<SEC-DOCUMENT>0001999371-24-008318.txt : 20240705
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ACCESSION NUMBER:		0001999371-24-008318
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20240705
DATE AS OF CHANGE:		20240705

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21969
		FILM NUMBER:		241103035

	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

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-279464
		FILM NUMBER:		241103034

	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
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<DESCRIPTION>AMENDED FILING OF A REGISTRATION STATEMENT
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<p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
filed with the Securities and Exchange Commission on July 5, 2024 </b></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
Act File No.&#160;<span id="xdx_90B_edei--EntityFileNumber_c20240705__20240705_zuHCXNBjzpd3"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000010" name="dei:EntityFileNumber">333-279464</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Company Act File No.&#160;<span id="xdx_901_edei--InvestmentCompanyActFileNumber_c20240705__20240705_zfJl5vmL2lsk"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000011" name="dei:InvestmentCompanyActFileNumber">811-21969</ix:nonNumeric></span> </b></span></p>





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

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>UNITED
STATES </b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>SECURITIES
AND EXCHANGE COMMISSION </b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
DC 20549 </b></span></p>



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


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

<hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>Form
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"></p>
<hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Check
Appropriate Box or Boxes)</span></p>

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

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    Amendment No.&#160;&#160;&#160;</b></span></td></tr>
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

<p style="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman,serif; padding: 0pt 0pt 3pt; width: 5%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--InvestmentCompanyActRegistration_c20240705__20240705_zEbEION5rAYi"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleantrue" id="Fact000018" name="dei:InvestmentCompanyActRegistration">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman,serif; padding: 0pt 0pt 3pt; width: 95%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
    STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</b></span></td></tr>
  <tr>
    <td style="font: 10pt Times New Roman,serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--InvestmentCompanyRegistrationAmendment_c20240705__20240705_zjJLJo2FvH96"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleantrue" id="Fact000019" name="dei:InvestmentCompanyRegistrationAmendment">&#9746;</ix:nonNumeric></span></span></td>
    <td id="xdx_989_edei--AmendmentDescription_c20240705__20240705_zxtHu0bMWHQf" style="font: 10pt Times New Roman,serif; padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000020" name="dei:AmendmentDescription">Amendment
    No.&#160;<span id="xdx_905_edei--InvestmentCompanyRegistrationAmendmentNumber_c20240705__20240705_ztLdNMLURiL4"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000021" name="dei:InvestmentCompanyRegistrationAmendmentNumber">26</ix:nonNumeric></span>&#160;</ix:nonNumeric></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

<hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 14pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 24pt"><b><span id="xdx_903_edei--EntityRegistrantName_c20240705__20240705_zOcfbvcEARR7"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000022" name="dei:EntityRegistrantName">THE
GDL FUND</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact
name of Registrant as specified in Charter) </b></span></p>



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

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

 <hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20240705__20240705_zaUfvFfnYfrg"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000023" name="dei:EntityAddressAddressLine1">One
Corporate Center</ix:nonNumeric></span>, <span id="xdx_905_edei--EntityAddressCityOrTown_c20240705__20240705_zUb3JoF0Yypi"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000024" name="dei:EntityAddressCityOrTown">Rye</ix:nonNumeric></span>, <span id="xdx_901_edei--EntityAddressStateOrProvince_c20240705__20240705_zqxzHJRyOhQi"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt-sec:stateprovnameen" id="Fact000025" name="dei:EntityAddressStateOrProvince">New York</ix:nonNumeric></span> <span id="xdx_901_edei--EntityAddressPostalZipCode_c20240705__20240705_ztHvpqekWJ89"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000026" name="dei:EntityAddressPostalZipCode">10580-1422</ix:nonNumeric> </span></b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of Principal Executive Offices) </b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registrant&#8217;s
Telephone Number, including Area Code: <span id="xdx_90F_edei--CityAreaCode_c20240705__20240705_zFr0Q9grxjV"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000027" name="dei:CityAreaCode">(800)</ix:nonNumeric></span> <span id="xdx_902_edei--LocalPhoneNumber_c20240705__20240705_zr5e9ph0wgv5"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000028" name="dei:LocalPhoneNumber">422-3554</ix:nonNumeric></span></b></span></p>



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

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

 <hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--ContactPersonnelName_c20240705__20240705__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zpgmqB7YVyr1"><ix:nonNumeric contextRef="From2024-07-052024-07-05_dei_BusinessContactMember" id="Fact000029" name="dei:ContactPersonnelName">John
C. Ball</ix:nonNumeric> </span></b></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityAddressAddressLine1_c20240705__20240705__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_ztPPx2cjGb29"><ix:nonNumeric contextRef="From2024-07-052024-07-05_dei_BusinessContactMember" id="Fact000030" name="dei:EntityAddressAddressLine1">One
Corporate Center</ix:nonNumeric> </span></b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--EntityAddressCityOrTown_c20240705__20240705__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zlcCOK6GWKBb"><ix:nonNumeric contextRef="From2024-07-052024-07-05_dei_BusinessContactMember" id="Fact000031" name="dei:EntityAddressCityOrTown">Rye</ix:nonNumeric></span>,
<span id="xdx_901_edei--EntityAddressStateOrProvince_c20240705__20240705__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOkI5OsfP6x6"><ix:nonNumeric contextRef="From2024-07-052024-07-05_dei_BusinessContactMember" format="ixt-sec:stateprovnameen" id="Fact000032" name="dei:EntityAddressStateOrProvince">New York</ix:nonNumeric></span> <span id="xdx_90F_edei--EntityAddressPostalZipCode_c20240705__20240705__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zXkjLsxOj6fj"><ix:nonNumeric contextRef="From2024-07-052024-07-05_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressPostalZipCode">10580-1422</ix:nonNumeric> </span></b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--CityAreaCode_c20240705__20240705__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z4n9Oi6y2zJd"><ix:nonNumeric contextRef="From2024-07-052024-07-05_dei_BusinessContactMember" id="Fact000034" name="dei:CityAreaCode">(914)</ix:nonNumeric></span>
<span id="xdx_90B_edei--LocalPhoneNumber_c20240705__20240705__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_znrMrvvBO3Ng"><ix:nonNumeric contextRef="From2024-07-052024-07-05_dei_BusinessContactMember" id="Fact000035" name="dei:LocalPhoneNumber">921-5070</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name
and Address of Agent for Service) </b></span></p>



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

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

 <hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman,serif; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Peter
    Goldstein, Esq.<br/>
    The GDL Fund<br/>
    One Corporate Center<br/>
    Rye, New York 10580-1422<br/>
    (914) 921-5100</b></span></td>
    <td style="font: 12pt Times New Roman,serif; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Michael
    K. Hoffman, Esq.<br/>
    Skadden, Arps, Slate, Meagher &amp; Flom LLP <br/>
    One Manhattan West&#160;&#160;<br/>
    New York, NY 10001<br/>
    (212) 735-3406</b></span></td>
    <td style="font: 12pt Times New Roman,serif; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kevin
    T. Hardy, Esq.<br/>
    Skadden, Arps, Slate, Meagher &amp; Flom LLP<br/>
    320 South Canal Street<br/>
    Chicago, Illinois 60606<br/>
    (312) 407-0641</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
date of proposed public offering:</b> <span id="xdx_90E_edei--ApproximateDateOfCommencementOfProposedSaleToThePublic_c20240705__20240705_zT7iaYno10A4"><ix:nonNumeric contextRef="AsOf2024-07-05" id="Fact000036" name="dei:ApproximateDateOfCommencementOfProposedSaleToThePublic">From time to time after the effective date of this Registration Statement.</ix:nonNumeric></span></span></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--DividendOrInterestReinvestmentPlanOnly_c20240705__20240705_zVpQVkiPEFX6"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000037" name="dei:DividendOrInterestReinvestmentPlanOnly">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--DelayedOrContinuousOffering_c20240705__20240705_zLjGNzKfaE43"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleantrue" id="Fact000038" name="dei:DelayedOrContinuousOffering">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule&#160;415
    under the Securities Act of 1933 (&#8220;Securities Act&#8221;), other than securities offered in connection with a dividend reinvestment
    plan.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecef--PrimaryShelfFlag_c20240705__20240705_zXskDOSSTR84"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleantrue" id="Fact000039" name="cef:PrimaryShelfFlag">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--EffectiveUponFiling462e_c20240705__20240705_zdYLvJT19612"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000040" name="dei:EffectiveUponFiling462e">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become
    effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman,serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--AdditionalSecuritiesEffective413b_c20240705__20240705_zf9sy5NwcSql"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000041" name="dei:AdditionalSecuritiesEffective413b">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional
    securities or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>It
is proposed that this filing will become effective (check appropriate box):</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--EffectiveWhenDeclaredSection8c_c20240705__20240705_z8og10C3BVyi"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000042" name="dei:EffectiveWhenDeclaredSection8c">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
    declared effective pursuant to Section&#160;8(c) of the Securities Act.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
appropriate, check the following box:</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--NewEffectiveDateForPreviousFiling_c20240705__20240705_zUhhEcZFMZX2"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000043" name="dei:NewEffectiveDateForPreviousFiling">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--AdditionalSecurities462b_c20240705__20240705_zsBQdnfW5am"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000044" name="dei:AdditionalSecurities462b">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, and the Securities
    Act registration statement number of the earlier effective registration statement for the same offering is &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</span></td></tr>
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, and the Securities Act registration
    statement number of the earlier effective registration statement for the same offering is
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--ExhibitsOnly462d_c20240705__20240705_z4X6I6jDIQz7"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000046" name="dei:ExhibitsOnly462d">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Form is a post-effective amendment filed pursuant to Rule&#160;462(d) under the Securities Act, and the Securities Act registration
    statement number of the earlier effective registration statement for the same offering is &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Check
each box that appropriately characterizes the Registrant:</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecef--RegisteredClosedEndFundFlag_c20240705__20240705_zSmxJnxcJEu5"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleantrue" id="Fact000047" name="cef:RegisteredClosedEndFundFlag">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
    Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;)).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecef--BusinessDevelopmentCompanyFlag_c20240705__20240705_zF7PaUUW00vg"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000048" name="cef:BusinessDevelopmentCompanyFlag">&#9744;</ix:nonNumeric></span></span></td>
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    Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment
    Company Act).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecef--IntervalFundFlag_c20240705__20240705_zGoYT3pQxVm"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000049" name="cef:IntervalFundFlag">&#9744;</ix:nonNumeric></span></span></td>
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    Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule&#160;23c-3 under
    the Investment Company Act).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecef--PrimaryShelfQualifiedFlag_c20240705__20240705_zvwNn6LlpkFb"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleantrue" id="Fact000050" name="cef:PrimaryShelfQualifiedFlag">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.2
    Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--EntityWellKnownSeasonedIssuer_c20240705__20240705_zpiBEUgGGQu1"><span style="-sec-ix-hidden: xdx2ixbrl0051">&#9744;</span></span></span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Well-Known
    Seasoned Issuer (as defined by Rule&#160;405 under the Securities Act).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--EntityEmergingGrowthCompany_c20240705__20240705_zPtIMBrKv0ve"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000052" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td>
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    Growth Company (as defined by Rule&#160;12b-2 under the Securities Exchange Act of 1934 (&#8220;Exchange Act&#8221;)).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
    with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of Securities Act.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecef--NewCefOrBdcRegistrantFlag_c20240705__20240705_z7ImAmY8wg7i"><ix:nonNumeric contextRef="AsOf2024-07-05" format="ixt:booleanfalse" id="Fact000053" name="cef:NewCefOrBdcRegistrantFlag">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

 <hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE
REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE
IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE
AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.</span></p>

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

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

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

<p style="font: 1pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where the offer and sale is not permitted.</b></span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subject
to Completion<br/>
Preliminary Prospectus dated July 5, 2024</b></span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BASE
PROSPECTUS<br/>
dated &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2024</span></p>

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

<p style="font: bold 14pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt">$200,000,000</span></p>

<p style="font: bold 14pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 14pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt">The
GDL Fund</span></p>

<p style="font: bold 14pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Shares<br/>
Preferred Shares<br/>
Notes<br/>
Subscription Rights to Purchase Common Shares<br/>
Subscription Rights to Purchase Preferred Shares<br/>
Subscription Rights to Purchase Common and Preferred Shares</span></p>

