLFS;!LN%G$*0!G)>!\=9I^4$;[,L88P&)%
M-Q3T_(#V=^)[K9+ZG^D< E!6 LJU[UT.2M%^#G K8Y7+!IG%O )X5@+/M\9G
M5F?:8Y+(5'KW6J=T'>&P +CC/9SY3]X#$W89K="Z$@"@K02TAO/@44W:V(N^
M^"Z[EJ>4/FTNFP"9U594?D"H.,N]")_#),!E);C<T6E!X-@1:5'C?>FZ_/*@
M\DZ%EF(7(+2:D^KX0<0N8RBEJ9G&'0!DM5@-B2]E*2,\)GD#<*QF/7K$=K#+
M(Z%WQ*4=M^[]X7+5\<YHMX\\2[%TWFAUW@%<*X8#^RPIK4<)+64"Q'3^ "2K
MK9BPX_8#<M.^Z$?TWY#E#3AAR*^48G=3>1$/;+@$!W1E>A,\8,_Y#\]>*^6$
M9R/B  BNY@2?<*^48!IC#&"Q:BSG"0>M)-IQV@_8)7'/Y[_8*'P@I[0E=FE=
MZ:9%*[$-D%H-4JE13X1(3?E-CQMOWTN^*QV<EF49H+02E!(AEM%M3; &T%@)
M&IEUZQUYZ)?W(,L"1@$V:YRA/'-"FZUKRXB761P"4%:+*/O>PST)NC?-/XG-
M1M^U']7I0K7GDH@, VBW@?\0X&[90+0.]P"P%2V1AQ\(DT,YK= D=P"0%6<X
MML-C8OBGXSW4^U''#TIZRFXAJP"=%:'3HQT2SR8WWN_D^98$="'J$;=\N)G'
M)X!FO:EQT.=KT[K7^DS\GN\ZD6/'6XAEP\_2+ .45CL/3A_VNXY]_DCBO9SR
MEJY9R"I 9\5LP33&P0;C( .<5WYA(BYIE&<EM@%2*\Z&2ESG9@IS (\5<P<?
MG+"\ )G*'D!D1:?D.IBO,AK4'#LVN0W\1ZJ\H)1;4\MP"P!:+4OPF0HGK9)9
M1LS,8!!@LMH2G.W:>*V^'=VTS[L]UW\F_,CC37L?[,XZW / 5BNVY =1VW<=
M_[X?>&R5448<S6$2X+)BA=!TI^_,<?MEG2'/XQ( L^I:"KOW^!>UVDE$PP]*
M.=]9P"C 9B78U"FS]_@G8<::.WDF]M)EB<[C$@"S]I&^>Y]5=*"SPIOVM1^5
M+[EX,:\ GDV AY?/8Y7EA_4Z.[B$R>IKL0\0VYA]HE.&_4387.X!8&L#+)%L
M1M)[A*\EF0=X;<)^)?7.2P^JN2P#E-:] J#XD!']BL7BP2,S[#*CKM%OAG;@
M].)@W$.G?">05^,;0+7:-D>?E9$(R7V O1#;$:\L473\3-J>F6P"7%:S0=@M
M.U2FL@@P62V/T&&[SUXKO/'&UAAT"7+IV6Z_15IE!,\*C .DWO4])\;3M\;9
M! ZZ!(?]@'QR0E]7E>H[^DS:6/K5:!>LM1GMQRJ8V44B!/[0VGU0^FYG]-/B
MJ)B4+7OWNM\E =L3F\3?"C(8IW%:JYE.SPC+Q/<6=;M8+N/]3FLX_7Y$"DL(
ME-4M]Q?HK$=_7%)C'XZ=7^\H(SZ="I"0?<0_Z1#<XJ/NPS$ED/[+_OL0__BA
MA\+HV:66IHN#!\=[A^2#3__U=\64WW\X[O%GAX^T*<+?(47N1>B>FHD079,G
M=.=WL2?%'TB(7?7<?H\&C=%'Y?>(C8LC[#H/]".;L#3V@T\?PA[VLBT?M7'7
M<9_?H7I Y\(2^D+<1\*.WM!6J:\ZXDT??/IV?7E_?O;Z5>.^?G_>^- ,T#$E
MLW%^^NWN\O[RO('JUV?H_)^G7^K7G\_1Z<W5U66C<7ESG3[Y!PX[CO<0^93H
ML\II!:FRH=,1S\CY)"C/J4)$IO%#\]/%S=T5I8LWP.#]J_7KAR7+/TB+.$='
M9[[=9T;^_KE'?MC,V,H:]:<_!C_]Y\_G*_<?C[]NOO_#HNU1Y'J^QX>Y8Z/$
MNMZ1]KAOCOSASP?(P\QMT@[?9?L[^'1]=-JXX\-AV.BG@42;G\06;D$ <'I^
M=W]Y<<F'YY?ZW?F7FZ]GYW?H[OSVYNX>W5S0GSY?-N[/[\[/T%7]NO[Y_.K\
M^AY=7G\_;]SS'^EXO:U?TV$,.MD$C<-LIM>O6,4&[#VCNAVAMN,2Y/7YC&^D
M;=YYB]CLRA\Z"7R'^A[U':[CD93A67_7%.5(52S3FO_8_+^9CTKD*;)8IZI^
M>U2F0HAPDZK-)J[;PRUV;<7' _F _TX)L=/?5R:AZ0=4QT>V[[JX%Q+:<?+3
M>_3DM*(.:T4^9-.4#U&0-L\O);2QFQ(;^;U1ZEW2CN*IS8>HE;Z5M*?6#C<F
M_*@UWDG"3]./Z$+M'3IQL?T3*50.H>\ZK6DR'C"JZP/"A@Y,21S8.5^,W+$C
M-!%=/4?7U-5,=V1W%U]N7=OQK;YVL(XE?:GKFT;IP:?[#F&2^GSV%5W083W3
M&4Y*=#MJHW\%+P'5]A"T25OQYOP7IA:7*0?Y;10,E()PB$(6^*5K]A9R/&33
M50CMZNT4PK8@]6-N30IC74MO6YF>UQD(4P>JL7'[NBD+:S!NQU>=1Y2_=TQ%
MR:]IP_+Z7-QX)+OL7_QG<-$A.N44C^!OE8:6^+,#_N^>B;0:W0S#__(#JDC9
MJ,E'BJZJ&1E,!\)V\):8J!>-B&W"?Z/NH=YJ!20,F6_H!8YG.SWL(O*+V'U6
M:HU^W'9L$KY%;_[7Z<64V'Z+3#B)+;D)%E0"1Y%Q%+OP1>#J5G!UFU]*;'8Q
ML7U3_P^_XZWHZRKH!+MNP5W<9]RDF'56(YVM?"AFOWX]+3CW,,'9Y01G*RO?
M_9C@L. #PEX+X>%,!S_05E';I]S'I[G+-9_9IB-//G-8J4/:IEHQ'*\@4ZAU
M1_H@9/)??Z^I2O5]^/I51%S2Z_A>&L66D,-3#^CL!>& 8#Y)?K=\;%LYJLGR
M$;4(1YIAZ,4-0@M&(\N>>/V*#OBV$U+;AIX)#A#Q6BMHYHS8<6:*IH!:-JV6
M@- I ;L['<4I+>OI14*JG/&E(G.^"^W\V0\CI_V\/I$7?M!]_8KO6",GI#,!
MU"2H'Y(6:C[3CM-BVM3DI;M[U-RQS3V'\*?Y[EZLVI N1J(.BCITUC>X6 UY
M?H38]8\!_8)2J,BHA9]#A-OQ1P0Q:QLF3U-CZU,F?/MG)\Y,Y@[<>TYZ8$U$
MC,R _-5W DID3&_21!3%GXPTP&&$[OJ43$TF1TKR >MYN&.)LAN6?OOU*\72
M9?1&J:+3BSND5N4*?_=M!=V/<M?%STQ:O#G'HY.,+D<OZL458UJ(_LQ$C!()
M>\B)&/GIR7T)M:BU<GV6:D,_?G3($W,O+%;/VJ&S3C:;885A[><N+U*- M\E
M845P6!4"^_77KS);)&.P2O0RJ=KA/@H=(4/=2GS>.0;^)\=U*0L_62NT_1&$
M])M4J154SVS3O'Y%'V(#)DL(G<?V?(__R%IGD8X8'&QL9%MD>W>8VDN^P9,!