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

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

 <hr style="background-color: Black; width: 25%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>
<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
Objective</i>. The GDL Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company, formed as a Delaware
statutory trust, registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). 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. The Fund will seek to achieve its objective by investing,
under normal market conditions, primarily in merger arbitrage transactions and, to a lesser extent, in corporate reorganizations involving
stubs, spin-offs and liquidations. Gabelli Funds, LLC serves as the investment adviser to the Fund. An investment in the Fund is not
appropriate for all investors. We cannot assure you that the Fund will achieve its objective.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may offer, from time to time, in one or more offerings, our common and/or fixed rate preferred shares, each with a par value $0.001 per
share (together, &#8220;shares&#8221;), our promissory notes (&#8220;notes&#8221;), and/or our subscription rights to purchase our common
and/or fixed rate preferred shares, which we refer to collectively as the &#8220;securities.&#8221; Securities may be offered at prices
and on terms to be set forth in one or more supplements to this prospectus (this &#8220;Prospectus&#8221; and each supplement thereto,
a &#8220;Prospectus Supplement&#8221;). You should read this Prospectus and the applicable Prospectus Supplement carefully before you
invest in our securities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
securities may be offered directly to one or more purchasers, through agents designated from time to time by us, or to or through underwriters
or dealers. The Prospectus Supplement relating to the offering will identify any agents or underwriters involved in the sale of our securities,
and will set forth any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters,
or among our underwriters, or the basis upon which such amount may be calculated. The Prospectus Supplement relating to any sale of preferred
shares will set forth the liquidation preference and information about the dividend period, dividend rate, any call protection or non-call
period and other matters. The Prospectus Supplement relating to any sale of notes will set forth the principal amount, interest rate,
interest payment dates, maturities, prepayment protection (if any) and other matters. The Prospectus Supplement relating to any offering
of subscription rights will set forth the number of common and/or preferred shares issuable upon the exercise of each right and the other
terms of such rights offering. We may offer subscription rights for common shares, preferred shares or common and preferred shares. We
may not sell any of our securities through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the
method and terms of the particular offering of our securities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common shares are listed on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the symbol &#8220;GDL&#8221; and our Series C
Cumulative Puttable and Callable Preferred Shares (&#8220;Series C Preferred Shares&#8221;) are listed on the NYSE under the symbol &#8220;GDL
Pr C.&#8221; Our Series E Cumulative Term Preferred Shares (&#8220;Series E Preferred Shares&#8221;) are not listed on an exchange. On
July 2, 2024, the last reported sale price of our common shares was $<span id="xdx_90C_eus-gaap--SharePrice_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zCxKSwaBl4k7"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-07-02_custom_CommonStocksMember" id="Fact000054" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.87</ix:nonFraction></span> and the last reported sales price of our Series C Preferred
Shares was $<span id="xdx_901_eus-gaap--SharePrice_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--SeriesCCumulativePreferredStockMember_zrYbC5AL8tx9"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-07-02_custom_SeriesCCumulativePreferredStockMember" id="Fact000055" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">49.37</ix:nonFraction></span>. The net asset value of the Fund&#8217;s common shares at the close of business on July 2, 2024, was $<span id="xdx_90E_eus-gaap--NetAssetValuePerShare_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_z8wBmL8qIso"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2024-07-02_custom_CommonStocksMember" id="Fact000056" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.17</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of July 2, 2024, the aggregate market value of our common shares held by non-affiliates, or the public float, was
approximately $53&#160;million, which was calculated based on 6,740,502 outstanding common shares held by
non-affiliates and on a price per share of $7.85, the closing price of our common stock on July 2, 2024. Pursuant to certain SEC
rules, to the extent applicable, in no event will we sell our securities in a public primary offering with a value exceeding more
than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million. We have not
offered any securities pursuant to the SEC rules noted above during the 12 calendar months prior to and including the date of this
prospectus.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
of closed-end funds often trade at a discount from net asset value. This creates a risk of loss for an investor purchasing shares in
a public offering.</b></span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in the Fund&#8217;s securities involves risks. See &#8220;Risk Factors and Special Considerations&#8221; beginning on page 11 and Additional
Fund Information&#8212;Risk Factors and Special Considerations&#8221; in the Fund&#8217;s Annual Report for factors that should be considered
before investing in securities of the Fund, including risks related to a leveraged capital structure.</b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined
if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus may not be used to consummate sales of securities by us through agents, underwriters or dealers unless accompanied by a Prospectus
Supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus, together with an applicable Prospectus Supplement, sets forth concisely the information about the Fund that a prospective
investor should know before investing. You should read this Prospectus, together with an applicable Prospectus Supplement, which contains
important information about the Fund, before deciding whether to invest in the securities, and retain it for future reference. A Statement
of Additional Information, dated , 2024, containing additional information about the Fund, has been filed with the SEC and is incorporated
by reference in its entirety into this Prospectus. You may request a free copy of our annual and semiannual reports, request a free copy
of the Statement of Additional Information, the table of contents of which is on page 38 of this Prospectus, or request other information
about us and make shareholder inquiries by calling (800) GABELLI (422-3554) or by writing to the Fund. You may also obtain a copy of
the Statement of Additional Information (and other information regarding the Fund) from the SEC&#8217;s website (<span style="text-decoration: underline">http://www.sec.gov</span>).
Our annual and semiannual reports are also available on our website (<span style="text-decoration: underline">www.gabelli.com</span>). The Statement of Additional Information
is only updated in connection with an offering and is therefore not available on the Fund&#8217;s website. Information on, or accessible
through, the Fund&#8217;s website is not a part of, and is not incorporated into, this Prospectus.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
securities do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution,
and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
should rely only on the information contained or incorporated by reference in this Prospectus and any applicable Prospectus Supplement.
The Fund has not authorized anyone to provide you with different information. The Fund is not making an offer to sell these securities
in any state where the offer or sale is not permitted. You should not assume that the information contained in this Prospectus and any
applicable Prospectus Supplement is accurate as of any date other than the date of this Prospectus or the date of the applicable Prospectus
Supplement.</b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

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



<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY OF FUND EXPENSES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#e_001">PRICE RANGE OF COMMON SHARES</a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in">11</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#e_002">FINANCIAL HIGHLIGHTS</a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in">12</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#e_003">SENIOR SECURITIES</a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in">12</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE FUND</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT OBJECTIVE AND POLICIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS AND SPECIAL CONSIDERATIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT OF THE FUND</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDENDS AND DISTRIBUTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTOMATIC DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF THE SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANTI-TAKEOVER PROVISIONS OF THE FUND&#8217;S GOVERNING DOCUMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLOSED-END FUND STRUCTURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPURCHASE OF COMMON SHARES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in">30</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIGHTS OFFERINGS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAXATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION BY REFERENCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRIVACY PRINCIPLES OF THE FUND</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2pro027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE BOND RATINGS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-1</span></td></tr>
</table>
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro001"></span>PROSPECTUS
SUMMARY</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
is only a summary. This summary may not contain all of the information that you should consider before investing in our securities. You
should review the more detailed information contained or incorporated by reference in this prospectus (this &#8220;Prospectus&#8221;),
including the sections titled &#8220;Risk Factors and Special Considerations&#8221; beginning on page 11 and in the Annual Report, the
applicable prospectus supplement thereto and the Statement of Additional Information, dated , 2024 (the &#8220;SAI&#8221;).</i></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 29%; padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    Fund</b></span></td>
    <td style="width: 71%; padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    GDL Fund is a diversified, closed-end management investment company organized under the laws of the State of Delaware on October
    17, 2006. Throughout this Prospectus, we refer to The GDL Fund as the &#8220;Fund&#8221; or as &#8220;we.&#8221; See &#8220;The Fund.&#8221;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund&#8217;s outstanding common shares, par value $0.001 per share, are listed on the New York Stock Exchange (&#8220;NYSE&#8221;)
    under the symbol &#8220;GDL.&#8221; On July 2, 2024, the last reported NYSE sale price of our common shares was $<span id="xdx_90C_eus-gaap--SharePrice_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zL0G3JSPRxT"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-07-02_custom_CommonStocksMember" id="Fact000057" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.87</ix:nonFraction></span>. The net asset
    value of the Fund&#8217;s common shares at the close of business on July 2, 2024 was $<span id="xdx_90B_eus-gaap--NetAssetValuePerShare_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zvywcl4eLtp7"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2024-07-02_custom_CommonStocksMember" id="Fact000058" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.17</ix:nonFraction></span> per share. As of July 2, 2024, the net
    assets of the Fund attributable to its common shares were $119,845,194. As of July 2, 2024, the Fund had outstanding <span id="xdx_90B_ecef--OutstandingSecurityNotHeldShares_c20240702__20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zYTq3CLOihGb"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2024-07-022024-07-02_custom_CommonStocksMember" id="Fact000059" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,783,440</ix:nonFraction></span> common
    shares. The Fund&#8217;s outstanding Series C Cumulative Puttable and Callable Preferred Shares, par value $0.001 per share (the
    &#8220;Series C Preferred Shares&#8221;), are listed on the NYSE under the symbol &#8220;GDL Pr C&#8221;. As of July 2, 2024, the
    Fund had outstanding <span id="xdx_90B_ecef--OutstandingSecurityNotHeldShares_c20240702__20240702__us-gaap--StatementClassOfStockAxis__custom--SeriesCCumulativePreferredStockMember_zdw3Emvfrvgk"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2024-07-022024-07-02_custom_SeriesCCumulativePreferredStockMember" id="Fact000060" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">688,932</ix:nonFraction></span> Series C Preferred Shares at a liquidation value of $<span id="xdx_900_eus-gaap--PreferredStockLiquidationPreference_iI_c20240702__us-gaap--StatementClassOfStockAxis__custom--SeriesCCumulativePreferredStockMember_zEDC2ZOxYRu7"><ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" contextRef="AsOf2024-07-02_custom_SeriesCCumulativePreferredStockMember" id="Fact000061" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">50</ix:nonFraction></span> per share for a total liquidation value of $34,446,600.
    The Fund&#8217;s outstanding Series E Cumulative Term Preferred Shares, par value $0.001 per share (&#8220;Series E Preferred Shares,&#8221;
    and together with the Series C Preferred Shares, the &#8220;preferred shares&#8221;) are not listed on an exchange. As of July 2,
    2024, the Fund had outstanding <span id="xdx_903_ecef--OutstandingSecurityNotHeldShares_c20240702__20240702__us-gaap--StatementClassOfStockAxis__custom--SeriesECumulativePreferredStockMember_zy4gq0PikMYk"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2024-07-022024-07-02_custom_SeriesECumulativePreferredStockMember" id="Fact000062" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,287,000</ix:nonFraction></span> Series E Preferred Shares at a liquidation value of $<span id="xdx_900_eus-gaap--PreferredStockLiquidationPreference_iI_c20240702__us-gaap--StatementClassOfStockAxis__custom--SeriesECumulativePreferredStockMember_zWf2iThAHKqf"><ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" contextRef="AsOf2024-07-02_custom_SeriesECumulativePreferredStockMember" id="Fact000063" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10</ix:nonFraction></span> per share for a total liquidation
    value of $12,870,000.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    Offering</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may offer, from time to time, in one or more offerings, our common and/or fixed rate preferred shares, $0.001 par value per share,
    our notes, or our subscription rights to purchase our common or fixed rate preferred shares or both, which we refer to collectively
    as the &#8220;securities.&#8221; The securities may be offered at prices and on terms to be set forth in one or more supplements
    to this Prospectus (each a &#8220;Prospectus Supplement&#8221;). The offering price per common share of the Fund will not be less
    than the net asset value per common share at the time we make the offering, exclusive of any underwriting commissions or discounts;
    however, transferable rights offerings that meet certain conditions may be offered at a price below the then current net asset value
    per common share of the Fund. You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest
    in our securities. Our securities may be offered directly to one or more purchasers, through agents designated from time to time
    by us, or through underwriters or dealers. The Prospectus Supplement relating to the offering will identify any agents, underwriters
    or dealers involved in the sale of our securities, and will set forth any applicable purchase price, fee, commission or discount
    arrangement between us and our agents or underwriters, or among our underwriters, or the basis upon which such amount may be calculated.
    The Prospectus Supplement relating to any sale of preferred shares will set forth the liquidation preference and information about
    the dividend period, dividend rate, any call protection or non-call period and other matters. The Prospectus Supplement relating
    to any sale of notes will set forth the principal amount, interest rate, interest payment dates, maturities, prepayment protection
    (if any), and other matters. The Prospectus Supplement relating to any offering of subscription rights will set forth the number
    of common and/or preferred shares issuable upon the exercise of each right and the other terms of such rights offering.</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
    the aggregate number and amount of securities we may issue pursuant to this registration statement is limited to $200,000,000 of
    securities, our Board of Trustees (each member a &#8220;Trustee,&#8221; and collectively, the &#8220;Board&#8221;) may, without any
    action by the shareholders, amend our Agreement and Declaration of Trust from time to time to increase or decrease the aggregate
    number of shares or the number of shares of any class or series that we have authority to issue. We may not sell any of our securities
    through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method and terms of the particular
    offering. Furthermore, pursuant to certain SEC rules, in no event will we sell our securities in a public primary offering with a
    value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    Objective and Policies</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, 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></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt"><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 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 Gabelli Funds, LLC (the &#8220;Investment Adviser&#8221;)
                                            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.</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    can be no assurance that the Fund will achieve its investment objectives. See &#8220;Investment Objectives and Policies.&#8221;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    Adviser</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, 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. 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. The Investment Adviser will consider a number of factors in selecting merger arbitrage
    transactions in which to invest, including, but not limited to, the credibility, strategic motivation, and financial resources of
    the participants and the liquidity of the securities involved in the transaction.</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
    Shares</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    terms of each series of preferred shares may be fixed by the Board and may materially limit and/or qualify the rights of holders
    of the Fund&#8217;s common shares. If the Board determines that it may be advantageous to the holders of the Fund&#8217;s common
    shares for the Fund to utilize additional leverage, the Fund may issue additional series of fixed rate preferred shares. Any fixed
    rate preferred shares issued by the Fund will pay distributions at a fixed rate. Leverage creates a greater risk of loss as well
    as a potential for more gains for the common shares than if leverage were not used. See &#8220;Additional Fund Information&#8212;Risk
    Factors and Special Considerations&#8212;Leverage Risks&#8221; in the Annual Report. The Fund may also determine in the future to
    issue other forms of senior securities, such as securities representing debt, subject to the limitations of the Investment Company
    Act of 1940, as amended (the &#8220;1940 Act&#8221;). The Fund may also engage in investment management techniques which will not
    be considered senior securities if the Fund complies with Rule 18f-4 under the 1940 Act. See &#8220;Additional Fund Information&#8212;Risk
    Factors and Special Considerations&#8212;Special Risks of Derivative Transactions&#8221; in the Annual Report. The Fund may also
    borrow money, to the extent permitted by the 1940 Act.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and Distributions</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preferred
    Shares Distributions</i>. In accordance with the Fund&#8217;s Governing Documents (as defined below) and as required by the 1940
    Act, all preferred shares of the Fund must have the same seniority with respect to distributions. Accordingly, no complete distribution
    due for a particular dividend period will be declared or paid on any series of preferred shares of the Fund for any dividend period,
    or part thereof, unless full cumulative dividends and distributions due through the most recent dividend payment dates for all series
    of outstanding preferred shares of the Fund are declared and paid. If full cumulative distributions due have not been declared and
    made on all outstanding preferred shares of the Fund, any distributions on such preferred shares will be made as nearly pro rata
    as possible in proportion to the respective amounts of distributions accumulated but unmade on each such series of preferred shares
    on the relevant dividend payment date. 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.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    distributions to the Fund&#8217;s preferred shareholders for the fiscal year ended December 31, 2023, were comprised of net investment
    income and capital gains. The composition of each distribution is estimated based on the earnings of the Fund as of the record date
    for each distribution. The actual composition of each year&#8217;s distributions will be based on the Fund&#8217;s investment activity
    through the end of the applicable calendar year.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
    on fixed rate preferred shares, at the applicable annual rate of the per share liquidation preference, are cumulative from the original
    issue date and are payable, when, as and if declared by the Board, out of funds legally available therefor.</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common
    Shares Distributions</i>. The Fund currently intends to make quarterly cash distributions of all or a portion of its investment company
    taxable income (which includes ordinary income and realized net short term capital gains) to common shareholders. The Fund also intends
    to make annual distributions of its realized net long term capital gains, if any. The Fund, however, may make more than one capital
    gain distribution to avoid paying U.S. federal excise tax. See &#8220;Taxation&#8221; in the Prospectus. A portion of each distribution
    may be a return of capital. Various factors will affect the level of the Fund&#8217;s income, such as its asset mix and use of merger
    arbitrage strategies. To permit the Fund to maintain more stable distributions, the Fund may from time to time distribute more or
    less than the entire amount of income earned in a particular period. The Fund&#8217;s distribution policy may be modified from time
    to time by the Board as it deems appropriate, including in light of market and economic conditions and the Fund&#8217;s current,
    expected and historical earnings and investment performance. Common shareholders are expected to be notified of any such modifications
    by press release or in the Fund&#8217;s periodic shareholder reports. Because the Fund&#8217;s current quarterly distributions are
    subject to modification by the Board at any time and the Fund&#8217;s income will fluctuate, there can be no assurance that the Fund
    will pay distributions at a particular rate or frequency. <b><i>The Fund&#8217;s annualized distributions may contain a return of
    capital and should not be considered as the dividend yield or total return of an investment in its common shares. Shareholders who
    receive the payment of a distribution consisting of a return of capital may be under the impression that they are receiving net profits
    when they are not. Shareholders should not assume that the source of a distribution from the Fund is net profit.</i></b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition, the amount treated as a tax free return of capital will reduce a shareholder&#8217;s adjusted tax basis in its shares,
    thereby increasing the shareholder&#8217;s potential taxable gain or reducing the potential taxable loss on the sale of the shares.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the fiscal year ended December 31, 2023, the Fund made distributions of $0.48 per common share, approximately $0.25 of which constituted
    a return of capital. When the Fund makes distributions consisting of returns of capital, such distributions will further decrease
    the Fund&#8217;s total assets and therefore have the likely effect of increasing the Fund&#8217;s expense ratio as the Fund&#8217;s
    fixed expenses will become a larger percentage of the Fund&#8217;s average net assets. In addition, in order to make such distributions,
    the Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment may not dictate such
    action. These effects could have a negative impact on the prices investors receive when they sell shares of the Fund.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indebtedness</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    applicable state law and our Agreement and Declaration of Trust, we may borrow money without prior approval of holders of common
    and preferred shares. We may also issue debt securities, including notes, or other evidence of indebtedness and may secure any such
    notes or borrowings by mortgaging, pledging or otherwise subjecting as security our assets to the extent permitted by the 1940 Act
    or rating agency guidelines. Any borrowings, including without limitation any notes, will rank senior to the preferred shares and
    the common shares. The Prospectus Supplement related to any offering of notes will describe the interest payment provisions relating
    to notes. Interest on notes will be payable when due as described in the related Prospectus Supplement. If we do not pay interest
    when due, it will trigger an event of default and we will be restricted from declaring dividends and making other distributions with
    respect to our common shares and preferred shares.</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
    of Proceeds</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund will use the net proceeds from the offering to purchase portfolio securities in accordance with its investment objectives and
    policies. The Investment Adviser anticipates that the investment of the proceeds will be made as appropriate investment opportunities
    are identified, which is expected to substantially be completed within three months. Depending on market conditions and operations,
    a portion of the proceeds to be identified in any relevant Prospectus Supplement may be used to pay distributions in accordance with
    the Fund&#8217;s distribution policy.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt"><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Fund may also use the net proceeds from the offering to call, redeem or repurchase shares
                                            of one or more of its Series C Preferred Shares or Series E Preferred Shares. The Series
                                            C Preferred Shares pay quarterly distributions in March, June, September, and December of
                                            each year. The Series C Preferred Shares paid distributions at an annualized rate of 4.00%
                                            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 Board announced a reset fixed
                                            dividend rate of 4.00% that will apply for the next eight quarterly dividend periods (Year
                                            2 and Year 3). On March 1, 2021, the Board continued the 4.00% dividend rate for Series C
                                            Preferred Shares through the mandatory redemption date of March 26, 2025.</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Series E Preferred Shares pay quarterly distributions in March, June, September, and December of each year. The Series E Preferred
    Shares paid distributions at an annualized rate of 4.00% on the $10 per share liquidation preference for the quarterly dividend periods
    ended on or prior to March 26, 2023 (Year 1). Notwithstanding the foregoing, effective January 19, 2023, the Board increased the
    dividend rate on the Series E Preferred Shares to an annual rate of 5.20% based on the liquidation preference of the Series E Preferred
    Shares. The Series E Preferred Shares have a mandatory redemption date of March 26, 2025. See &#8220;Description of the Securities&#8212;Preferred
    Shares&#8221; in the Prospectus for a definition of &#8220;Year 1,&#8221; &#8220;Year 2&#8221; and &#8220;Year 3.&#8221;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    &#8220;Use of Proceeds&#8221; in the Prospectus.</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    Listing</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund&#8217;s outstanding common shares have been listed and traded on the NYSE under the trading or &#8220;ticker&#8221; symbol &#8220;GDL&#8221;
    and our Series C Preferred Shares are listed on the NYSE under the symbol &#8220;GDL Pr C.&#8221; The Fund&#8217;s Series E Preferred
    Shares are not listed on an exchange. See &#8220;Description of the Securities&#8221; in the Prospectus. The Fund&#8217;s common
    shares have historically traded at a discount to the Fund&#8217;s net asset value. Since the Fund commenced trading on the NYSE,
    the Fund&#8217;s common shares have traded at a premium to net asset value as high as 9.74% and a discount as low as (32.86)%. Any
    additional series of fixed rate preferred shares or subscription rights issued by the Fund in the future pursuant to a Prospectus
    Supplement would also likely be listed on the NYSE.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    Factors and Special Considerations</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    is inherent in all investing and you could lose all or any portion of the amount you invest in our securities. Therefore, before
    investing in our securities, you should consider the risks described in this Prospectus, the Fund&#8217;s Annual Report, and any
    Prospectus Supplement carefully. The following is only a summary of certain risks of investing in the Fund described in more detail
    in the Annual Report and elsewhere in this Prospectus and any applicable Prospectus Supplement. Before you invest, you should read
    the full summary of the risks of investing in the Fund, beginning on page 11 of this Prospectus under the heading &#8220;Risk Factors
    and Special Considerations,&#8221; in any accompanying Prospectus Supplement and in the Fund&#8217;s Annual Report.</span></td></tr>
</table>

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</p>

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  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
    related to the Fund&#8217;s portfolio investments include risks related to:</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt"><p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;merger arbitrage;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;investing in securities of foreign issuers;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;equity risk;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;investing in preferred shares, fixed-income securities, corporate bonds, non-investment grade securities, and restricted and illiquid
    securities;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;investing in the direct obligations of the government of the United States or its agencies;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;use of financial leverage; and</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;derivative transactions.</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    principal risk associated with the Fund&#8217;s investment strategy 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 losses may
    be realized. The investment policies of the Fund are expected to lead to frequent changes in investments, which increase transaction
    costs to the Fund, and may also result in accelerated recognition of short term capital gain, which will be taxable to shareholders
    when distributed by the Fund. See &#8220;Risk Factors and Special Considerations&#8212;General Risks&#8212;Merger Arbitrage Risk&#8221;
    in the Prospectus.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    risks to investors in the Fund&#8217;s common shares include risks relating to the Fund&#8217;s common share distribution policy,
    dividends and use of leverage, the common shares&#8217; market price and liquidity, dilution and portfolio turnover.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    risks to investors in the Fund&#8217;s preferred shares include risks relating to the preferred shares&#8217; market price and liquidity,
    distributions on the preferred shares, redemption, reinvestment and subordination.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    risks to investors in the Fund&#8217;s notes include risks relating to the notes&#8217; liquidity, market price (if traded) and terms
    of redemption.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    risks to investors in the Fund&#8217;s preferred shares and notes include risks relating to common share repurchases, common share
    distributions and credit quality ratings.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    risks to holders of the Fund&#8217;s subscription rights include risks relating to dilution, market price for subscription rights
    and the value of the rights.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    general risks include risks related to:</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt"><p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;the Fund&#8217;s long term investment horizon, management and dependence on key personnel;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;market risks, market disruptions and geopolitical events, economic events and market events, government intervention in the financial
    markets, and inflation;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;the anti-takeover provisions in the Fund&#8217;s Governing Documents; and</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 30.95pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;the Fund&#8217;s status as a RIC for U.S. federal income tax purposes.</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management
    and Fees</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabelli
    Funds, LLC serves as the Fund&#8217;s Investment Adviser and its fee is calculated on the basis of the Fund&#8217;s managed assets,
    which 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. The fee
    may be higher when leverage is utilized, giving the Investment Adviser an incentive to utilize such leverage. The base rate 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 if the total return of the 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.</span></td></tr>
</table>