M7=]SV528O<P_I9SU7#X&D<TO((O<9_1(A=I"-SP"R,WUL) ^9^RDWWH@$7K#
MID6J_/[FZH3_I+Q_R_NEH$QF1Q5TZQ),Y=:B#-C<6K!&0O:830*/09B1@FW:
M.;:?&1?C(A[R^/I5LQ_0V2>B ]7IL@4EG]W3D1KV'Q[8A[X7\LD]E5;?3AM/
M7J(B:Q [(!%F(VUX%SIO)+UT+:,O">F&C"Z<-C5CC2@@))+0]1\2RN1QO7YU
M=AJG<1W)IFS%!H%* W5PF Q@IC:F[=F:&IH@F]TUR6K>I2J/946?UW7TK=)@
M26-L+%7?(\V0J[L:]J-9>;2?OQT=4;D0EWKM6PJ+][2QO_JL_CGM\SU*[I1Z
MQSIM)"P?':5KJY;SN&R$*[N"5]1>-+&(-WO19)R+\Y(E.DT^'.^^1TD_:M(I
M^\^C)J'JH-1C]XD.A=&>S<UTG)'9,1-:+)))I36IIUI=<XM2)]=M]3(B7:14
MT%WBT]D8ROC3RJ;[&^-B2P'C3%1X5-?R%%USI<X/E\09*N.A&[FBQBMD'@68
M_?6$OWHB[,S5.VK[J8EP#SZ]P2-!BNGAB?&7F"6Z2^9)5&DLSSB=!%%KA*,(
MVQUJFSHD(&RB5ID(66PF7+% KEE]KQ*ZFV7Q:ANAZSVSUG[P#OU=.:/_G6QR
M)? >\4=#YS_4WJ@QN)IQALPP/V9Q!J*R(4:WQ)BBCTA1513YA#-:][P^=E^_
M2J"99;6YA8ZY^AC,:JJB#F>@3=9;FC"\!49G+U$WQN2RL^H- ,7<X8BPD@'Q
MYE]O_7[P^M6@BF)V"GI/<'?:(!FZBZQ[&'<?Z\J'A<'I%*$?^0,/8C(',F?[
M,7DSB$TS>W5!,F,L\CF;CJS#::'9A,&TJQI36?I93'B-2_;E&JIFL.=T'U 8
MV!\/'EJN9X>!HFH*71#(2N7/WL,!G4Y%'P\.T/%$AM]66)M%C#I.S&9ED"=K
MVLY86YPR.1.Z:S,^_(B;)FUS )[T$-3D7.' \6/J_U%!R1ZOA$XOZB.V9KEM
M*S%9_,.A+(4Q^5<5=!+T[9]L/[8D[+']&@\/V+MUZ%+?'^<N#R1OD6OGTVG'
M(>V8UDP,,P[>4-TZ6]+M5GD:N/U$F=SW%Y493CWM+B;WC$?"_ EF7H#+?)Q_
M\11QTD@2-T[\,/(]=,IB<@^DH+ ZJ2?<7- ): =WT3?/H9 )G>BYU-@2CR(Q
M\7&5XN.K_^R[. ,/.JGIT!8??, )X.33U<"04'O8[S8=C$[ZH>.Q;:*&W?%]
M=Q9,!A'"K86G)LC=0/!D$'.CDXN;?C 2&Y5V&7O;&G,[BPQ-A!"3/:.Q5#&Y
MHKT@5VR"P4G)40_X^A7;04O3?$@+I>QOO,]%,;YM,2G%+'J$'> +Z=^/V.T3
M].:Z_OTMBOP(NR@@43_@&XPL_)_&D]$3#M$;N6*^/93B? VVF<S3,_#$BTK%
M..1;J#PGXO2<SI7:=:2A*TI>Y_4KM@N)[@->#N09G; =[4LJ[E_QUN=(8VDC
MC(0T?R[9Z':?698&TU)< "6FT*Q8;P_CAD;>H0RR+*'XV=>OV+._616K)J&G
M#DLX89WT KK:27>/9W3"=_!;"$?HMVJEIK-L#/;T(#N7[VP-=X+?7/^K<?ZV
M0L<";9'MV&F,I=>OF'%FFYJ44TH5W\=E6[:9+=V%&[.%'7I[:%O.O1@W5/%!
MC+6VXU&-TT9I=SB*-^FS::#L&59&J\72C/AF?[HJIX]AOI^_*^/T^M6NK-..
M,%]8)&]S)I,MMG'3_)/E7#Q2^_7-PQ20$6F]A5G-UBS/%AGFF\*CWC-P**W/
MV?Q+?Z#O.&$3VQV'T-]P,Z2S^8@DWIBEF]$)0^#X_9#Q^Y.P9"PO]F1QKJ;?
MCQ#Y9=-I/VLM<,*?//G1QCV'>O6A7X[SV$)"?F;[8YF,0UJ:*8T\PY=3327
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M\U.!J\AK07=4K)OTGR=]A^^,<9PRPQ %<0;#MIV-LH$)O[AAM\U.<1)SO:M
MC[+"7&[N[LL\^I:*L#?XINM$B+W8FOYT$OBXQ2[3W<F<SH)AEA7^/2N^L>,
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M2QE4*0MSGQ*XEV&_56&TLI_>Y0P_A;Z'/A._UWD.&0C1J0^^9!L&J*I)9M4
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M]D @#RRTG,!NCM.EF+JD5R&] ["S#G9,2;7$G:]!]%3$F#:D=T!X#0 ,FA1
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MVZ7MSYUM-O1&=]'=^>6X.MY\P]Y[ E#N4$T8\@W*ZYZ8DEB8C5B/S?;?B^+
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M)_=:=%N-R\.J2;W;ZX#8WKYP<ATTYA)OTA1>MH6'_RH]Q"V7F0$1\@A6YZW
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M ?]5H:^*)4^.)3&<UF_H_4[%EB5CR[EH-?)IQ8$GQX&&7N_T]%9]NU*LI\J
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MM7 I5].N4 4'+(S=2$_/7QS!V$?U'8<6FT2."/8S.&-_[%@ZO (8!V-(7&:
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M_LCNF:LU:T>$E&,Z17+D?QJ\O@*YANQGNN=G'SS@[#%Q(^K7=\C%<$[:_\7
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M^OPB;]F$>135%H_=\?IQ^#MLEAR-D,8+H2N6A21,7)>  8HQ")$37,M/(_
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MGM(O$X>E--6"NK]C6_F$V3,UNRJGDNKHU=$G$7G<8@4VA:>SR#7, H"+U^(
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M,W22O[!3$NO?*6.@KT?!)ICLPTW@C&3LE$V.H3::WFYLP4@_UOH:8G9BN5,
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MS[ZMKWU^;[S_<G)H'/UW>G1R?G2^L.;%U>;V,W0OMN_>N)Y[ D:I#^8(JNP
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M887DR.F;MJ5>F,, <-04K<=C[-CW"E^OE2ODA.71>].3?7E2W^*E=F\L6Q!
M+&]0<K;  *Y*XW^SF<9Q-%Y^8W@FL-$UT1^!>&:9H0<B&_XF!VK-L -+DL<G
MTP=&4VN2BV6;G.$TQE&4B"MU;!<HS292['L^3Z/D^0 \)8IISDJG4$_U'Z)$
MV8U^&![K:U,#A'OVDX_>8J\L:$Y]D&\N-5J36HRJ<%2)DV6IRKQ,1V<V>6U"
ME[*,-C\_IR>UV,MG%JE.N@MR?':>Q_$YME9?)>ZFIVKDYF:>G'UUG:^??OS]
MWUZ<FSFOSG&C]X+67+WQ5E:&JJ_09T1KJ3D2* K_+^BF-F9LCG??#B4PYI7?
MS=VQN4(C=YYY(LI[#R=.&CV/QG7W^H[ V9P4+>WKX_?&S#PQ4T:K'""@YM*S
MK0IXZXIV/-V9 V]!$''#$8JSN3R'L&?2)!96RSDNF1>+=+V0ID\&47H,9\D(
M1&S#GMG!M?'>;(/ Y"V?X\1/P-@#.9><G#4!*76UM_*/ZVOX&"6]_"F3=& ?
MJ7YN\H&/,I)FX -#DF7%\>(I!A5)+G-T9R+>C>UCJ;HBC'N$^ECN?]FYZ=U\
M\'=Z+V5(D>"S&F FP:M]FL++=JRD/YQ3Q.2&N5XXP=CXI5JJ@#FGQ;:)"#77
M$LX/#J(>C_/>?A4'ND#=@U?;7MKJ+/\_2I@ 4L(OL<4:Y!$VY1&H3%)E!"<)
MJ3+![31)>CU/DE?!D$R25><]=&C)".D%S["1+ZSOYDY]6/[*([G_O84.K<A!