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  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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),
    subject to a positive or negative performance adjustment of up to 0.75% based on the Fund&#8217;s performance relative to the T-Bill
    Index plus 3.0 percentage points. See &#8220;Additional Fund Information</b>&#8212;<b>Management of the Fund&#8221; in the Fund&#8217;s
    Annual Report for further details.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, 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.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Repurchase
    of Common Shares</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board has authorized the Fund to consider the repurchase of its common shares in the open market when the common shares are trading
    at a discount of 7.5% or more from net asset value (or such other percentage as the Board may determine from time to time). Although
    the Board has authorized such repurchases, the Fund is not required to repurchase its common shares. In total through December 31,
    2023, the Fund has repurchased and retired 9,348,125 common shares in the open market at an average price of $9.36 and at an average
    discount of approximately 17.2% from the Fund&#8217;s net asset value. Such repurchases are subject to certain notice and other requirements
    under the 1940 Act. See &#8220;Repurchase of Common Shares&#8221; in the Prospectus.</span></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-Takeover
    Provisions</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; width: 71%"><p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
                                            provisions of the Fund&#8217;s Governing Documents may be regarded as &#8220;anti-takeover&#8221;
                                            provisions. Pursuant to these provisions, only one of three classes of Trustees is elected
                                            each year; super-majority voting requirements apply to the authorization of the conversion
                                            of the Fund from a closed-end to an open-end investment company or to the authorization of
                                            certain transactions between the Fund and a beneficial owner of more than 5% of any class
                                            of the Fund&#8217;s capital stock; advance notice to the Fund of any shareholder proposal
                                            is required; any shareholder proposing the nomination or election of a person as a Trustee
                                            must supply significant amounts of information designed to enable verification of whether
                                            such person satisfies the qualifications required of potential nominees to the Board; and
                                            Trustee nominees in contested elections must be elected by a majority of the outstanding
                                            shares.</span></p>
                                                                                             <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 &#8220;DSTA Control Share Statute&#8221;). 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&#160;1, 2022. The DSTA Control Share Statute
    provides for a series of voting power thresholds above which shares are considered &#8220;control beneficial interests&#8221; (referred
    to herein as &#8220;control shares&#8221;). Once a threshold is reached, an acquirer has no voting rights under the DSTA or the governing
    documents of the Fund with respect to shares acquired in excess of that threshold (i.e., the &#8220;control shares&#8221;) unless
    approved by shareholders of the Fund or exempted by the Board. Approval by the shareholders requires the affirmative vote of two-thirds
    of all votes entitled to be cast on the matter, excluding shares held by the acquirer and its associates as well as shares held by
    certain insiders of the Fund. Further approval by the Fund&#8217;s shareholders would be required with respect to additional acquisitions
    of control shares above the next applicable threshold level. The Board is permitted, but not obligated to, exempt specific acquisitions
    or classes of acquisitions of control shares, either in advance or retroactively.</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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. Some uncertainty around the general
    application under the 1940 Act of state control share statutes exists as a result of recent court decisions which have held that
    control share acquisition provisions in funds&#8217; governing documents and/or the opt in to certain state control share acquisition
    statutes are not consistent with the 1940 Act. Additionally, in some circumstances uncertainty may also exist in how to enforce the
    control share restrictions contained in state control share statutes against beneficial owners who hold their shares through financial
    intermediaries.</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    overall effect of these provisions is to render more difficult the accomplishment of a merger with, or the assumption of control
    by, a principal shareholder. These provisions may have the effect of depriving the Fund&#8217;s common shareholders of an opportunity
    to sell their shares at a premium to the prevailing market price. The issuance of preferred shares could make it more difficult for
    the holders of common shares to avoid the effect of these provisions. See &#8220;Anti-Takeover Provisions of the Fund&#8217;s Governing
    Documents&#8221; in the Prospectus.</span></p></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custodian</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Bank of New York Mellon, located at 240 Greenwich Street, New York, NY 10286, serves as the custodian (the &#8220;Custodian&#8221;)
    of the Fund&#8217;s assets pursuant to a custody agreement. Under the custody agreement, the Custodian holds the Fund&#8217;s assets
    in compliance with the 1940 Act. For its services, the Custodian receives a monthly fee paid by the Fund based upon, among other
    things, the average value of the total assets of the Fund, plus certain charges for securities transactions and out-of-pocket expenses.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
    Agent and Dividend Disbursing Agent</b></span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
    Stock Transfer &amp; Trust Company, located at 6201 15th Avenue, Brooklyn, NY 11219, serves as the Fund&#8217;s dividend disbursing
    agent, as agent under the Fund&#8217;s Automatic Dividend Reinvestment and Voluntary Cash Purchase Plan (the &#8220;Plan&#8221;),
    and as transfer agent and registrar with respect to the Series C Preferred Shares, Series E Preferred Shares and the common shares
    of the Fund.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro002"></span>SUMMARY
OF FUND EXPENSES</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify">&#160;</p>
<ix:nonNumeric contextRef="AsOf2024-07-05" continuedAt="ConU000066-01" escape="true" id="Fact000066" name="cef:ShareholderTransactionExpensesTableTextBlock"><div id="xdx_800_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-TF_zzbhPfhHapma"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: italic">Shareholder Transaction Expenses</td><td style="font-size: 12pt">&#160;</td>
    <td colspan="3" id="xdx_49B_20240705__20240705_zgd1ZKOh0A37" style="font-size: 12pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: #1D1D1B; text-align: left; text-indent: -9pt; padding-left: 9.25pt">Sales Load (as a percentage of offering price)</td><td style="color: #1D1D1B">&#160;</td>
    <td style="color: #1D1D1B; text-align: left">&#160;</td><td style="color: #1D1D1B; text-align: right"><span style="font-size: 10pt; color: #1D1D1B"><span id="xdx_901_ecef--SalesLoadPercent_dp0_c20240705__20240705_fYQ_____z1HFo7WtxPma"><ix:nonFraction name="cef:SalesLoadPercent" contextRef="AsOf2024-07-05" id="Fact000067" format="ixt:zerodash" decimals="INF" scale="-2" unitRef="Ratio">&#8211;</ix:nonFraction></span></span></td><td style="white-space: nowrap; color: #1D1D1B; text-align: left">%<span>(a)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; color: #1D1D1B">Offering Expenses Borne by the Fund (as a percentage of offering price)</td><td style="color: #1D1D1B">&#160;</td>
    <td style="color: #1D1D1B; text-align: left">&#160;</td><td style="color: #1D1D1B; text-align: right"><span style="font-size: 10pt; color: #1D1D1B"><span id="xdx_90B_ecef--OtherTransactionExpensesPercent_dp0_c20240705__20240705_fYQ_____zJjVgGmOGLyh"><ix:nonFraction name="cef:OtherTransactionExpensesPercent" contextRef="AsOf2024-07-05" id="Fact000068" format="ixt:zerodash" decimals="INF" scale="-2" unitRef="Ratio">&#8211;</ix:nonFraction></span></span></td><td style="white-space: nowrap; color: #1D1D1B; text-align: left">%(a)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; color: #1D1D1B; text-align: left; text-indent: -9pt; padding-left: 9.25pt">Dividend Reinvestment and Voluntary Cash Purchase Plan Fees</td><td style="width: 10%; color: #1D1D1B">&#160;</td>
    <td style="width: 1%; color: #1D1D1B; text-align: left">$</td><td style="width: 10%; color: #1D1D1B; text-align: right"><span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_pip0_d0_c20240705__20240705_fYg_____zWuCF5RupcLf"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="AsOf2024-07-05" id="Fact000069" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USD">1.00</ix:nonFraction></span></td><td style="white-space: nowrap; width: 1%; color: #1D1D1B; text-align: left">(b)</td></tr>
  <tr id="xdx_409_ecef--DividendReinvestmentAndCashPurchaseFees_i01_pip0_d0_hus-gaap--StatementClassOfStockAxis__custom--PurchaseTransactionsMember_zQgmLOync5c1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; color: #1D1D1B; text-align: left">Purchase Transactions</td><td style="color: #1D1D1B">&#160;</td>
    <td style="color: #1D1D1B; text-align: left">&#160;</td><td style="color: #1D1D1B; text-align: right"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="From2024-07-052024-07-05_custom_PurchaseTransactionsMember" id="Fact000071" format="ixt:zerodash" decimals="INF" scale="0" unitRef="USD">&#8211;</ix:nonFraction></td><td style="white-space: nowrap; color: #1D1D1B; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecef--DividendReinvestmentAndCashPurchaseFees_i01_pip0_d0_hus-gaap--StatementClassOfStockAxis__custom--OneTtimeFeeForDepositOfShareCertificatesMember_zGgoi3xmcImi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; color: #1D1D1B; text-align: left">One-time Fee for Deposit of Share Certificates</td><td style="color: #1D1D1B">&#160;</td>
    <td style="color: #1D1D1B; text-align: left">&#160;</td><td style="color: #1D1D1B; text-align: right"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="From2024-07-052024-07-05_custom_OneTtimeFeeForDepositOfShareCertificatesMember" id="Fact000073" format="ixt:zerodash" decimals="INF" scale="0" unitRef="USD">&#8211;</ix:nonFraction></td><td style="white-space: nowrap; color: #1D1D1B; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_818_zVatHA3Dth06" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>
<ix:nonNumeric contextRef="AsOf2024-07-05" continuedAt="ConU000076-01" escape="true" id="Fact000076" name="cef:AnnualExpensesTableTextBlock"><div id="xdx_801_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-GFFA_ztdarTDOhmH9"></div>

<table cellspacing="0" cellpadding="0" style="font: 12pt 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: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"><b>Annual Expenses</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_494_20240705__20240705_zB4lZr26ykgj" style="border-bottom: black 1pt solid; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"><b>Percentages of Net Assets Attributable to Common Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 1%">&#160;</td></tr>
  <tr id="xdx_40B_ecef--ManagementFeesPercent_i01_dp_zY7pFlgB9hr2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Base Management Fee</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"><ix:nonFraction name="cef:ManagementFeesPercent" contextRef="AsOf2024-07-05" id="Fact000078" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.78</ix:nonFraction></span></td>
    <td style="white-space: nowrap"><span id="xdx_F4E_z0a3NDyWXDK" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%(c)</span></td></tr>
  <tr id="xdx_409_ecef--IncentiveFeesPercent_i01_dp_zwJIA5bFAij1" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Performance Fee</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt; color: #1D1D1B"><ix:nonFraction name="cef:IncentiveFeesPercent" contextRef="AsOf2024-07-05" id="Fact000080" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.77</ix:nonFraction></span></span></td>
    <td style="white-space: nowrap"><span id="xdx_F46_z4nrkDXJpgLj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%(d)</span></td></tr>
  <tr id="xdx_405_ecef--InterestExpensesOnBorrowingsPercent_i01_dp_zcUJvp0AHfRl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Interest Expense</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt; color: #1D1D1B"><ix:nonFraction name="cef:InterestExpensesOnBorrowingsPercent" contextRef="AsOf2024-07-05" id="Fact000082" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">2.34</ix:nonFraction></span></span></td>
    <td style="white-space: nowrap"><span id="xdx_F4A_zhz5QP2ntUMf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%(e)</span></td></tr>
  <tr id="xdx_40E_ecef--OtherAnnualExpensesPercent_i01_dp_z6qYnEUOi6Ni" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Other Expenses</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt; color: #1D1D1B"><ix:nonFraction name="cef:OtherAnnualExpensesPercent" contextRef="AsOf2024-07-05" id="Fact000084" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.81</ix:nonFraction></span></span></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap"><span id="xdx_F47_zXMsOq9KdJMi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%(f)</span></td></tr>
  <tr id="xdx_400_ecef--TotalAnnualExpensesPercent_i01T_dp_zRG57BkTjt04" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Total Annual Expenses</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt; color: #1D1D1B"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" contextRef="AsOf2024-07-05" id="Fact000086" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">4.70</ix:nonFraction></span></span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_815_zsXBjncmH9Lb" style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"></p>
<div id="xdx_C0C_gL1STETTB-TF_zDgYFAey0Pn4"><ix:continuation id="ConU000066-01"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="width: 0.25in"><span id="xdx_F05_ziB4wV7mh3wd" style="font-size: 10pt; color: #1D1D1B">(a)</span></td>
    <td style="text-align: justify"><span id="xdx_F17_z6SOmTi00vxb" style="font-size: 10pt; color: #1D1D1B"><ix:footnote id="Footnote000087" xml:lang="en-US"><span id="xdx_901_ecef--OtherTransactionFeesNoteTextBlock_c20240705__20240705_zDaVSQi1aT69"><ix:nonNumeric contextRef="AsOf2024-07-05" escape="true" id="Fact000088" name="cef:OtherTransactionFeesNoteTextBlock">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.</ix:nonNumeric></span></ix:footnote></span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="width: 0.25in"><span id="xdx_F04_zbSRmSzD4CIk" style="font-size: 10pt; color: #1D1D1B">(b)</span></td>
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  </table></ix:continuation></div>
<div id="xdx_C08_gL1AETTB-GFFA_zYEQrV4OTc5f"><ix:continuation id="ConU000076-01"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="text-align: justify"><span id="xdx_F1D_zr61gPCMHTY1" style="font-size: 10pt"><ix:footnote id="Footnote000092" xml:lang="en-US">Based on year ended December 31, 2023. 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 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.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

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  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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  <tr style="vertical-align: top">
    <td style="width: 0in"/>
    <td style="width: 0.25in"><span id="xdx_F01_zazjzBxlle36" style="font-size: 10pt; color: #1D1D1B">(f)</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #1D1D1B"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify; color: #1D1D1B">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-Special Risks to Holders of Common Shares-Leverage
Risk.&#8221;</p>

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

<ix:nonNumeric contextRef="AsOf2024-07-05" escape="true" id="Fact000097" name="cef:ExpenseExampleTableTextBlock"><p id="xdx_802_ecef--ExpenseExampleTableTextBlock_dU_zKpDdvDRJKq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify; color: #1D1D1B">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.</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify; width: 98%"><span style="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>
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</ix:nonNumeric><p id="xdx_819_zdXhGQnRGkg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify; color: #1D1D1B"><i>The example includes Dividends
on Preferred Shares, which for financial reporting purposes only are included as a component of &#8220;Interest Expense.&#8221; If Dividends
on Preferred Shares were not included in &#8220;Interest Expense&#8221; and 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): $24, $74, $126,
and $269.</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify"><span style="color: #1D1D1B">The information
regarding the price range of common shares contained under the heading &#8220;Additional Fund Information&#8212;Summary of Fund Expenses&#8212;Outstanding
Securities&#8221; in the </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001378701/000182912624001446/gdl_ncsr.htm">Annual Report</a> <span style="color: #1D1D1B">is incorporated herein by reference.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"><span style="text-transform: uppercase"><span id="e_001"></span><b>Price
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is incorporated herein by reference. The following table sets forth for the quarters indicated, the high and low sale prices on the NYSE
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. &#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0in">The last reported price for
our common shares on July 2, 2024 was $<span id="xdx_903_eus-gaap--SharePrice_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zwlvkuU5lJ7h"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-07-02_custom_CommonStocksMember" id="Fact000116" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.87</ix:nonFraction></span> per share. As of July 2, 2024, the net asset value per share of the Fund&#8217;s common
shares was $<span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zsPMmsish7v3"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2024-07-02_custom_CommonStocksMember" id="Fact000117" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.17</ix:nonFraction></span>. Accordingly, the Fund&#8217;s common shares traded at a discount to net asset value of (<span id="xdx_900_ecef--LatestPremiumDiscountToNavPercent_iN_dpi0_c20240702__20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_z5UaoUh8BX4f"><ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="From2024-07-022024-07-02_custom_CommonStocksMember" id="Fact000118" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">22.62</ix:nonFraction></span>)% on July 2, 2024.</p>

</ix:nonNumeric><p id="xdx_813_zwV3l2mDkrp1" style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0in"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"><span style="text-transform: uppercase"><span id="e_002"></span><b>FI</b></span><b>NANCIAL
HIGHLIGHTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information contained under
the headings &#8220;Financial Highlights&#8221; and &#8220;Additional Fund Information&#8212;Summary of Fund Expenses&#8212;Selected data
for a common share outstanding throughout each year&#8221; in the Annual Report is incorporated herein by reference. The financial highlights
table is intended to help you understand the Fund&#8217;s financial performance. The information in this table for the past five years
is derived from the Fund&#8217;s financial statements audited by Ernst &amp; Young LLP (&#8220;Ernst &amp; Young&#8221;), independent
registered public accounting firm for the Fund, whose report on such financial statements, together with the financial statements of the
Fund, are included in the Fund&#8217;s Annual Report and are incorporated by reference herein.</p>

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

<ix:nonNumeric contextRef="AsOf2024-07-05" escape="true" id="Fact000120" name="cef:SeniorSecuritiesNoteTextBlock"><p id="xdx_80F_ecef--SeniorSecuritiesNoteTextBlock_dU_zNHc3X8zn2m9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"><span style="text-transform: uppercase"><b><span id="e_003"></span>SENIOR
SECURITIES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information contained
under the headings &#8220;Financial Highlights&#8221; and &#8220;Additional Fund Information&#8212;Summary of Fund Expenses&#8212;Selected
data for a common share outstanding throughout each year&#8221; in the Annual Report is incorporated herein by reference. The information
contained under such headings in the Annual Report concerning the Fund&#8217;s outstanding senior securities for the fiscal years ended
December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019 is derived from the Fund&#8217;s financial
statements audited by Ernst &amp; Young, independent registered public accounting firm for the Fund, whose report on such financial statements,
together with the financial statements of the Fund, are included in the Annual Report and are incorporated by reference herein.&#160;</p>

</ix:nonNumeric><p id="xdx_817_zRRZ8cAZmDgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>



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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro003"></span>USE
OF PROCEEDS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser expects that it will initially invest the proceeds of the offering in high quality short term debt securities and
instruments. The Investment Adviser anticipates that the investment of the proceeds will be made in accordance with the Fund&#8217;s
investment objective and policies as appropriate investment opportunities are identified, which is expected to substantially be completed
within three months. Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised
from this offering to be identified in any relevant Prospectus Supplement, may be used to pay distributions in accordance with the Fund&#8217;s
distribution policy. Such distribution may include a return of capital and should not be considered as dividend yield or the total return
from an investment in the Fund.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may also use the net proceeds from the offering to call, redeem or repurchase shares of one or more of its Series C Preferred Shares
or Series E Preferred Shares. The Series C Preferred Shares pay quarterly distributions in March, June, September, and December of each
year. The Series C Preferred Shares paid distributions at an annualized rate of 4.00% 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 Board announced a reset fixed
dividend rate of 4.00% that will apply for the next eight quarterly dividend periods (Year 2 and Year 3). On March 1, 2021, the Board
continued the 4.00% dividend rate for Series C Preferred Shares through the mandatory redemption date of March 26, 2025.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series E Preferred Shares pay quarterly distributions in March, June, September, and December of each year. The Series E Preferred Shares
paid distributions at an annualized rate of 4.00% on the $10 per share liquidation preference for the quarterly dividend periods ended
on or prior to March 26, 2023 (Year 1). Notwithstanding the foregoing, effective January 19, 2023, the Board increased the dividend rate
on the Series E Preferred Shares to an annual rate of 5.20% based on the liquidation preference of the Series E Preferred Shares. The
Series E Preferred Shares have a mandatory redemption date of March 26, 2025. See &#8220;Description of the Securities&#8212;Preferred
Shares&#8221; in the Prospectus for a definition of &#8220;Year 1,&#8221; &#8220;Year 2&#8221; and &#8220;Year 3.&#8221;</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro004"></span>THE
FUND</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is a diversified, closed-end management investment company registered under the 1940 Act. The Fund was organized as a Delaware statutory
trust on October 17, 2006, pursuant to an Agreement and Declaration of Trust governed by the laws of the State of Delaware. The Fund
commenced its investment operations on January 31, 2007. The Fund&#8217;s principal office is located at One Corporate Center, Rye, New
York, 10580-1422 and its telephone number is (800) 422-3554.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="AsOf2024-07-05" escape="true" id="Fact000122" name="cef:InvestmentObjectivesAndPracticesTextBlock"><p id="xdx_800_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zZlZRvQPetPl" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro005"></span>INVESTMENT
OBJECTIVE AND POLICIES</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Objective and Policies</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

<ix:exclude><!-- Field: Page; Sequence: 16; Options: NewSection; Value: 12 -->
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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 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.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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 and in the SAI apply only at the time of investment and are not considered violated
as a result of subsequent changes to the value, or downgrades to the ratings, of the Fund&#8217;s portfolio investments.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the headings &#8220;Additional Fund Information&#8212;Investment Objectives and Policies&#8221; in the Fund&#8217;s
Annual Report is incorporated herein by reference.</span></p>

</ix:nonNumeric><p id="xdx_818_zdJZElWjPbYb" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="AsOf2024-07-05" escape="true" id="Fact000124" name="cef:RiskFactorsTableTextBlock"><p id="xdx_80D_ecef--RiskFactorsTableTextBlock_dU_zz65LRLn12Ek" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro006"></span>RISK
FACTORS AND SPECIAL CONSIDERATIONS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Additional Fund Information&#8212;Risk Factors and Special Considerations&#8221; in the
Fund&#8217;s Annual Report is incorporated herein by reference.</span></p>

</ix:nonNumeric><p id="xdx_819_z0rfRL4ivUbg" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro008"></span>MANAGEMENT
OF THE FUND</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Additional Fund Information&#8212;Management of the Fund&#8221; in the Fund&#8217;s Annual
Report is incorporated herein by reference.</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro009"></span>PORTFOLIO
TRANSACTIONS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
transactions are not entered into with affiliates of the Fund. However, G.research, LLC, an affiliate of the Investment Adviser, may
execute portfolio transactions on stock exchanges and in the OTC markets on an agency basis and may be paid commissions. For a more detailed
discussion of the Fund&#8217;s brokerage allocation practices, see &#8220;Portfolio Transactions&#8221; in the SAI.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro010"></span>DIVIDENDS
AND DISTRIBUTIONS</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund currently intends to make quarterly cash distributions of all or a portion of its investment company taxable income (which includes
ordinary income and realized net short term capital gains) to common shareholders. The Fund also intends to make annual distributions
of its realized net long term capital gains, if any. The Fund, however, may make more than one capital gain distribution to avoid paying
U.S. federal excise tax. See &#8220;Taxation&#8221;. A portion of each distribution may be a return of capital. Various factors will
affect the level of the Fund&#8217;s income, such as its asset mix and use of merger arbitrage strategies. To permit the Fund to maintain
more stable distributions, the Fund may from time to time distribute more or less than the entire amount of income earned in a particular
period. The Fund&#8217;s distribution policy may be modified from time to time by the Board as it deems appropriate, including in light
of market and economic conditions and the Fund&#8217;s current, expected and historical earnings and investment performance. Common shareholders
are expected to be notified of any such modifications by press release or in the Fund&#8217;s periodic shareholder reports. Because the
Fund&#8217;s current quarterly distributions are subject to modification by the Board at any time and the Fund&#8217;s income will fluctuate,
there can be no assurance that the Fund will pay distributions at a particular rate or frequency.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s annualized distributions may contain a return of capital and should not be considered as the dividend yield or total return
of an investment in its common shares. Shareholders who receive the payment of a distribution consisting of a return of capital may be
under the impression that they are receiving net profits when they are not. Shareholders should not assume that the source of a distribution
from the Fund is net profit. A portion of the Fund&#8217;s common share distributions for the years ending December 31, 2014 through
December 31, 2023 have included a return of capital. For the fiscal year ended December 31, 2023, the Fund made distributions of $0.48
per common share, approximately $0.25 of which constituted a return of capital. To minimize the U.S. federal income tax that the Fund
must pay at the corporate level, the Fund intends to distribute substantially all of its investment company taxable income and previously
undistributed cumulative net capital gain. The composition of each distribution is estimated based on earnings as of the record date
for the distribution. The actual composition of each distribution may change based on the Fund&#8217;s investment activity through the
end of the calendar year.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may retain for reinvestment, and pay the resulting U.S. federal income taxes on its net capital gain, if any, although, as previously
mentioned, the Fund intends to distribute substantially all of its previously undistributed cumulative net capital gain each year. In
the event that the Fund&#8217;s investment company taxable income and net capital gain exceeds the total of the Fund&#8217;s annual distributions
on any shares issued by the Fund, the Fund intends to pay such excess once a year. If, for any calendar year, the total annual distributions
on any shares issued by the Fund exceed investment company taxable income and cumulative net capital gain, the excess will generally
be treated as a tax-free return of capital up to the amount of a shareholder&#8217;s tax basis in his or her shares. Any distributions
to the holders of shares which constitute tax-free return of capital will reduce a shareholder&#8217;s tax basis in such shares, thereby
increasing such shareholder&#8217;s potential gain or reducing his or her potential loss on the sale of the shares. Any such amounts
distributed to a shareholder in excess of the basis in the shares will generally be taxable to the shareholder as capital gain. See &#8220;Taxation.&#8221;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent the Fund makes distributions consisting of returns of capital, such distributions will further decrease the Fund&#8217;s total
assets and, therefore have the likely effect of increasing the Fund&#8217;s expense ratio as the Fund&#8217;s fixed expenses will become
a larger percentage of the Fund&#8217;s average net assets. In addition, in order to make such distributions, the Fund may have to sell
a portion of its investment portfolio at a time when independent investment judgment may not dictate such action. These effects could
have a negative impact on the prices investors receive when they sell shares of the Fund.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund, along with other closed-end registered investment companies advised by the Investment Adviser, is entitled to rely on an exemption
from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder permitting the Fund to make periodic distributions of long term capital
gains provided that any distribution policy of the Fund with respect to its common shares calls for periodic (e.g., quarterly or semiannually,
but in no event more frequently than monthly) distributions in an amount equal to a fixed percentage of the Fund&#8217;s average net
asset value over a specified period of time or market price per common share at or about the time of distribution or payment of a fixed
dollar amount. The exemption also permits the Fund to make such distributions with respect to its preferred shares, if any, in accordance
with such shares&#8217; terms. The Fund does not currently rely on this exemption, and its current policy is to make quarterly distributions
to holders of its common shares. This policy is subject to change by the Board at any time without prior notice to shareholders.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro011"></span>AUTOMATIC
DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Additional Fund Information&#8212;Automatic Dividend Reinvestment and Voluntary Cash Purchase
Plan&#8221; in the Fund&#8217;s Annual Report is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro012"></span>DESCRIPTION
OF THE SECURITIES</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following is a brief description of the terms of the common and preferred shares, notes, and subscription rights. This description does
not purport to be complete and is qualified by reference to the Fund&#8217;s Governing Documents. For complete terms of the common and
preferred shares, please refer to the actual terms of such series, which are set forth in the Governing Documents. For complete terms
of the notes, please refer to the actual terms of such notes, which will be set forth in an Indenture relating to such notes (the &#8220;Indenture&#8221;).
For complete terms of the subscription rights, please refer to the actual terms of such subscription rights which will be set forth in
the subscription rights agreement relating to such subscription rights (the &#8220;Subscription Rights Agreement&#8221;).</i></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="AsOf2024-07-05" escape="true" id="Fact000126" name="cef:CapitalStockTableTextBlock"><p id="xdx_80B_ecef--CapitalStockTableTextBlock_dU_z1Sym628Kqbl" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Shares</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is an unincorporated statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust dated as of October
17, 2006. The Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.001 per share. Each
common share has one vote and, when issued and paid for in accordance with the terms of the applicable offering, will be fully paid and
non-assessable. Though the Fund expects to pay distributions quarterly on the common shares, it is not obligated to do so. All common
shares are equal as to distributions, assets and voting privileges and have no conversion, preemptive or other subscription rights. The
Fund will send annual and semiannual reports, including financial statements, to all holders of its shares. In the event of liquidation,
each of the Fund&#8217;s common shares is entitled to its proportion of the Fund&#8217;s assets after payment of debts and expenses and
the amounts payable to holders of the Fund&#8217;s preferred shares ranking senior to the Fund&#8217;s common shares as described below.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offerings
of shares require approval by the Board. Any additional offering of common shares will be subject to the requirements of the 1940 Act,
which provides that common shares may not be issued at a price below the then current net asset value, exclusive of sales load, except
in connection with an offering to existing holders of common shares or with the consent of a majority of the Fund&#8217;s common shareholders.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s outstanding common shares have been listed and traded on the NYSE under the symbol &#8220;GDL&#8221; since January 29, 2007.
The Fund&#8217;s common shares have historically traded at a discount to the Fund&#8217;s net asset value. Since the Fund commenced trading
on the NYSE, the Fund&#8217;s common shares have traded at a discount to net asset value as low as (32.86)% and a premium as high as
9.74%. The average weekly trading volume of the common shares on the NYSE during the period from January 1, 2023 through December 31,
2023 was 79,606 shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
open-end funds, closed-end funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder
determines to buy additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the
NYSE or otherwise.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of closed-end investment companies often trade on an exchange at prices lower than net asset value. Because the market value of the common
shares may be influenced by such factors as dividend and distribution levels (which are in turn affected by expenses), dividend and distribution
stability, net asset value, market liquidity, relative demand for and supply of such shares in the market, unrealized gains, general
market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure you that common shares will trade
at a price equal to or higher than net asset value in the future. The common shares are designed primarily for long term investors and
you should not purchase the common shares if you intend to sell them soon after purchase.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the rights of the outstanding preferred shares, the Fund&#8217;s common shareholders vote as a single class to elect the Board and
on additional matters with respect to which the 1940 Act, Delaware law, the Governing Documents or resolutions adopted by the Trustees
provide for a vote of the Fund&#8217;s common shareholders. See &#8220;Anti-Takeover Provisions of the Fund&#8217;s Governing Documents.&#8221;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is a diversified, closed-end management investment company and as such its shareholders do not, and will not, have the right to
require the Fund to repurchase their shares. The Fund, however, may repurchase its common shares from time to time as and when it deems
such a repurchase advisable, subject to maintaining required asset coverage for each series of outstanding preferred shares. The Board
has authorized such repurchases to be made when the Fund&#8217;s common shares are trading at a discount from net asset value of 7.5%
or more (or such other percentage as the Board may determine from time to time). Through December 31, 2023, the Fund has repurchased
966,858 common shares under this authorization. Pursuant to the 1940 Act, the Fund may repurchase its common shares on a securities exchange
(provided that the Fund has informed its shareholders within the preceding six months of its intention to repurchase such shares) or
pursuant to tenders and may also repurchase shares privately if the Fund meets certain conditions regarding, among other things, distribution
of net income for the preceding fiscal year, status of the seller, price paid, brokerage commissions, prior notice to shareholders of
an intention to repurchase shares and purchasing in a manner and on a basis that does not discriminate unfairly against the other shareholders
through their interest in the Fund.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Fund repurchases its common shares for a price below net asset value, the net asset value of the common shares that remain outstanding
will be enhanced, but this does not necessarily mean that the market price of the outstanding common shares will be affected, either
positively or negatively. The repurchase of common shares will reduce the total assets of the Fund available for investment and may increase
the Fund&#8217;s expense ratio. In total through December 31, 2023, the Fund repurchased and retired 9,348,125 common shares in the open
market at an average investment of $9.36 and at an average discount of approximately 17.2% from the Fund&#8217;s net asset value.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Book
Entry. </i>The common shares will initially be held in the name of Cede &amp; Co. as nominee for the Depository Trust Company (&#8220;DTC&#8221;).
The Fund will treat Cede &amp; Co. as the holder of record of the common shares for all purposes. In accordance with the procedures of
DTC, however, purchasers of common shares will be deemed the beneficial owners of shares purchased for purposes of distributions, voting
and liquidation rights.</span></p>