MN-8?5=[K-Q":$^?L*.-[%B KX*P65.H%5'*@LEU )8^"*J/!\H@ZT$55@>5X
ME$CHQF6>QYAP#IHOW\;T_^:C0VR;[A[DJE,(M4KULM^OC6CE?B_,>_>B]<[S
MG>O<$.3B!W6,K%7,.\J<BQ1K<8GBT.B,\?6)T_;VSR6ZY-;RE6 \:E -O7K^
ME9U>=*[_UZZT:Q>[RW]E=(Z%CSFI[BW\JAICKVH[_ZJ^?+=ZE7^N=W>/\@/\
M2W=5VXN^JMJXS@1SNJK=L5=5'<$)[=[NT8=/_>_F=[$:=U6M+/JR&M7:V,L:
M*F^><Q'NHL;$IRM\E[@2^KFS<HI2Z,>'%/_?"E8\*0]5T"4O%%8FM-";S$Y6
MC,]A(-$7 68<**=R)Z+YTTG5QP7YM*2O:Z;JXS@T0<KS]*U25"P1]GWK*M\4
MHZW9\FYFJJN@\=E!U"/GG,SU4'ZR(?\7OT,6E;:[E'K (4]X$@N.+#O@^A#T
M3\^R#8"H+ZM7.><D'AO.M3YE8Y]]>+'W4-::J.05ST\EDWC!3% @"%AEXY/G
M"TRJ*>4D3/'[5::&S!$9LXL9RYNZ@S[6[!"9HV-3OB!UQQ+-GJO>I8A$Y<9/
M;68[,0]0%7ACB9>2#\>3]RWP(%6^S?D":33 U+QVY!!G*G&N3TP=*DFKNE4R
MZO#_VUM$J-7*%D4].0,KR.$=<0 ,DQ/8F1\8FZDH*J6"$<GT9:%?P,^^?K.^
M-C22<F><R3[KW+488)_=&%P,K1,O/)9@4M/8HNBV>G.Q>UZM=,8U"YK5 $]^
MDMNZG&%7#[;]&J-4U)(Q!/+Q1ER^O3TWJ%\<?SG]N_K^TZ=/8_OU/\"&?A;
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M$98 $9JCYJ 5B/!S(0(:1P4B%(A0VZT4B% @ B#"WJAAN<^%"%)A_C4T6XZ
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M!85&&1DZRA&_E=P=CB6G$90SDFZJNPB'^>'HICFJC&>AI,'-@V= 3%_T?1$
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M]Y5"6YO/+5.X4?E8DI&VO-FI_=C2"7'Y,=BA/6ED1V N86 F:;K@],T:4P%
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M) @/[GQ:$]72X51I(H"F1\1LM=R=6-;;04B2A.R(E[1PH>9\Q:B#JEC.&('
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M!!C&P7A> $<0ED_(HM$VSX"GH;P<90JJF6B/R-<9\N"3IPHD1RMX"11!%>U
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MRAL<H3&R_ F[NQG#"-7?E"N(Z\VPN*!EUW_QP+'CE5--4BT$+BF5D>FM:+T
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M,4\3A,WN+HT<;:PBXJD;W9;02=G=T32)&W\ZCYE06GHR.A/?$ #B]A8 T05
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MO&PI:GI#%Y"Z0"2/Z*&C/U:SI@9/P' 0GEA#&_2$+N<%'<=CVNKN,8JEHA+
M)>C6>3)W:S==I.4)RVT,;GBR3K(G2^)D960A E=J+'>#1[L^81OR2>HB.$[Y
MI2Y(QG\Q-VF>0![O?]+\+"N+G)$V[CFR*JF _R0A0\(DFGTNW SK3!G;Y3$G
M(I-&NOVUF@HE5NQ+!&=5JJ^,?^ L3C-F19.*4D)N2A=XNV6(1(FMH:F'@]"
MHE'Q')HB1.U2)D03&C,+E8._FJ2DLAA815B*&*03;I D]RDA)8$_S1AEZ7 L
M*=J@G*?*9:J=W73[8VQ>KYE.8*K.(1I1#>(E&]Y\6+=TGG#M\=><7#%&=O&[
M2V"ZPCF&;^T?[9O5%MIFO4PO64[L?$H#@'\)FR#4JD?-Y"2MA=;%309,?JJ'
MX').IH+0>7)\+9-*R^"@L?34PIQM9BPO?S[D,GG/9HB724M^TD]_GS9.1')
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M.6VM8;(R"O;OAHN!Y"A(-P)"U_0:*:>SM\KP2$4^D>HG)JU5G^A_ ](970E
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M]S[9RM8+)9$P2;E/.\6C"8_I>H.(XI71DUGUP?48FBUM[TD=;B\VU(O.N%D
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MC%NZ3<G$PG!$B2J<5<TH-S=6)GDQLLE)0G&)[>G92B5_TP;V)=QUH5 #,.-
MTT%K3,JDX+B1V<3$$<E*"7M".T*,2V#'C83"-6>T@@DQ-^&EO1++4ENC$@)5
MPV1CL<>#']P&"R'2'H+)=391 HQI"@K,2AZI)-'R$L^P\)!G!$?2(D_L/YY$
M3$=MBYJ1@&!3\2"9D#5T1-@^=FJARR:I#0-#L*(A7OOYG4%J:FO5"3$7&?56
MHC#R\+;;_9O>[B]\ N<-I9QIU^.TL\GK@+5@C^MMJS?3I#,2OY:5.-EK[\8
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MY84">&6EM1K?45-C)V9)O\)VZ3@S+0HNL]=B1%+%N>_T74*4>,3@;<WRE
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M]\!U>D)449Z%6>R00LE FNFC0)39*:63 V#.1D]CZAYW)6+."4QM%3/'I:>
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M8MPP.P5Y.F]A.BZL2G6[[]'N<]_S':5^KSKS,?'&B#KMLWKLMC\B8T;4._,
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M4;27PM?& &9S9JN/R"*LB>^.CKW_U75"5@7Y,OF= '9C OOPWT%V2I)YG@M
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MQ\[QFU'J"!E\Y&2JQBL9HBZO&N.P;:%+_]7<CJ$P$AA%HT9V<#V.H_FSL]M
MH+->N+<2L0%0EQ-^24[S"AD#MRPE?:/0.F_@T+$2.$/.0/N<;M IC;3:0I+>
MR+R44!^I(&40>J;ZAN"^IQ,;+RT,OJH/DS(_29B-0%@8P6FQ;S/-_*/,E!-T
MC_R/JTWD3Y55^(O7K/N:J>G+S07SS7R@?>XW-&$?CIR/$SN19FZ5@%A@"$64
M"02?3*2T/A8%2:%_2%0 M!MQH(<1;!!"FT<_DR4J?Z@CAINS.MJP\Q/6BQ 7
M=FA*BGQ/BQ7QJ11S6X<C%9[6\!C,C[-T8E%5U'](YT.M5._,X"=U7()@&%8M
MRIH#'6=U3O/TPQ(3ZTL8"<L[$LT'KC;2JR13W+@_-I-E']F,FD\IH-IBE,?2
MJ*R5G'\N""XHB@A<4@R#)I%*RN5P=BL'T>0T*2:!,*5_ :7*R&IGWL.<))3:
M45FRW@D/3-@=.C[U-U@1Q-T,@2Y[V+>OHOT\<CMYD@LD-W57Q)()'=T#;[35
M#>7+C:J40_GOPSH3>1EXM))7T9;5**&0S.>%.\VRM.AH E$9-#:)F9J'V<T@
MQF,-1S>MQ'DV@^?<6EVUF7;'[4^]P'(3Q0F^Z,[;JV-!L(GH\3QC/A^^H8QR
M;^-Q5:?8GWC3].9#X9:PJ+DN+G-/ ZQ*6FM$Q^DWE?+F\"'VY_/:\33#S>9>
M-B99E2X*RM/L.N<4S2/%R_"B8^3KNQ5PJSRC0[5HP'UM-<*0J&/J4:$%W]Y"
MIE%ZA%=,J5(V$[G?F *G1>(3<=Y%P2H457F8T27:!ITC.M929&<^*?=L]Y\9
M--"(O!F$I&9CN<?RM_R B1G6_1*G^, ]VC:]2H8TSX+1=#/*5!W6U6*.Y5V'
M*KKD=]_7#EV><5O\R\DSKOI3<WC>$/#B148NJ7NK>V7Z6,S/2V.GSJR1]N"+
M(IUS&2@"HW=W_KCS<+?\\>W1PZ\:&'W%7<&!D2P)F-ID509A609^76"Q=&4&
MT=)T)&0C7UHN/J'+LU4 R2:#;-WC/CPW5W]YH(N'>OQT3P]UYW*SRJ/@6A"S
M%:!H?HHSF:(8L.VM:_+99X]?R+]=YPB!?DZF0.LQ<!_@>@;?;QETL3'3[PB.
M<GL#1^F!H]S:P%'."D=Y=G"RN/W7_NS%X^+!\[.R.5\B/,K=@Y/;O][]?7?W
M?O;\;7JQYWU1\"B/#D[^J'_+TM>'=ZH/DPT>Y?+A4?YU]T>U5[:W$!2RBPAH
M1R<+2YE'D3C0:G;4D4-:I<YY(HD#%VZZ^;4$:^Y"WCGBDQB;(;'2W$H)4?8T
M5)%\[H+=EKH4A4U:-1<*T3>-_!"D:,03(;XGYN%J,A?$D$N"2FF&2)12$MY#
M"=HS- QB$3GC_!4*W3]SXR.52X[ >1AA$3K#Z@YC_=*:_%"8'O#(B(YI03-$
MJ?KHT7+5891M@/*?7PJJ7I.823?9HDXF)338E:2(,A7,DH!N9F4^6C1AY8-
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M5,V@E!;M[3!:<E8OO4'$.Q Y& :HDCA/QTDLC@A8AN Z$QR4O<4A\:_L/L3
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MG%&O!%G,:Z&'@MTWLA^4O&3,7,-^D52GIUE2.!,^)I++1OO7FWF=)2FK/4V
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M^6(83! P,[VD5!:LT7*BKTY=/3O 15E+.\L1I3 6C?TBISJ8GLES,,J_L%B
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MR"H8JX&ICMI699SD Y".2 3\T/N&X'F&?<"TMMHCJS=?&.C.NC]8C#BB'.[
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M4W/B06_=RJ$/%43@BR@ AA>%U\NUAWAS$"_$+/:U:_X+BS:#\ZS9G)HI7DW
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MJ47$)L^$=868XDLO!H7J/ 8*S'Y2NZB?'"XZR=7(O1)-,%3&U)4"I<2</8[
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M<!-+PMMPL1H .2/T&>UG4^,_Q+*)[F6,$2)Q:B1ZS;_M_?'#X"BOM+)!\5!