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Agreement and Declaration of Trust provides that the Board may authorize and issue senior securities with rights as determined by the
Board, by action of the Board without the approval of the holders of the common shares. Holders of common shares have no preemptive right
to purchase any senior securities that might be issued.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently
an unlimited number of the Fund&#8217;s shares have been classified by the Board as preferred shares, par value $0.001 per share. The
terms of such preferred shares may be fixed by the Board and would materially limit and/or qualify the rights of the holders of the Fund&#8217;s
common shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Fund had outstanding <span id="xdx_905_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesCCumulativePreferredStockMember_zF7cg7HM5xzd"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2023-12-312023-12-31_custom_SeriesCCumulativePreferredStockMember" id="Fact000127" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">688,932</ix:nonFraction></span> Series C Preferred Shares, which are senior securities of the Fund. On March 26,
2020, 1,935,093 Series C Preferred Shares were put back to the Fund at the liquidation value of $96,754,650, plus accumulated and unpaid
dividends. Distributions on the Series C Preferred Shares, which are fixed rate preferred shares, currently accumulate at an annual rate
of 4.00% of the liquidation preference of $50 per share, are cumulative from the date of original issuance thereof, and are payable quarterly
on March 26, June 26, September 26 and December 26 of each year (each, a &#8220;Dividend Payment Date&#8221;). As used herein, each period
beginning on and including a Dividend Payment Date and ending on but excluding the next succeeding Dividend Payment Date is referred
to as a &#8220;Dividend Period.&#8221; The Dividend Period beginning on the date of original issue, which constitutes the first Dividend
Period, together with the next three Dividend Periods, are referred to herein as &#8220;Year 1,&#8221; the next four Dividend Periods
are referred to as &#8220;Year 2,&#8221; and so on. The Series C Preferred Shares paid distributions at an annualized rate of 4.00% 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 Board announced a reset fixed dividend rate of 4.00% that will apply for the next eight quarterly dividend periods (Year
2 and Year 3). On March 1, 2021, the Board continued the 4.00% dividend rate for Series C Preferred Shares through the mandatory redemption
date of March 26, 2025. The Series C Preferred Shares are not rated by any rating agency.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may redeem all or any part of the Series C Preferred, upon not less than 30 nor more than 60 days&#8217; prior notice, at the liquidation
preference of $50 per share, plus any accumulated and unpaid dividends if such redemption is necessary, in the judgment of the Board,
to maintain the Fund&#8217;s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;).</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Fund had outstanding <span id="xdx_904_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesECumulativePreferredStockMember_zlAqGLM5Yzel"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2023-12-312023-12-31_custom_SeriesECumulativePreferredStockMember" id="Fact000128" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,832,500</ix:nonFraction></span> Series E Preferred Shares, which are senior securities of the Fund. On March
26, 2023, 667,500 shares of Series E Preferred were put back to the Fund at their liquidation preference of $10 per share, plus accrued
and unpaid dividends. Distributions on the Series E Preferred Shares, which are fixed rate preferred shares, currently accumulate at
an annual rate of 5.20% of the liquidation preference of $10 per share, are cumulative from the date of original issuance thereof, and
are payable quarterly on each Dividend Payment Date. The Series E Preferred Shares paid distributions at an annualized rate of 4.00%
on the $10 per share liquidation preference for the quarterly dividend periods ended on or prior to March 26, 2023 (Year 1). Notwithstanding
the foregoing, effective January 19, 2023, the Board increased the dividend rate on the Series E Preferred Shares to an annual rate of
5.20% based on the liquidation preference of the Series E Preferred Shares. The Series E Preferred Shares have a mandatory redemption
date of March 26, 2025.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series E Preferred Shares may be subject to optional redemption by the Fund if such redemption is necessary, in the judgment of the Board,
to maintain the Fund&#8217;s status as a regulated investment company under Subchapter M of the Code.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series C Preferred Shares are listed and traded on the NYSE under the symbol &#8220;GDL Pr C.&#8221; The Series E Preferred Shares are
not listed on an exchange.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund publicly issues additional preferred shares, it will pay dividends to the holders of the preferred shares at a fixed rate, as
described in a Prospectus Supplement accompanying each preferred share offering.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a liquidation, each holder of the preferred shares will be entitled to receive out of the assets of the Fund available for distribution
to shareholders (after payment of claims of the Fund&#8217;s creditors but before any distributions with respect to the Fund&#8217;s
common shares or any other shares of the Fund ranking junior to the preferred shares as to liquidation payments) an amount per share
equal to such share&#8217;s liquidation preference plus any accumulated but unpaid distributions (whether or not earned or declared,
excluding interest thereon) to the date of distribution, and such shareholders shall be entitled to no further participation in any distribution
or payment in connection with such liquidation. Each series of the preferred shares will rank on a parity with any other series of preferred
shares of the Fund as to the payment of distributions and the distribution of assets upon liquidation, and will be junior to the Fund&#8217;s
obligations with respect to any outstanding senior securities representing debt. The preferred shares carry one vote per share on all
matters on which such shares are entitled to vote. The preferred shares will, upon issuance, be fully paid and nonassessable and will
have no preemptive, exchange or conversion rights. The Board may by resolution classify or reclassify any authorized but unissued capital
shares of the Fund from time to time by setting or changing the preferences, conversion or other rights, voting powers, restrictions,
limitations as to distributions or terms or conditions of redemption. The Fund will not issue any class of shares senior to the preferred
shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption,
Purchase and Sale of Preferred Shares By the Fund. </i>The terms of any preferred shares are expected to provide that (i) they are redeemable
by the Fund at any time (either after the date of initial issuance, or after some period of time following initial issuance) in whole
or in part at the original purchase price per share plus accumulated dividends per share, (ii) the Fund may tender for or purchase preferred
shares and (iii) the Fund may subsequently resell any shares so tendered for or purchased. Any redemption or purchase of preferred shares
by the Fund will reduce the leverage applicable to the common shares, while any resale of preferred shares by the Fund will increase
that leverage.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rating
Agency Guidelines. </i>The Series C Preferred Shares and Series E Preferred Shares are not rated by Moody&#8217;s and/or Fitch Ratings
Inc. (&#8220;Fitch&#8221;) (or any other rating agency). Upon issuance, any new publicly issued series of preferred shares may be rated
by Moody&#8217;s or Fitch, in which case the following description of rating agency guidelines would become applicable.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund expects that it would be required under any applicable rating agency guidelines to maintain assets having in the aggregate a discounted
value at least equal to a Basic Maintenance Amount (as defined in the applicable Statement of Preferences and summarized below), for
its outstanding preferred shares, including the Series C Preferred Shares and Series E Preferred Shares. To the extent any particular
portfolio holding does not satisfy the applicable rating agency&#8217;s guidelines, all or a portion of such holding&#8217;s value will
not be included in the calculation of discounted value (as defined by such rating agency). The Moody&#8217;s and Fitch guidelines would
also impose certain diversification requirements and industry concentration limitations on the Fund&#8217;s overall portfolio, and apply
specified discounts to securities held by the Fund (except certain money market securities).</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;Basic Maintenance Amount&#8221; is generally equal to (a) the sum of (i) the aggregate liquidation preference of any preferred
shares then outstanding plus (to the extent not included in the liquidation preference of such preferred shares) an amount equal to the
aggregate accumulated but unpaid distributions (whether or not earned or declared) in respect of such preferred shares, (ii) the Fund&#8217;s
other liabilities (excluding dividends and other distributions payable on the Fund&#8217;s common shares), (iii) any other current liabilities
of the Fund (including amounts due and payable by the Fund pursuant to reverse repurchase agreements and payables for assets purchased)
less (b) the value of the Fund&#8217;s assets if such assets are either cash or evidences of indebtedness which mature prior to or on
the date of redemption or repurchase of preferred shares or payment of another liability and are either U.S. government securities or
evidences of indebtedness rated at least &#8220;Aaa,&#8221; &#8220;P-1&#8221;, &#8220;VMIG-1&#8221; or &#8220;MIG-1&#8221; by Moody&#8217;s
or &#8220;AAA&#8221;, &#8220;SP-1+&#8221; or &#8220;A-1+&#8221; by S&amp;P and are held by the Fund for distributions, the redemption
or repurchase of preferred shares or the Fund&#8217;s liabilities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund does not cure in a timely manner a failure to maintain a discounted value of its portfolio equal to the Basic Maintenance Amount
in accordance with the requirements of any applicable rating agency or agencies then rating the preferred shares at the request of the
Fund, the Fund may, and in certain circumstances would be required to, mandatorily redeem preferred shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, but would not be required to, adopt any modifications to the rating agency guidelines that may be established by Moody&#8217;s
and Fitch (or such other rating agency then rating the preferred shares at the request of the Fund) following the issuance of any such
rated preferred shares. Failure to adopt any such modifications, however, may result in a change in the relevant rating agency&#8217;s
ratings or a withdrawal of such ratings altogether. In addition, any rating agency providing a rating for the preferred shares at the
request of the Fund may, at any time, change or withdraw any such rating. The Board, without further action by shareholders, would be
expected to be able to amend, alter, add to or repeal any provision of a Statement of Preferences adopted pursuant to rating agency guidelines
if the Board determines that such amendments or modifications are necessary to prevent a reduction in, or the withdrawal of, a rating
of the preferred shares and are in the aggregate in the best interests of the holders of the preferred shares. Additionally, the Board,
without further action by the shareholders, would be expected to be able to amend, alter, add to or repeal any provision of a Statement
of Preferences adopted pursuant to rating agency guidelines if the Board determines that such amendments or modifications will not in
the aggregate adversely affect the rights and preferences of the holders of any series of the preferred shares, provided that the Fund
has received advice from each applicable rating agency that such amendment or modification is not expected to adversely affect such rating
agency&#8217;s then-current rating of such series of the Fund&#8217;s preferred shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described by Moody&#8217;s and Fitch, any ratings assigned to the preferred shares are assessments of the capacity and willingness of
the Fund to pay the obligations of each series of the preferred shares. Any ratings on the preferred shares are not recommendations to
purchase, hold or sell shares of any series, inasmuch as the ratings do not comment as to market price or suitability for a particular
investor. The rating agency guidelines also do not address the likelihood that an owner of preferred shares will be able to sell such
shares on an exchange, in an auction or otherwise. Any ratings would be based on current information furnished to Moody&#8217;s and Fitch
by the Fund and the Investment Adviser and information obtained from other sources. Any ratings may be changed, suspended or withdrawn
as a result of changes in, or the unavailability of, such information.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rating agency guidelines would apply to the preferred shares, as the case may be, only so long as such rating agency is rating such shares
at the request of the Fund. The Fund expects that it would pay fees to Moody&#8217;s and Fitch for rating any preferred shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Asset
Maintenance Requirements</i>. In addition to the requirements summarized under &#8220;&#8212;Rating Agency Guidelines&#8221; above, the
Fund must satisfy asset maintenance requirements under the 1940 Act with respect to its preferred shares. Under the 1940 Act, debt or
additional preferred shares may be issued only if immediately after such issuance the value of the Fund&#8217;s total assets (less ordinary
course liabilities) is at least 300% of the amount of any debt outstanding and at least 200% of the amount of any preferred shares and
debt outstanding.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is and likely will be required under the Statement of Preferences of each series of preferred shares to determine whether it has,
as of the last business day of each March, June, September and December of each year, an &#8220;asset coverage&#8221; (as defined in
the 1940 Act) of at least 200% (or such higher or lower percentage as may be required at the time under the 1940 Act) with respect to
all outstanding senior securities of the Fund that are debt or stock, including any outstanding preferred shares. If the Fund fails to
maintain the asset coverage required under the 1940 Act on such dates and such failure is not cured by a specific time (generally within
60 calendar days or 49 calendar days), the Fund may, and in certain circumstances will be required to, mandatorily redeem preferred shares
sufficient to satisfy such asset coverage. See &#8220;&#8212;Redemption Procedures&#8221; below.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2024-07-052024-07-05_custom_PreferredStocksMember" escape="true" id="Fact000130" name="cef:SecurityDividendsTextBlock"><p id="xdx_846_ecef--SecurityDividendsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zNi4eM6yINeh" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Distributions</i>.
Holders of any fixed rate preferred shares are or will be entitled to receive, when, as and if declared by the Board, out of funds legally
available therefor, cumulative cash distributions, at an annual rate set forth in the applicable Statement of Preferences or Prospectus
Supplement, payable with such frequency as set forth in the applicable Statement of Preferences or Prospectus Supplement. Such distributions
will accumulate from the date on which such shares are issued.</span></p>

</ix:nonNumeric><p id="xdx_855_zK7YeDrc7rv1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2024-07-052024-07-05_custom_PreferredStocksMember" escape="true" id="Fact000132" name="cef:PreferredStockRestrictionsOtherTextBlock"><p id="xdx_84E_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zoysBKwK5Wd1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restrictions
on Dividends and Other Distributions for the Preferred Shares. </i>So long as any preferred shares are outstanding, the Fund may not
pay any dividend or distribution (other than a dividend or distribution paid in common shares or in options, warrants or rights to subscribe
for or purchase common shares) in respect of the common shares or call for redemption, redeem, purchase or otherwise acquire for consideration
any common shares (except by conversion into or exchange for shares of the Fund ranking junior to the preferred shares as to the payment
of dividends or distributions and the distribution of assets upon liquidation), unless:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund has declared and paid (or provided to the relevant dividend paying agent) all cumulative
                                            distributions on the Fund&#8217;s outstanding preferred shares due on or prior to the date
                                            of such common share dividend or distribution;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund has redeemed the full number of preferred shares to be redeemed pursuant to any mandatory
                                            redemption provision in the Fund&#8217;s Governing Documents; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after
                                            making the distribution, the Fund meets applicable asset coverage requirements described
                                            under &#8220;&#8212;Asset Maintenance Requirements.&#8221;</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
complete distribution due for a particular dividend period will be declared or made on any series of preferred shares for any dividend
period, or part thereof, unless full cumulative distributions due through the most recent dividend payment dates therefor for all outstanding
series of preferred shares of the Fund ranking on a parity with such series as to distributions have been or contemporaneously are declared
and made. If full cumulative distributions due have not been made on all outstanding preferred shares of the Fund ranking on a parity
with such series of preferred shares as to the payment of distributions, any distributions being paid on the preferred shares will be
paid as nearly pro rata as possible in proportion to the respective amounts of distributions accumulated but unmade on each such series
of preferred shares on the relevant dividend payment date. The Fund&#8217;s obligation to make distributions on the preferred shares
will be subordinate to its obligations to pay interest and principal, when due, on any of the Fund&#8217;s senior securities representing
debt.</span></p>

</ix:nonNumeric><p id="xdx_856_zVwUV2RLj3Da" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mandatory
Redemption Relating to Asset Coverage Requirements</i>. The Fund may, at its option, consistent with its Governing Documents and the
1940 Act, and in certain circumstances will be required to, mandatorily redeem preferred shares in the event that:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund fails to maintain the asset coverage requirements specified under the 1940 Act on a
                                            quarterly valuation date(generally the last business day of March, June, September and December)
                                            and such failure is not cured on or before a specified period of time, following such failure
                                            (60 calendar days in the case of the Series C Preferred Shares and Series E Preferred Shares);
                                            or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund fails to maintain the asset coverage requirements as calculated in accordance with any
                                            applicable rating agency guidelines as of any monthly valuation date, and such failure is
                                            not cured on or before a specified period of time after such valuation date (typically 10
                                            business days).</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
redemption price for preferred shares subject to mandatory redemption will generally be the liquidation preference, as stated in the
Statement of Preferences of each existing series of preferred shares or the Prospectus Supplement accompanying the issuance of any series
of preferred shares, plus an amount equal to any accumulated but unpaid distributions (whether or not earned or declared) to the date
fixed for redemption, plus any applicable redemption premium determined by the Board and included in the Statement of Preferences.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of preferred shares that will be redeemed in the case of a mandatory redemption will equal the minimum number of outstanding preferred
shares, the redemption of which, if such redemption had occurred immediately prior to the opening of business on the applicable cure
date, would have resulted in the relevant asset coverage requirement having been met or, if the required asset coverage cannot be so
restored, all of the preferred shares. In the event that preferred shares are redeemed due to a failure to satisfy the 1940 Act asset
coverage requirements, the Fund may, but is not required to, redeem a sufficient number of preferred shares so that the Fund&#8217;s
assets exceed the asset coverage requirements under the 1940 Act after the redemption by 10% (that is, 220% asset coverage) or some other
amount specified in the Statement of Preferences. In the event that preferred shares are redeemed due to a failure to satisfy applicable
rating agency guidelines (if any), the Fund may, but is not required to, redeem a sufficient number of preferred shares so that the Fund&#8217;s
discounted portfolio value (as determined in accordance with the applicable rating agency guidelines) after redemption exceeds the asset
coverage requirements of each applicable rating agency by up to 10% (that is, 110% rating agency asset coverage) or some other amount
specified in the Statement of Preferences.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund does not have funds legally available for the redemption of, or is otherwise unable to redeem, all the preferred shares to be
redeemed on any redemption date, the Fund will redeem on such redemption date that number of shares for which it has legally available
funds, or is otherwise able to redeem, from the holders whose shares are to be redeemed ratably on the basis of the redemption price
of such shares, and the remainder of those shares to be redeemed will be redeemed on the earliest practicable date on which the Fund
will have funds legally available for the redemption of, or is otherwise able to redeem, such shares upon written notice of redemption.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
fewer than all of the Fund&#8217;s outstanding preferred shares are to be redeemed, the Fund, at its discretion and subject to the limitations
of its Governing Documents, the 1940 Act, and applicable law, will select the one or more series of preferred shares from which shares
will be redeemed and the amount of preferred shares to be redeemed from each such series. If fewer than all preferred shares of a series
are to be redeemed, such redemption will be made as among the holders of that series pro rata in accordance with the respective number
of shares of such series held by each such holder on the record date for such redemption (or by such other equitable method as the Fund
may determine). If fewer than all the preferred shares held by any holder are to be redeemed, the notice of redemption mailed to such
holder will specify the number of shares to be redeemed from such holder, which may be expressed as a percentage of shares held on the
applicable record date.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Optional
Redemption</i>. Fixed rate preferred shares are not subject to optional redemption by the Fund until the date, if any, specified in the
applicable Prospectus or Prospectus Supplement, unless such redemption is necessary, in the judgment of the Fund, to maintain the Fund&#8217;s
status as a RIC under the Code. Commencing on such date and thereafter, the Fund may at any time redeem such fixed rate preferred shares
in whole or in part for cash at a redemption price per share equal to the liquidation preference per share plus accumulated and unpaid
distributions (whether or not earned or declared) to the redemption date plus any premium specified in or pursuant to the Statement of
Preferences. Such redemptions are subject to the notice requirements set forth under &#8220;&#8212;Redemption Procedures&#8221; below
and the limitations of the Governing Documents, the 1940 Act and applicable law.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption
Procedures</i>. If the Fund determines or is required to redeem preferred shares, it will mail a notice of redemption to holders of the
shares to be redeemed. Each notice of redemption will state (i) the redemption date, (ii) the number or percentage of preferred shares
to be redeemed (which may be expressed as a percentage of such shares outstanding), (iii) the CUSIP number(s) of such shares, (iv) the
redemption price (specifying the amount of accumulated distributions to be included therein), (v) the place or places where such shares
are to be redeemed, (vi) that dividends or distributions on the shares to be redeemed will cease to accumulate on such redemption date,
(vii) the provision of the Statement of Preferences under which the redemption is being made and (viii) in the case of an optional redemption,
any conditions precedent to such redemption. No defect in the notice of redemption or in the mailing thereof will affect the validity
of the redemption proceedings, except as required by applicable law.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
redemption date with respect to fixed rate preferred shares will not be fewer than 30 days nor more than 60 days (subject to NYSE requirements)
after the date of the applicable notice of redemption. Preferred shareholders may receive shorter notice in the event of a mandatory
redemption.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of preferred shares will not have the right to redeem any of their shares at their option except to the extent specified in the
Statement of Preferences.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2024-07-052024-07-05_custom_PreferredStocksMember" escape="true" id="Fact000134" name="cef:SecurityLiquidationRightsTextBlock"><p id="xdx_849_ecef--SecurityLiquidationRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zmmhfGGrgl8h" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation
Rights</i>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of preferred
shares then outstanding will be entitled to receive a preferential liquidating distribution, which is expected to equal the original
purchase price per preferred share plus accumulated and unpaid dividends, whether or not declared, before any distribution of assets
is made to holders of common shares. After payment of the full amount of the liquidating distribution to which they are entitled, the
holders of preferred shares will not be entitled to any further participation in any distribution of assets by the Fund.</span></p>

</ix:nonNumeric><p id="xdx_85A_zz1osWnR36Bi" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2024-07-052024-07-05_custom_PreferredStocksMember" escape="true" id="Fact000136" name="cef:SecurityVotingRightsTextBlock"><p id="xdx_84C_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zSSq79Owhz06" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights. </i>Except as otherwise stated in this Prospectus, specified in the Governing Documents or resolved by the Board or as otherwise
required by applicable law, holders of preferred shares shall be entitled to one vote per share held on each matter submitted to a vote
of the shareholders of the Fund and will vote together with holders of common shares and of any other preferred shares then outstanding
as a single class.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the election of the Fund&#8217;s Trustees, holders of the outstanding preferred shares, voting together as a single class,
will be entitled at all times to elect two of the Fund&#8217;s Trustees, and the remaining Trustees will be elected by holders of common
shares and holders of preferred shares, voting together as a single class. In addition, if (i) at any time dividends and distributions
on outstanding preferred shares are unpaid in an amount equal to at least two full years&#8217; dividends and distributions thereon and
sufficient cash or specified securities have not been deposited with the applicable paying agent for the payment of such accumulated
dividends and distributions or (ii) at any time holders of any other series of preferred shares are entitled to elect a majority of the
Trustees of the Fund under the 1940 Act or the applicable Statement of Preferences creating such shares, then the number of Trustees
constituting the Board automatically will be increased by the smallest number that, when added to the two Trustees elected exclusively
by the holders of preferred shares as described above, would then constitute a simple majority of the Board as so increased by such smallest
number. Such additional Trustees will be elected by the holders of the outstanding preferred shares, voting together as a single class,
at a special meeting of shareholders which will be called as soon as practicable and will be held not less than ten nor more than twenty
days after the mailing date of the meeting notice. If the Fund fails to send such meeting notice or to call such a special meeting, the
meeting may be called by any preferred shareholder on like notice. The terms of office of the persons who are Trustees at the time of
that election will continue. If the Fund thereafter pays, or declares and sets apart for payment in full, all dividends and distributions
payable on all outstanding preferred shares for all past dividend periods or the holders of other series of preferred shares are no longer
entitled to elect such additional Trustees, the additional voting rights of the holders of the preferred shares as described above will
cease, and the terms of office of all of the additional Trustees elected by the holders of the preferred shares (but not of the Trustees
with respect to whose election the holders of common shares were entitled to vote or the two Trustees the holders of preferred shares
have the right to elect as a separate class in any event) will terminate automatically.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
1940 Act requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of
a majority of any outstanding preferred shares (as defined in the 1940 Act), voting separately as a class, would be required to (i) adopt
any plan of reorganization that would adversely affect the preferred shares, and (ii) take any action requiring a vote of security holders
under Section 13(a) of the 1940 Act, including, among other things, changes in the Fund&#8217;s classification as a closed-end investment
company to an open-end investment company or changes in its fundamental investment restrictions. As a result of these voting rights,
the Fund&#8217;s ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. Additionally,
the affirmative vote of the holders of a majority of the outstanding preferred shares (as defined in the 1940 Act), voting as a separate
class, will be required to amend, alter or repeal any of the provisions of the Statement of Preferences so as to in the aggregate adversely
affect the rights and preferences set forth in the Statement of Preferences. The class vote of holders of preferred shares described
above will in each case be in addition to any other vote required to authorize the action in question.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing voting provisions will not apply to any preferred shares if, at or prior to the time when the act with respect to which such
vote otherwise would be required will be effected, such shares will have been redeemed or called for redemption and sufficient cash or
cash equivalents provided to the applicable paying agent to effect such redemption. The holders of preferred shares will have no preemptive
rights or rights to cumulative voting.</span></p>