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M8$%GA07=/3@Y.ED\_+M\T_Q\YQQX<R\++.C6P<F=Q2*I?GO\<?;@\&+/^Z+
M@NX<G/S\_C"[]?NCYLY_[F]@09<:%K0FW'B6?\S2U^Y2?J691,279XJ#[IU'
M''3ZP! :W3YZ\^[CXO6=9W='%_- ?U9HA(D.:*8#/U4.\C<!TS?$>!4^1J ,
M5<Z4O$\UOODUAY!02%CYCU#:1[!%FB37;'19"36)C2&$>SCG&N<$FP')8Y_:
M=U&3X+&>2P^$[S^R,*E3G^'%M6H15* N\PRM"AST$:<@0CJ*YX0\5X!7),TT
M\-*GAHU'HSWMAL,\)3@<<57CM[_>/-UQN_W8C;D>#M)%+6JD>9FW0LF<5[[E
M7<(A'A:'0]R%N;UU^^8@I3;]539\?13-BPH0PVCXIL'>AJK+OHGL#)[P )G-
M0X8&: FJD\?N\]HV"#2<#T&5 20@VL!O@H *RR(< 8;(&;WW+MJN=BBUU\"9
M;:GTM**41D_63>!Y[F5_ZI*:$5]1=-AEFX6T66-_P(2X2.5905RK>/UJ.';D
M N@_KRO!>#;+2;>WTCY5A-HHH?)^X*W%J" R+X*BH!(P5<<BQ3 #4NK$YXP9
M@? RZ[1PU:U=_BM1^478;?].MGFO3,_1[SJ__/.Z<<'MJF_/7N[O[G^8_G5!
M:2 _/R.-[;SQNB[ *10V<B!IMK>XQO4Z2)@&1\O\H_"Z&>R-Q3ER(R55VCE/
MJ[7U &B0(EY(-ZZX7'&??Y\$3%Z'9+*1&F7%KBMJ&R_;+/KVUA,+G7A%+&G+
ML,<B/]MO*)09R)5DF%!+[E];L181=;?R-:S0Q\:S*/"]FO%]ROE_VHPKS:^,
MA^2F7\FA>UA31O<O^C;:I@-"0Q Q"&W6P^X1P-CD1T ?2/AE!;789Q&0)5>\
M2IJ):&>K E'AX,R)8@[+B&J*RH[V:;&L(I4V9^LJG:UGRM\S<<ZHVZ) XS&_
MXA.WY=%1='MW.'!^T:UH9Z9=&++;D/_WS9T[#["[K%D?#L#T\C&G:J+;(/PI
M]W'=/Z6;9+L L"S1_0[ %+8\P[,(X%8Q7H+^!@1A!)\B(+][#E<L1^BWKPC0
M6%-#.P"1<ET0'4V=<O2I1<#H%'%/5D*.?O'IWS5B:OY73^.N%<(7NNAJC3%I
MP75X[B5D5"'<W@+GPF7?7U?CE,@-A%!J>^MWB:5>H_[9],EJN4U1C1B9&<=?
M7#-EJT_V>R5BK*2F"R1HFC545OYA,-4,3 YNY96B,Q(17G>3V^?6/MHS-@%U
MF7 B[/D$L6,Z[+DP<SH#&9?V\S*?+68N'N7BKP>FAJ9$3F6L^W%DP3R 518I
M@C$G+3AN"9*\?O$@-KCR"Z.JKJMC1C6'Y1NN'LA W $%-$5WTP5YP^TBTO*H
M UE'BVY!]_\EHR)OIB <DA*X2LC(<B3$3)1+[R5=OMQG2)1/I'N:YI-)/B9N
M$ LI[^U?[!FJR7@!;>8L!I?QXV4: J_, N%,CBK,3LZU<7<T=WB,EBK,FAB!
M](VYN1"SP-[9WCITKE-&2KB>M(U=J[ C FN.'OV1[#2ZH=PFP(8"QH,.,)]C
MWTZF?0P[@[T5+ =M\"3:U<M@#S)"8)9(W];> KB)!@IF)>1L LV/:-P3:.44
MHT?ST-_=WM+D+W.2D:-,;87L1KAG4#>*(KSI%\,!D=.C)T.@4*O3]%-*TK0F
M(E+KL J1'K)EXKOZ.<4_YY:='ENS2NI>9]WXY9%@TB%2@08[0[A5"XM:Z0>P
M>HI(68LNGO_E(HQ:NQ6[(",8]]67*<-I['A<H.#V.-\I&!24A%:[%(Z942HI
M*)F/5^KW9.ARH.>:KX8Q^XN(>X:T>62<U^/%S%G9\NK&!U\G+REI/Y,&/,>T
MY)>IO_^#82$K>;+XH[SU:OIF<I)<JJRD3T7&Z<FKF)3\ OS;G0W^K0?_=GN#
M?SLK_NW6P<G#^L?LYH-L_/RLI N7"/YV[^#DY>[C\?-;CX^<_WZQYWU1X&\/
M#DYF?T\/F_L_EX^?W=W WS95K$\W631>P=5[TQHE<6QB^BRZ/;>G9?U,&WHG
MO\\Y$Y\:X;1"IW)QG+% D,FO!&^Z)[O141N?)TM3UF 2\6[VULUM" UX4L8)
M0 33)S>,$ KNF9YB1>L'4I)8B>ZX(,'MO-R7W6;]PN]AW&BZ9XR.B\%,<X(M
MROA!I ONYT7N9Z6H <[W14N!!7 3LMA[T'P'4^SJ&K*"&5XN=8ESVBR(B.,E
MB6KXA.E0@>*QK3<1DVU(Y\2KXZ5HJ:&#?X#13DAP-8(@2GR1*<C]XAMISI_7
MALG.WM@$4?\,W,&UQK.'3G?. ]&Q.A@$3'^.;[T8O_K/D]]?W;^8_L!GP3AX
M<E<H2+IT1XQK&\J#R&_)E-)-HS0I!1#C/P>[7FQ J0\5-HO<]F+$/""L$6U!
M'D-+<Q##/]Q]N+U%X-$Z1V"4*CFC7$/)X2&I7+06#>()M+C@'#UP9_"&N53D
M,4!R<E\;[CK?;7@MOV[PG[[7,"(*$R:PSESIUKF6NZ^O)X.0(7;+HM"D&E5'
M2**.,E+^0_*.5V[.+X.[]RKE3I_GTD&OV-F>(5U1FW_99O$FVDG'TTJ)0[./
M63W.&9CA-JQ]W_HJW3D8#H13"UYFIJ> :5DL1!VR,8-FEA0%D>37%=0Q ?56
M/\D3;#*U =4#F.1HZ0>3KA]-)-/1/X;$GAMXM3V'&*/H.Q1R&B8KVU]Z5\UG
M&G-0UC^J_[CL;&\]/\??F*R>> ^X[_MYZAR.EDFZH_TZT5N9S;(TIZ/]19:O
M:[FZ ^*E%=R._+HO?'1L7/?E>B*;4X?.0#W&893K5DX&\#DC5KLLA<ON[YLQ
M-WV#9LB(E=@D6BQVJ6FW%TM;<<42YTU8<U\=TCW9MV[^&*^?R^I9VM[2)N_5
M(CLI0 4JO?4[3[M1H 9!'\6L>;ME@8\O6 )?KHIN%C$U^C1O"#;7QX68A?*R
M,F*OZY6%[;VH:R8<6Q"@-BA5%?)-!IJ$1,1\45,-N%$  !WQU2XC9C8 U\V<
M7+X6X"SGUX&?@,GCE-9Q]3>MGF3 .-EX.LU&;:<@:%JA>L?CH1W;6\!IAI_-
M!3_&#$1[S6!=!F<E@2-U1VI1FJ_/S41-6F5.=6$S]&NA/DL9CM8%>&'^JX53
M$3<V#_#"7/0J:&&(2($8Y";A/@"LDDJMW$KDE[*U#+(K]Q&#6T5XF@O%.F5/
MCS>N%L1*6^1,I81\$K=L-8/;-YF,+^8QPU6"%VAS*K2T^KU;O=_K?:O=Y^#]
MN0^OP1[RTQCYDGE:.UD_DAV*@(:W[_Y7[[J(U-QE-Q%7P]#M*\&H?SWZ9M.>
MI!<+#S6=1)OPT%3C'.A/Y/\697@."\Y.$VBZ.R\L=R--K%ET.PI6@3!G:"00
MV6V%<6EZ#8@&(P+N=I=J3!$AI'>6T$293ZL*L$YA73FJB$+:<C;[2WY[:^44
M!P;!&+NM2<7N<9)8U_R(2&8&%'@\*O]#O"[,<DK<_6%9X%P%LDEB>D0N-4XO
M]V23Q07NP_F$5"XNIDXFU[V(LGL[L.RR)];I>RB)-"_Q/5')RENUR&Y@GN,8
M=,2^:W._:Q<@36U-"^/OF3F.91>P0 'K8I<JH2QL-:<_+LH,_)C_/WMOVMPV
MDJ4+?U>$_@/"[]0-:8)F2[+EI3S=$;*\M*N]C>WJFIXO'2"9%%$& 0X 2F;]
M^O>LN0 @);FTD#+FWJBV2"*1Z\FS/.<YX?P5,:J+1 .Y?#2$MZ$;]@Q_/3+W
M;6\0X%D&Q$06 5K;(RPF2V:VFV)BL U0P/$?,94Z=F ZXU3&S7:Y70*7<-CA
M$EIP"0\[7,*?Q26\^/<?@X=Q\;GZQUX1KRF"Z9IX>5Z]'O\]?_ROQ]/9[^L]
M[G4!)CSX]Q^/OTU>GIP^^N\B&W7 A,T+TMP:"R0&8$I24@B:[!E@37T0]1OA
M$_0T&BJ]CO9_+AK!.#[-"RX32M7'W=^V5,E8O*134#!$31/3VE> *"<LJ)%:
MK\P4>Y@&+NWMM/U(".P]7P56]6Y@)AS7)6NL\P%.0:7& (T65/&F"[!.5.ER
M12)1J7T/11/$@(XRK["K:/7;6PL\%:R$4N:: !MJ7-ZUN-116N8],$34B*>.
MSE%Q_\.4GB-%B[+2]-1]@H0KW]YR"9?+:L)PY2\_]M0 ?XC+@J@HYXPV:='K
MZ_72*UL=8@A6AL3^EE2&J(0C_HX3FF^:_7V4+="=8S=9F_.YS8GBGWP+\.$Z
MR>C+*HA$:%$_"K5C\ 7YE5!U[(%$&8N!0HD6RU\<9+]0=@Q+!RM(&B=5372;
M$MT\2[8(WM+8M!<V\T!91*>K?@;)O];7U6?1OIXZ2,Y5K!%!GLB8;,^@J_Z"
M^)G3U@/0G$OQ7*)G7RKLC&+*!$,W+1QL.: >L:VIV9!88L.Q*Z \]E/JEJ:I
M4'4_$KR4Y0./::I>SE)]U9,]R9F';8^5([#&1FE:4&WBZP[)E:B4 X]86*+*
M.>;8)73C>.4I@J1=W_405&O)!8#GC_J"J8Q$Y6,P<]'&HPC&Y_N4N9^&\VL4
M3A?<HF%]C_&<TZ&LJ6Z='5.)7)52GLG+@KI8WS==;MTMO>Z_DK]]= 0+3'&!
MMS*FEGBE2;^<IZ78S"J2*&6K-.=4P::4#>0)"<2!X>.%"87B6#2VJHNM$494
M&BL\?JPG>OQ4^F,A;D&??3R<>+TM*%@+W5(R@-4I]?9&X*,V,)D9)U6@]UY
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MRSDC4U!L-9*>1\F9-"@R< @IEZHH$I*F2C=!:GQ)Y:6S7/]" 9^FW1E=BU&
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M1D9)B5$B58SI(1$$0C:!!60*:5/B^NHJJQ>-<<,E.4&-F; T*^G-)"270?=
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ML^D]]? 9''56/)BW%VM;5_&;=2G<W:QK,8H/%14=;SUA$J=6H@V-3]LSCZ&
M(D_+7A"BC(2GV8/7D(22BE(D\4H\"M08GH0>IAN'#1AT&U 3X_@TYS@H%[/]
M?3XZL9M3'-#YO!#O;VNHD,IM\>GO1V^I%72.T\5K$;Z42A?DV9\7HU%X =%
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MFA\,'KFGO4V)%67*KDS,FH-)WKS_Y\O/7]Z]?/\%+!/XUZ<WQU_>?'C_^?H
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MHF/.TK_^%WW@8EG9&IV,P4+5)3H8#_[,P3AH/QC/(M$&[E,U#W5K7=]A^5B
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M[<R8KW#E6 6!51IX'\%LIS C$U0@\#XM"J9F>A?^5FY1NL;25%_FK$_K1=2
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M@DP,JT&(K]GNA1T1G+OTK6X)6=J6RV!YE#T\KD-* "ES/H*BM9 #WGF.+(3
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M,;P[1WM8^O$XHQ+G>?08].LU?18OCGP=;-)D@DM2@3+GQ%$\9\;\G8((;AA
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MWXQ4-HQ]S"L,=%#444!0?;%M85 ],!LJ^DZ\U6DG0:H;P6"+5(I=VKURMDC
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M0TQGB(#&,IN:H'=CS FM8>BF4/9U<@PP_!Z LH>EO&W=8\DI-';XHD^1;)K
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M'DZN:])3=SHYJ5L4W-]M]=H[>_.?G#/6W!2WSKML*IBG@8#B.D$G<+2PQ'B
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MN_7I=/-FVW/LWFQQCMT&5Y2L)NAU8>(O%/CJYGY0Q;U6WJE"!Z(IAP:G+6*
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MQ2=:1!LO#>A/\%AH;N"@79P#D7(,\!H+/L- T;08D#E!IJ<P.[6>Y@YZ-";
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M+]+];FACGXW^\0M[ZO4^&*W&.)Q0(@]>^O<CXX^=7[/+7\"99ZU9X<=+U"%
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MEO8"FO#M+=PMJJP;YR>\?+&8=@=3J.2^=#*@"TA+SA17#QO'F]E1;6&+DR-
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MH[%8:6DL5E%!04%1^;\ D4CD3O1..0Q&;K>,I,QNY?\OMKB I"AP TB"@9(
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MHTDNM)3R8#2#=CM5-1OMWKSWK4;:" / E5;<8_\T'V!\?Z3)CJ:S[()@:$L
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MRC*B)O#29S&H4CFN^MDUE-9UNE5XX""0#KGXHI,L3B>W?_Q^[UP1_B!._5U
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M\M42JJRQ@1OYGIDAZP=";E/KF,T[3/>$-7,@N.;W[LPMP()U1/Q0Q=[F)N^
M9,?FDD!"S (E3^W0:YW:_KA5ER+/+K),1'LO/%NBQQQ5_6G.]>8>OG?AU=#L
M Z,.:_Q\V),N8HYMPO5' O4E,_BVH/)G\H=J]GK_*DQ*/+;Z62>T7]6Q-7'[
M%G ^7)S?[[@4D?_Z%G"V>RT4:]KO7<9GWLX,<OKS,&'OC2&&Y0W5ZAL\L#LR
M[SG[N):1E/$ Q@-9U1;:XUFZSI_K,>&&F:>>["YI7Q07@JO>K9%4HI99Z%@K
MMHMMRXSN*TDI^6@M44> 4>2/7^TWM1+T#?3L_V!L?U6+4<Z"N'J +?+6\_5
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MC=J%!<,98()=N@.ROH>0/=9D?Y5?B19)7F05$+0#MP-7UI:&'@U(W;6K9V"
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M<I&D8=7T=G)<_P#U\XU5NYMU)IS:J32FO"B=?VSNBF^L9:]-=6+L2BH;RVF
M\UX?=:6=I"N3P%"TTO<.+4;!ZO!N[K?K^?MW>35:Z7NN_!/C:U?CTYV3;^J$
M1L97B!\\GEJ9.I#E,;=*6_D+5N <A/W8:OCJM=G:4H-.C[NG;MW/U6.E=2WF
MC*EW]V>-V[1IPC+-GJ16:3KMW6QLWZ=_!9Y;4P(\;A;*V:U3/V:<M^C+E )Z
MQ33FYNU86DCTNLSB($.XFZ>:78K='+-+<[:13[VWEXUJU9,78S[;IG\.RNRF
M*210&W-.&WY2M1V+6+MC8KV)Y3 7".OU>(G[L3ZON)A9W\JZS2+NIJI'BQ$U
MZ5NRZ/"Y'^1Y'BO<U<AG7K6+&?GMV<?C\C8AJXXHQ:.*&S8.;RQ0Q@P;=2U-
M]![7;C3"+<KN6N/W:S,X;=']N<.DZ9T1=3?3#_&M;N.E8S(5H*?=7\E'D\A!
M@Z;<-R(2,16+[/*TLE(F(M\I.T7HN[[?JU76M;YF(]?/'^.&>R?5S:->AFWE
MI;S?Q^JM-&.7",+=.='9X>\[H.]T:3:V_3LW:=5BZE<,F+*\L5S0[Q5I!-QZ
M"R\L\<E6Y5*,89I8@+=8 7:4 (1D'3R&SLG2_EL_%Y2=7^*_<C',K?%;7.BQ
MWWE5K\@CFIG]XY&W! 5 &<2:#'QDXRF<[-YS-YOG=2?T4Z$XUC1,UUSLW?&U
MOJX6XZN$?5OU?8OYSX:O59\CGYJU>+*6K#XVQE&WXIO9A&"#VD>\A$MX@4D3
M.3=7+3JN<QZ8I[ICF[9T?5$4CXEK3.J)BWLKGLYJ]VQX-::7B'!KMB6T-JMD
M*,&G?S#%*#V&#O#BU$3$Q%BCWB[BSKT1_+;.NV<__'=/;7.7GNG_ ([MEVC_
M ,D9;-2YS;(\=WY3*Y^1RQT-JOBJU,I(H8K)A^EDAFDG=HVA,S'?N=F\S\2X
M6TI&NZ9SRI$3$3P]4]CM=^F,XSQG+LIPG-@Y#'4C\)9YZN4BLPP7 L58\1=,
MZ==BLQM[()PD(S1QL_HFVFOYK+O%>?IUV8Z\\?LW'2QYM$37AA\5==#T6_ R
MYRQ;E"'^*-,)<'3M=[/')5R6.<!BFEBC+O+\ NTL8$(2-IV,;/HKTOY;>/Z9
M=/N71],^$HQR^YQ.SSHZ#Y*G6S\,M0BR60MP024 ;:304(G<93.9NI?F^=U=
M_16>A[JQHNXW?3^'^M,6>M[<=-N&J,_5O^R,E7(6XW>IV<AGYZU5LI:L-C+&
M5'=C!>H+P0M9#O(1)]6D.+4FZOTZK$X6Q$>ZG-_E,>W;R\O>U]Z=43%N&RN>
MSFK$[H4]Q--Q7@5^R=J.U#DJL&PK$S12 YR"QE%J(&)"+%'O%W$=%ZI_E_MG
M]/CK<[(_XKHU5_5X;%_FF2X[OR67S\FN."Y!BJM1Y(H8;11"1'!8.=VC:+O3
M<B<G;T6[>Q_-;E&NZ9FDY881/G&_)UFM9T1%L=^.&W*):2U<X92XWAZ^2OXS
M*QVYKQXS%>WUQPD.XQ+:=B3H[4V=HPVMN\Y]H?U=WQ6:5]7+'JGQC?Y9PS;.
M$S2D<V4;LO.=%9TX-A]TA_U J?\ ^9]F_P#5#[_]K]C_ +_;_O+W\_TW9ZN_
M+/N>7#Z?=\=/\/>__]E02P,$%     @ R(%I5F:Q\T5<#@  N0X  !0   !G
M9&QN8W-R,3(S,3(R,# U+FIP9Y66:3S4[;_'?[,P#(;!W!59FPE-N(=(XH[*
M,M8Q,3)&RM8Q#-F3+4N1;09C2PE9LH<Q,R2B1MG:[%M*$J4L2<CRK_N<^_S/
M>;W.D_.^7M?UX//@^_E>S]Z[([MO 3$S8[PQ  (#@-NO ^PN ,C30:Y>H0 (
M@ ( H/<K^@H@#-U\7=P!MT>_$M#N.! '\$.A4#XH/Q\?OR#_KRLDP,\O("0,
MAPO!X<)BPG\C)HP0%1-%"$M(2$I*2.R7EI;>+_??@& PF(BPR%XQL;U2*"1*
M2N[_R^XC "D ' %X$! 2 "-!$"1H]PF0_&MM".@WP#_P\<,@4+# [PCR[_0W
M(# $*@: (% 0! 0#0Z&P?T( R<<OKB !PQG:7%#4D$3Y'2!J[A&(/NGR1V%=
M3 #ZR,%?C6 P! !!?SW_-0L)5H#@#,5M_!0EH!?J"C6(NV. \*]",!*"!$X
MVV<,W,)JT^H;?MC-ZQPN=@K*H<5K.LR7B'"C7QEQGUTN.:0G*:I.VY2,?K;:
M3[9;'<@EC\99KW\6K, Q\A@=M !M/)Z&7)'9NIHSA9U$J*CL EH,XK4KY+=A
MU+S#TU(Q@^8SK4,8'E @";XZ/3'BTWWE@"^[R28&I:A+2G_OZ;]=SX)T*81;
M2V^.E8+&"N @ Z.^L<:$0T$2_DMW5>D?%>9%%$PYRWS*2)*M;Q%&YD]I?KGS
M/ [SB:GX6[V2$DZ'+</<2]G>**ZR*#V"V4B^U.%O+^]+7&G%9U>[C'@N&"OB
M2*[RH:B#Y 'P7N_8IP6;-?J&,CK?'PRCLGL.5:L)W7:C$'ZU*O/]O2)A7_[P
M3/+6E\P^=8/DB:KW\CO6*FBYQK@[IZ*FR7C9#E@)TX=_=2#]NX_PY*T.K)]6
MFU![UW%LT*C+0M[QSRVC1#<G%G?D_6/6ZT1Q<63G<XEYG_S,N^S.UD&!*GM.
MANU [NLT$'4@@RYF6Y"=G;S 5/$TW7')_7X6MC7IE;]3]E6K*C!4(])H&/<S
M];@->2(,QVAZ^]KPU(%H<E@WVC''VD MHK1C$.L8]/T5HOO\S>[9I?7KCF$J
M6CF'FZ<=/+L0&%8Y[PH:A1RZ5S$%Y<#L_<_.>M3QC5IPM G$NT:.-\QK^'E#
MA)A09?25D<!B#;?DC ?4NF"=S?&-@VEY3+5>M1)G/ %.X%-&(Z)/2RQ\KSRD
MD],NRVPW&HGB/CPA*6,NYB]A>TVU](WP];OE0R]02MSI])HXN=-20VW5'C9?
M3%.6PB<+%'VL,35NLG?J>BS*1SFV_9;! MOY(BTLG=)QN(TU-#^^S-R.4](1
MCJR)% E1R.*Y$L96-/?&Q6=)N1-E3AEZV1>)DXP&(CJ:TGUCC9^IC,_JIPSO
MJS#Q_5IB<6$TPPUS7A$=/$YD-*[J/4@$R5/.2O^L#:K>\*8[Q#P7(,#Q7'U#
MV3B2>S+V!1F12>?AG]?Q>8TV9$C1Q5\<>](Z/].XM@%:57!&G+9W_KS0X/<:
M-VKWPGT8=[-]O;(SS37 ($W\J*N<=)F*^+.9DK-A0HE8A[5(-BJ3ND9Y0+U7
M<_GQT;+_R)GCZL<JCQ\/#G*)Q,.%[&'HD?K^&HR>HSW-8-1D(&/.:)'-?L"\
MG_BJ)+ZKNJO+]:XI7<JB]&P&SLS"F.*G[%AAVASK:</GAB@=?)ZAE?%YL3!B
M<63[<538^.)V[9$?813N#QWG;%FG8^3A8DC1.4^KZN)JS- CK+>8+:-R&7TE
M:62L0*X3_>?F\62=;,>9XF\G8^+1XIE"=*JMP!'HX<E%JVMYOGQ8W+ZJAA)E
M"Z/# 7 G;@EI+O/0=)<-='#H@18N1E]-<*P0H_DTS^>,^S/O%9EWZPG[, 8\
MR;+$A ORND41=L\8A5$17O6)Y>'M9DT9+SM[,C)FYLD_]ULIR26>SDUL',*T
M?K]I^E?[&%Y+UO[&5_RM=LI*UJF(Z#N/CUX?<>09]K0^USU">M>H\@'O=S&C
M9@_1@":H.(,M6[K96D*Z50.?;#J4$BK4)>1/NA]PJ=,P>2"<J-W&L3Z?G1M!
MO<AYS)E :# C_BK;J1A>'L[Y'--ZA\_YPE;2.;O1-T\BK:PJFE(.>)S#P-62
MA)I?D8T>(0+XGP16#NFIW)BKW 4N+CG[23]=VT HQ]([&]\<94DDA\[#-T(I
MF>Q69_6'=AG#==^VLTGE]N00RA\37[ON>O8OKR=7A2AJIJHNXZ/H79BY>:R(
M/ J#AT_K(OV&:M>:>?EF'XZ9)K_1PI/53,S[W.4RTT9*>S/4CVI@DQ9UI^WV
M<V1*Y%;+3?DG?2*RP&.+7XYP%;L5TM^<'#RZ?Y85+)(JF9MWT.74I>_;D2>T
MM%+<S=3*O02UU539546UYEM3<S4/!G4H:LY=VI54A\%S!U>&E+!71Y<;D,S1
MGSY:# K'\0RA8UQ56Z(WU?.4E]WZU.PJ],PWF]([$%Z66> MV>V:KT_W,9ZT
MW<K8,&VZJ(%[SYW)/>%CVS::YD*\MJ*W&(DY 8E 55*[_6+N]RNUU":\^296
MZ/VS:>\M?'ZO:0XI*I"7NCTP$S\08Z*FS&F=';(N.6->P?/O<3J:1=O<V06J
M/%;N) R;U0L;45<\C(T*GP(.[)[X1+-,WTSE-D,*>^AU%K7J#M0DJ\4I;F+Y
M7K:&RW(_+H5;6EH<(FWN3'Z<(LXPZ0F+$=VJ& MNKE?'XQ:__.@<D2EW.)Q/
M$S6ET_U*73N%E"^\,30G.P'^!$O&Y6N@Q8>!.YW#E .J01;;>N,TUAC94T&D
M %HH"&!4P(\ ?: &4O!\JZN,=FQM2:*QH*=)&/U.%3=%,),T06%,T@3U;*,O
M11A6KTZJY'>?JUYRE48\X/H>[[5 M_S<9YDB&!20WM</DQH/QA27RP=<DDU\
M>\<17.1C8DDCDUSE1I,LZ\JHQU2S94Z0K'#O6*9=*R/L??=F%4Q<GFAGEE.8
M*Q-PM! JS+*YU#?(7C.A W4F]86/Y;YM; ]NK,LLCSN;$[L+O"B?J>BTB,L:
MVY#\',^FW\J3JYS\;F=+SOEI[]9$VM"_<KWO 6^2K4PL:%+J:B(,G'U^;!RG
M8 +A3F<1BL"$?#YYL$A\+5N=O.&\=*/2?\?ZAI35Q-,L9,UT\#%?]Y6S+V<'
M<Y3F3B5A7E[]RZU _DC6YE2:#%$4;U][PTLB1J_-1MXG[$5RD' J6 U!N72+
M&6?TPHIFQ!C/%OB"4!!R$)@5Z8[DS\?6]^N+6E7 =P%Z7<Z>EEC1 ZSF!1U<
MT8[+Z:KFQ]2<^4M0'7!M8#DOACE)B<&W.0HM^/:JEPI4G,D(R_PP2?41.G[<
MV6^^ZTE'Q'<K8=V$PE6EM=&O7*83E7CM:IM58R>+-;!&^V(,]XWAP' YWL&5
M6.?N@^%EF0H!C^&V05I*/Y 8WKT8YK(R7IM36!WRFM*M4C.);#Z1C=/I:Z/>
MSHK6'V;OFW&52^T*;)G0</#0M?$+*L3*66Y'W#X4[.E3H:O(Z3FH5UA[P&OE
M>6%"L"WWU:WK6]FGO$14BHM50JAOF=SZJYD35T!?*SYQ;FJ3/WFGP#9=[T8U
MIM:NE[:)66LDR7X,% IYT.8<,MK]@V-ME4G_P.J=:;LF=GE554FIRH,=LC\B
M>SDT]ZF"0'%MZS5=6PKM98&A(%=0P6,;W_@IV,E!_6WB$+J99,0#Y*7%U4QL
MEM;^%@N$1('AL]/^^]?[S!/F0".+A6K:]P4.I/\!M[:);%1Y"D9<[C7&HJ2_
M^#%RHJ4^."7T*3 IF_G*@GONTE9.$D+29')QDZF;D&2]:]J?J:M$R<,%400J
M4BG>>>@^>0%"[SCI(ZS1J%N:UV:/.F];A$>/@ 8V@4-##0U9)_'B=D2+;\_"
M$.WI/75%GBO0\('2G?>J&;!=X*3,HP_]]X)ZMNX.35ZA*--JRM5);TORWJ%>
M\%%S6H('N19/ _PEE5[%)RD,^I]).G^.V!UO??M19N#\$&LJ^/6=<B>OPZ.5
MS('I>W]FJDJ@9!HM:!CV#!/-9<J6* 3/P#I*#;=/FR:DSQ1KC+FU@)W"T7Q5
M2O-PPA[Y,'4\K ,WLO;QN#ZWJBA@SMS7W-P342VP22P#9@S6P)[JT= ]#/:6
M1V7-,<;M_7V.E:<OGUV]6F+*: @>!V*W].C6AB\E7M?6I#Z'C[U,SN:-G0RQ
MK'0?.;K>X4&2+.;]A(DNL#Z9],(=[5%Q:(P@-.US6'[C*\Y%9N9ES1)W=M]D
M2[ ^]X#L!,D&.,!2Q+"NG[I8AAC9?WE+E9*^H1W[\I<V'X85W(/UT(Z\!DN=
M)$2'8>1! Q.K<E*0F.6<825.&L78GN'.5^JAPLIFC#TD9 O,B$<\&NA)$+M"
M_4^+_+=0TD<T#U_XTT'X25QF SUU(;- &A7,L'LB\<6NZM!@%5>!:QSRGH4%
MO0]G;Z3Y:6@>*SW7VQ=* G>=9#X67 ^+?TCZ01K7=+?K:#=[AS_^+AS'6Y]"
M9,-V+&9[-]3DRKV817/$5OU&S(EWME.>#0>3^-[4J_UNUE1\'SJEX8:V))#D
M\%>GH#K'M'/K^]^HTVVZ1(3"VE%MDCO>%_M:X[*OOZO<KL/J?G;GK'G'536G
MUY:K/KNTEAXIP[HF.G0WH#?\_$T_S-<ZM7_\^'^H,AQ<^T'8N_<.O6&ID.V4
MOG!4R!+M9*:\L5XL2KP\ N\_DZ3(.:OQ,-;E(G:[Y:U?SD=&4RCF44=P>WUL
MK\I1/&2GVW?IA-1<M:N7[R>/B8')=SP?M+$B9XLM;6XZ!^N.BTN-7:TQ[DMM
M!'ZWNN;>5GI&Y,C014644RIIUCC%2'>L3.=[UC#L?>'^VKZILM=#ZQ(^%6]:
MSWS9I]L4)3Q<Q'-!DUR>&OCH!6)*':V+"%?%F?27\ _> Y\-_J_O@ PB:2G;
MNCOUAEOV,U&B&Q=ZZ'*=.^1/7X)I"Q\[IY8VO)HVE_-=M_:ZOMHTXUKR_O<$
MV.[HOP!02P,$%     @ R(%I5OPMOBG<H@  XK4  !0   !G9&QN8W-R,3(S
M,3(R,# V+FIP9ZR[!SQ<3]LW?D19@M42=94HD41)=*N+'D%$E*P2HM=@]18E
M4==JB18]1/2VJTL(L40GNA4L%D'T+EZ_^WGN\OSO]MSO^Y_S.=_S_<R9<UTS
MY\PU9ZXI%Q,7<P#U U4-58" @ !0OSR BP6""0TEI6>/'NNH:CQ4N;P!  1=
MP&4@N@< SBX>[H_5[G,8/85Q '\3+"SAKL _#Y<R#L;^0  8$?@7Z?Y9(+.R
MAEM>7K<N3V[W2^67(J]=\FNV_\5O_<&?_Q>7^8-[>[AZ7/)'?W#W)X^5+KG5
M);]E^S?\^=]P2U?W/](C+KF,LY.GY5_S#5!8N^CK75Y)+T\(  <> VK _;^6
M_T4> $CN P!A_%_CGJ<!0-UK &"<^FL<=PX 4+T"@-J!O\;]]9VX6KA;_"F*
MZ/*\8F,# #N% $#Y% #H!@'@JO&?7\0_R1O'G_*F!KRX/&P!)\#Z,D8#< $L
M <%+)@S< X0 \8MI0 FX"@*1@DBNDI*2DE^]2@YFI 934H)9K]/3,'*Q\W!S
MLG/>N,DG<??F;=';-SCO*0J)0J7EY.1X!)4UE&34)63EI/\00G"5G!Q,"890
M4T.D;W'>DOZ/PT4K0$-*J'ZEF9" $[A"0T!(0W#1<5D  N *X1\5\2_A"C$!
M(1$)B/3R[F-J@("(@)" ^(] !"(A OV1FHB&F/:&$ D=IZ+N-6$+MQ 1_83$
MX>M<]W.KZ!D>Y[>!N)_GB2NY>X16#XF*P5]M;4OHU<SSJ%IYAB5]N93)2/"G
M\+<UC>!2YN6=.S27T@F( 8"8B/"_$Q#07+E4I:A+>*EFBXY3N"VW:I[K_L44
M0$%XF9:&D :0!TZ%.3DX.:_\AR! _QNS5E?V!X9%T5#3T!#\QT"<=RFK[49.
MHBN(QTVE='7D,!-;C\52?/Y-LWUVOXI.AKM737 1QF]:]D1R0)IK"KLYXT>!
MDX\V:###D?_\QNVH3<96I&=@8BJ1MQBGG\M?$2WM!MT.-2%L)!C?,@K3S[6!
M<H?/O'#2FMVA:OSQ+/%)"KC#B(B:5.8Z!EQ5J$T6/>-""$%F9% MWW_2[0;^
M#KO99 ""UFAWTF]@ZW$L2):C+'I^LQ)#[Y>7R@F@L@22[%'S=S0C[@N(E8TW
M,/C#;+ZUNFKJ**W4W<K[7[RSH1?K025^?^!'R83_B]=U";!+,?DUC]OWL#;B
MG>>[#Q_Z0.J=S+M.PH[X"B7%"OHE :NW.FP-5M7DCU>_2-%#QJHMQ,T(D<QX
M$0AAPF"B<+G(XR1ZW*C'S[* S5\;L#XODL]-%G#UM_ES8N]Y"66O5EG:-.1/
MA4K39_)-+-=JWCO4)D)*4KY@5[GEKU30_ZRZFR 6'I---S7,[+I."TC*Q3AZ
M.KPHE*WMFF<U?YB[W8!T(?%U#):E+Y2.MKE76F;X:3U!S: %6M+Q;1-IQ$H]
MU7LO!'T!?.T'D9ML#_B%$8GB+2I4U6=6N03NNMD0 C)9OGMS?(QBTL^Y'!_E
M??,D"ES>E3NL&X3F-K,G\ EN@),GGO(5^BLM;RH]O$OU(W;:"R=+XL=7L9@0
MT3?R8,2I+?RKJ'7P%9ZHWIV=KJ4GBH5K%.O?W>34OAU4\Y*2,P]CR\%<<O6,
M2T9*%?:U_-';_0N[7.^).K:&#Q(AV Y++A#B^-9+>]$0HJ1WUE6=A#&9=*T<
M\8/&"0M,'%96[C5,AI3V4P5M?N_W;2<3OB^)+7O:'3SX,CPW2>;6M@A 4)H/
MSAT?BZM;IU]=K@]7O8*7$^]I8H0D#AWA[JS\]% NBVRT:=F8:5W;$95N;P*2
M<9*L4F<,LMHC]@>B*X+JUA&?;#:0X?=A),(Z$5@F-L'LZQ^/DEB"@IQZSZ1?
MY+"+Y]K\@G/3/.@4*DMH,MF96>KP]23,\C'@"S_(.=D,O5,IWA=#=.@D[.0R
M*&QB&A8RTK5_E=9A6R]<I"@$9GM%DPM[RPZ40LO2[@N)I[_I7!]ME%=^WE+(
MHE,ZF;5JA!<-(=\R&:I'0<PSX,$&T2T?1O C)2;Q/50O&7PKVV_PLUD=^;PX
M4R-0,>%<+"O6JW-Q0"\):X*F (Q%,^$O2U;275,[TLC@R,A_"N0JGZM.RG[^
M@3D+RLI$R@K_%AY3N%FX0L#%M_X_H@1H:(A,!@^2ZZUH0HMP0^6'CW33%[5S
M3?L$*!%1;&/41N,0'((B'HI);'!KUV!3]&7E,_WN))4;;N])QAW<XT#&L?G*
MTIZC:EK5?8X%/SX7^L6E]U2%U$&N?P@"O]>0$Y92+TDSD,R@)<O@3.Y93M\\
M35S=$)?0@; LF<$-P36GOI51;DZS<=,<ODBW8"'/&#YC8$NU8VNY7SNRB?DX
M&#VC@$Y$!+MA4A*OXE?]"J)M,DM&?[ PSVZJ?E&:.:BG3X''"2K\W'H:IU)Y
M6F6&EM'.K"4JIZD,GU-=!H3]CFK>&A8>)._^'$>N6O)KVCGY&W=4IB1GGRDQ
MRBLM-\YM!-K/#$],K/RH:NO-+.>WS&!)"=F,-P'+RARIOYN9CX:)':=;U'$[
M%4_7:#,R*D?<]7T![82"/@2\^5R3;!/.6#KUNJ^$A3/,2MDZ=]U-$)\4V8I#
ME@2E3*F+&=,H4E Y9L]*;LK]9%8 7]IJO%J??5,QML /Y@X1:JCF7R<2;_)U
MQ;P+V3K+N.JJO:HQN6HU-ADXK##7P[KE__ZFB9/ !&L6T/_RY-N@OY!M??F
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MOJ^;0Y9PH+6:T8H7C_ DJ(8.@$1#3C,SY6=+'\$ 2S\S7G49E<U/>Z^Y,[L
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M%7]SQ>DP5/S7@ GN[?6&?S=$];_]]Y$/'"@QH/".>I1CY5T[>+92.S>"]X,
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M4 Q/(!+J7PC+_")1E?'QDR"HQU7H#TI#$8'(P+S>_JU3[/*<7 Y4<6(W+_;
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MBSY-F",=/HU"[9.U%VZS)GN_#J8LXZ!!9;E*W57>X-,.*'M[$FBH/N[BV"O
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M9'>Y:?#J,',6NIT($";*$<J9WN<;XBP<=E&RU/W,[?X+Z0NS<%W9FIA@C4O
M+7_<U/37:1*MPD@O#%EYE%DJR@U.QND@!TV/B-B&&&(3]S>DC%!C#TVX*,/M
M9E7-3'H;-EC@B*R"B0%&TZGKXYKN:(NBQ(EBD>:R&W$\2SE'JA+F8(WNQ;.K
M[X<Y.?_YJGR3$X1[SX<I)#O*0YL"4RYI2AKZOH963<)ZU5_(4=-B,FZKWM5=
MSC%Z%.O_\'.AFL,H-*_.7'D> K8G7#8Q=,)F4Z)Y,L7W3@(2,[HFME9F C5U
MLKMM/@6WN4A[;TY\EE$3.LPG40U44F,Z,PPT<LAH\=U;^B"$;+*ON0"T5BZ
MF8(+H'<4+E/59J;QP=7)R1X>M0+HIV?%B&VHDH^B02/IC%@V8T8O1>CNL<"S
MR6X!Z&>TF+'$>_L!=P6DQ,LIPHJ%&BD;SJ7Z428MM:7[R<W"7W_W_?JD )M\
ME:@\LOC%Q^Q+X6\,U05 ^7G(_CMJV8'YR530YFHBID: ;>6(V*2/SLB2N?,
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M=V929.CG)]O= R1=NSKER!U%RX1C[0_&G=RD>/\/;=\9U?07;1D$005"$2%
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MCS5 G.C$DS3KV62<_58FC=OWZ/95I%L+2&)0N!XDT@^;&,.Y[.YX<KV1]QT
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M3/RT.@A#;6P#N<.*>ECRI8(^JL%[?@'<T7]H9.\&B_]I=(V^Y7JAPY4R\]1
ML5K0>M:4?0(1F--_\ =06O]D\B0[+K HW,\ 7'//0>K,:HU:6A*LJ\HWRT-7
M43YKF]@E;U*[U;TTVP%2J$-(&T-P,>U7=[IH[UG=\ TZ(?G3V5?@6UM1[R.'
MZE<70W3^?E5Y]/=F/O!YV#Z,FIN%1HD*V-<3V+DS;U<:6&1Q/&H0,3&_OJ0
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MPG<7[*L9CJV,WT<S,(% ,<I?AGW0HZOP>JFM)(X3_A0RIJ;6YG#\OFU # #
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MH^$XJF25T"BCBSWBQPZ>\<O"HOX?S/K\FA\;5H)^WN,[B>XU:3()UN%L[5)
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MG%LO"P.*TZX7S\GD#'""X)?!P4DM.H99=(:R^4I<7^"7(P/NV?X-UOH_  8
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M]X&^"!^F3T>CR.\]LYKAN@$!5,$X-5FNX>E\1O^9N6VQ)8ZO+DC.5A6I\)?
M,K,95R[#A1 ;(3O>)&5EN4KE7]DW#$>NF[<-T2=-W\=TMSV@98;FLB;H^E&
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M1M!S/B[?K(6*]9CU+ZS6E-BQ@\#VQWHD6)KUX^G2KQ+N_FH^MFSRNEF<H2I
M,$5GYX;OG:L_90<*B\^7=A!N%;Y11CJB<&Z.<0Y A_C1]PU3W'QL>'OTKE1M
M\T]OLY/&3WP_(Y9H=;W.E&:OBK;#[.'9)^B-+.])FO'S"Q:XV1N\GUG83T*"
M0V4G.\_3S8)Q"<#L7(5)M^8<T61T1HF)-';?,[@F?KU^<K>O@ I+5RRJQ0E
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MGY>A$>Y5][1I,N,T!_QU2^\.+EN?>[-9D[ON/+%=![N>&E=Q=AF^A;!AZ.
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M<O91+'>!G&!7_%P*FJ]I^Y"5D>'?>QS!PK-C3O+^=5& #I[.VKHNJUPS5AL
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M.?G!"_#SJV%*W.)5\M*S_2:IGU[A:469OB9E1MG!/L*?-FD'YMUZ+,E@O,1
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M2P$"% ,4    " #(@6E69:;T3(((  "K3@  "P              @ %:%@
M97@Y.2UA,BYH=&U02P$"% ,4    " #(@6E63-7EX/T#  "(&   "@
M        @ $%'P  97@Y.2UB+FAT;5!+ 0(4 Q0    ( ,B!:5;S70\"&P,
M '4*   *              "  2HC  !E>#DY+6,N:'1M4$L! A0#%     @
MR(%I5IKHF#OB!@  %SH  !               ( !;28  &=D;"TR,#(R,3(S
M,2YX<V102P$"% ,4    " #(@6E6#860#5<(  "%70  %
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M              "  4FI P!G9&QN8W-R,3(S,3(R,# T+FIP9U!+ 0(4 Q0
M   ( ,B!:59FL?-%7 X  +D.   4              "  2;S P!G9&QN8W-R
M,3(S,3(R,# U+FIP9U!+ 0(4 Q0    ( ,B!:5;\+;XIW*(  .*U   4
M          "  ;0!! !G9&QN8W-R,3(S,3(R,# V+FIP9U!+!08     #P /
+ +,#  #"I 0    !

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