</ix:nonNumeric><p id="xdx_85B_zFpzxsTMgHRa" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limitation
on Issuance of Preferred Shares. </i>So long as the Fund has preferred shares outstanding, subject to receipt of approval from the rating
agencies of each series of preferred shares outstanding, and subject to compliance with the Fund&#8217;s investment objective, policies
and restrictions, the Fund may issue and sell shares of one or more other series of additional preferred shares provided that the Fund
will, immediately after giving effect to the issuance of such additional preferred shares and to its receipt and application of the proceeds
thereof (including, without limitation, to the redemption of preferred shares to be redeemed out of such proceeds), have an &#8220;asset
coverage&#8221; for all senior securities of the Fund which are stock, as defined in the 1940 Act, of at least 200% of the sum of the
liquidation preference of the preferred shares of the Fund then outstanding and all indebtedness of the Fund constituting senior securities
and no such additional preferred shares will have any preference or priority over any other preferred shares of the Fund upon the distribution
of the assets of the Fund or in respect of the payment of dividends or distributions.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will consider from time to time whether to offer additional preferred shares or securities representing indebtedness and may issue
such additional securities if the Board concludes that such an offering would be consistent with the Fund&#8217;s Governing Documents
and applicable law, and in the best interest of existing common shareholders.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tenders
and Repurchases</i>. In addition to the redemption provisions described herein, the Fund may also tender for or purchase preferred shares
(whether in private transactions or on the NYSE) and the Fund may subsequently resell any shares so tendered for or purchased, subject
to the provisions of the Fund&#8217;s Governing Documents and the 1940 Act.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Book
Entry</i>. Preferred shares may be held in the name of Cede &amp; Co. as nominee for DTC. The Fund will treat Cede &amp; Co. as the holder
of record of any preferred shares issued for all purposes in this circumstance. In accordance with the procedures of DTC, however, purchasers
of preferred shares whose preferred shares are held in the name of Cede &amp; Co. as nominee for the DTC will be deemed the beneficial
owners of stock purchased for purposes of distributions, voting and liquidation rights.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2024-07-05" escape="true" id="Fact000138" name="cef:OtherSecuritiesTableTextBlock"><p id="xdx_805_ecef--OtherSecuritiesTableTextBlock_dU_zvYZaM5vKrLi" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General</i>.
Under applicable state law and our Agreement and Declaration of Trust, we may borrow money without prior approval of holders of common
and preferred shares. We may also issue debt securities, including notes, or other evidence of indebtedness and may secure any such notes
or borrowings by mortgaging, pledging or otherwise subjecting as security our assets to the extent permitted by the 1940 Act or rating
agency guidelines. Any borrowings, including without limitation any notes, will rank senior to the preferred shares and the common shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 1940 Act, we may only issue one class of senior securities representing indebtedness, which in the aggregate must have asset coverage
immediately after the time of issuance of at least 300%. So long as notes are outstanding, additional debt securities must rank on a
parity with notes with respect to the payment of interest and upon the distribution of our assets.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Prospectus Supplement relating to any notes will include specific terms relating to the offering. The terms to be stated in a Prospectus
Supplement will include the following:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                            the interest rate for the securities will be determined by auction or remarketing;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            maturity dates on which the principal of the securities will be payable;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            frequency with which auctions or remarketings, if any, will be held;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            changes to or additional events of default or covenants;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            minimum period prior to which the securities may not be called;</span></td></tr></table>

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            applicable, a discussion of the material U.S. federal income tax considerations applicable
                                            to the issuance of the notes; and</span></td></tr></table>

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

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

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

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest</i>.
The Prospectus Supplement will describe the interest payment provisions relating to notes. Interest on notes will be payable when due
as described in the related Prospectus Supplement. If we do not pay interest when due, it will trigger an event of default and we will
be restricted from declaring dividends and making other distributions with respect to our common shares and preferred shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limitations</i>.
Under the requirements of the 1940 Act, immediately after issuing any notes the value of our total assets, less certain ordinary course
liabilities, must equal or exceed 300% of the amount of the notes outstanding. Other types of borrowings also may result in our being
subject to similar covenants in credit agreements.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the 1940 Act requires that we prohibit the declaration of any dividend or distribution (other than a dividend or distribution paid in
Fund common or preferred shares or in options, warrants or rights to subscribe for or purchase Fund common or preferred shares) in respect
of Fund common or preferred shares, or call for redemption, redeem, purchase or otherwise acquire for consideration any such fund common
or preferred shares, unless the Fund&#8217;s notes have asset coverage of at least 300% (200% in the case of a dividend or distribution
on preferred shares) after deducting the amount of such dividend, distribution, or acquisition price, as the case may be. These 1940
Act requirements do not apply to any promissory note or other evidence of indebtedness issued in consideration of any loan, extension,
or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed; however, any
such borrowings may result in our being subject to similar covenants in credit agreements. Moreover, the Indenture related to the notes
could contain provisions more restrictive than those required by the 1940 Act, and any such provisions would be described in the related
Prospectus Supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Events
of Default and Acceleration of Maturity of Notes. </i>Unless stated otherwise in the related Prospectus Supplement, any one of the following
events will constitute an &#8220;event of default&#8221; for that series under the Indenture relating to the notes:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
                                            in the payment of any interest upon a series of notes when it becomes due and payable and
                                            the continuance of such default for 30 days;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
                                            in the payment of the principal of, or premium on, a series of notes at its stated maturity;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
                                            in the performance, or breach, of any covenant or warranty of ours in the Indenture, and
                                            continuance of such default or breach for a period of 90 days after written notice has been
                                            given to us by the trustee;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
                                            voluntary or involuntary proceedings involving us and relating to bankruptcy, insolvency
                                            or other similar laws;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
                                            on the last business day of each of twenty-four consecutive calendar months, the notes have
                                            a 1940 Act asset coverage of less than 100%; or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other &#8220;event of default&#8221; provided with respect to a series, including a default
                                            in the payment of any redemption price payable on the redemption date.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
us. A default that relates only to one series of notes does not affect any other series and the holders of such other series of notes
will not be entitled to receive notice of such a default under the Indenture. Upon an event of default relating to bankruptcy, insolvency
or other similar laws, acceleration of maturity will occur automatically with respect to all series. At any time after a declaration
of acceleration with respect to a series of notes has been made, and before a judgment or decree for payment of the money due has been
obtained, the holders of a majority in principal amount of the outstanding notes of that series, by written notice to us and the trustee,
may rescind and annul the declaration of acceleration and its consequences if all events of default with respect to that series of notes,
other than the non-payment of the principal of that series of notes which has become due solely by such declaration of acceleration,
have been cured or waived and other conditions have been met.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation
Rights</i>. In the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or
other similar case or proceeding in connection therewith, relative to us or to our creditors, as such, or to our assets, or (b) any liquidation,
dissolution or other winding up of us, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c)
any assignment for the benefit of creditors or any other marshalling of assets and liabilities of ours, then (after any payments with
respect to any secured creditor of ours outstanding at such time) and in any such event the holders of notes shall be entitled to receive
payment in full of all amounts due or to become due on or in respect of all notes (including any interest accruing thereon after the
commencement of any such case or proceeding), or provision shall be made for such payment in cash or cash equivalents or otherwise in
a manner satisfactory to the holders of the notes, before the holders of any of our common or preferred shares are entitled to receive
any payment on account of any redemption proceeds, liquidation preference or dividends from such shares. The holders of notes shall be
entitled to receive, for application to the payment thereof, any payment or distribution of any kind or character, whether in cash, property
or securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness
of ours being subordinated to the payment of the notes, which may be payable or deliverable in respect of the notes in any such case,
proceeding, dissolution, liquidation or other winding up event.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured
creditors of ours may include, without limitation, service providers including the Investment Adviser, Custodian, administrator, auction
agent, broker-dealers and the trustee, pursuant to the terms of various contracts with us. Secured creditors of ours may include without
limitation parties entering into any interest rate swap, floor or cap transactions, or other similar transactions with us that create
liens, pledges, charges, security interests, security agreements or other encumbrances on our assets.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
consolidation, reorganization or merger of us with or into any other company, or a sale, lease or exchange of all or substantially all
of our assets in consideration for the issuance of equity securities of another company shall not be deemed to be a liquidation, dissolution
or winding up of us.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights</i>. The notes have no voting rights, except as mentioned below and to the extent required by law or as otherwise provided in
the Indenture relating to the acceleration of maturity upon the occurrence and continuance of an event of default. In connection with
the notes or certain other borrowings (if any), the 1940 Act does in certain circumstances grant to the note holders or lenders certain
voting rights. The 1940 Act requires that provision is made either (i) that, if on the last business day of each of twelve consecutive
calendar months such notes shall have an asset coverage of less than 100%, the holders of such notes voting as a class shall be entitled
to elect at least a majority of the members of the Fund&#8217;s Trustees, such voting right to continue until such notes shall have an
asset coverage of 110% or more on the last business day of each of three consecutive calendar months, or (ii) that, if on the last business
day of each of twenty-four consecutive calendar months such notes shall have an asset coverage of less than 100%, an event of default
shall be deemed to have occurred. It is expected that, unless otherwise stated in the related Prospectus Supplement, provision will be
made that, if on the last business day of each of twenty-four consecutive calendar months such notes shall have an asset coverage of
less than 100%, an event of default shall be deemed to have occurred. These 1940 Act requirements do not apply to any promissory note
or other evidence of indebtedness issued in consideration of any loan, extension, or renewal thereof, made by a bank or other person
and privately arranged, and not intended to be publicly distributed; however, any such borrowings may result in our being subject to
similar covenants in credit agreements. As reflected above, the Indenture relating to the notes may also grant to the note holders voting
rights relating to the acceleration of maturity upon the occurrence and continuance of an event of default, and any such rights would
be described in the related Prospectus Supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market</i>.
Our notes are not likely to be listed on an exchange or automated quotation system. The details on how to buy and sell such notes, along
with the other terms of the notes, will be described in a Prospectus Supplement. 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.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Book-Entry,
Delivery and Form</i>. Unless otherwise stated in the related Prospectus Supplement, the notes will be issued in book-entry form and
will be represented by one or more notes in registered global form. The global notes will be deposited with the trustee as custodian
for DTC and registered in the name of Cede &amp; Co., as nominee of DTC. DTC will maintain the notes in designated denominations through
its book-entry facilities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Indenture, we and the trustee may treat the persons in whose names any notes, including the global notes, are registered
as the owners thereof for the purpose of receiving payments and for any and all other purposes whatsoever. Therefore, so long as DTC
or its nominee is the registered owner of the global notes, DTC or such nominee will be considered the sole holder of outstanding notes
under the Indenture. We or the trustee may give effect to any written certification, proxy or other authorization furnished by DTC or
its nominee.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
global note may not be transferred except as a whole by DTC, its successors or their respective nominees. Interests of beneficial owners
in the global note may be transferred or exchanged for definitive securities in accordance with the rules and procedures of DTC. In addition,
a global note may be exchangeable for notes in definitive form if:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
                                            notifies us that it is unwilling or unable to continue as a depository and we do not appoint
                                            a successor within 60 days;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we,
                                            at our option, notify the trustee in writing that we elect to cause the issuance of notes
                                            in definitive form under the Indenture; or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            event of default has occurred and is continuing.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
each instance, upon surrender by DTC or its nominee of the global note, notes in definitive form will be issued to each person that DTC
or its nominee identifies as being the beneficial owner of the related notes.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Indenture, the holder of any global note may grant proxies and otherwise authorize any person, including its participants and persons
who may hold interests through DTC participants, to take any action which a holder is entitled to take under the Indenture.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trustee,
Transfer Agent, Registrar, Paying Agent and Redemption Agent</i>. Information regarding the trustee under the Indenture, which may also
act as transfer agent, registrar, paying agent and redemption agent with respect to our notes, will be set forth in the Prospectus Supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General.
</i>We may issue subscription rights to holders of our (i) common shares to purchase common and/or preferred shares or (ii) preferred
shares to purchase preferred shares (subject to applicable law). Subscription rights may be issued independently or together with any
other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection
with a subscription rights offering to holders of our common and/or preferred shares, we would distribute certificates evidencing the
subscription rights and a Prospectus Supplement to our common or preferred shareholders, as applicable, as of the record date that we
set for determining the shareholders eligible to receive subscription rights in such subscription rights offering.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
applicable Prospectus Supplement would describe the following terms of subscription rights in respect of which this Prospectus is being
delivered:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            period of time the offering would remain open (which will be open a minimum number of days
                                            such that all record holders would be eligible to participate in the offering and will not
                                            be open longer than 120 days);</span></td></tr></table>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            exercise price for such subscription rights (or method of calculation thereof);</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of such subscription rights issued in respect of each common share;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of rights required to purchase a single preferred share;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent to which such subscription rights are transferable and the market on which they may
                                            be traded if they are transferable;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            applicable, a discussion of the material U.S. federal income tax considerations applicable
                                            to the issuance or exercise of such subscription rights;</span></td></tr></table>

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

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

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    <!-- Field: /Page --></ix:exclude>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            date on which the right to exercise such subscription rights will commence, and the date
                                            on which such right will expire (subject to any extension);</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent to which such subscription rights include an over-subscription privilege with respect
                                            to unsubscribed securities and the terms of such over-subscription privilege;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            termination right we may have in connection with such subscription rights offering; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other terms of such subscription rights, including exercise, settlement and other procedures
                                            and limitations relating to the transfer and exercise of such subscription rights.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
of Subscription Rights</i>. Each subscription right would entitle the holder of the subscription right to purchase for cash such number
of shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the prospectus supplement relating
to the subscription rights offered thereby, Subscription rights would be exercisable at any time up to the close of business on the expiration
date for such subscription rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised
subscription rights would become void.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
rights would be exercisable as set forth in the prospectus supplement relating to the subscription rights offered thereby. Upon expiration
of the rights offering and the receipt of payment and the subscription rights certificate properly completed and duly executed at the
corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement we would issue, as
soon as practicable, the shares purchased as a result of such exercise. To the extent permissible under applicable law, we may determine
to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers
or through a combination of such methods, as set forth in the applicable prospectus supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subscription
Rights to Purchase Common and Preferred Shares. </i>The Fund may issue subscription rights which would entitle holders to purchase both
common and preferred shares in a ratio to be set forth in the applicable Prospectus Supplement. In accordance with the 1940 Act, at least
three rights would be required to subscribe for one common share. It is expected that rights to purchase both common and preferred shares
would require holders to purchase an equal number of common and preferred shares, and would not permit holders to purchase an unequal
number of common or preferred shares, or purchase only common shares or only preferred shares. For example, such an offering might be
structured such that three rights would entitle an investor to purchase one common share and one preferred share, and such investor would
not be able to choose to purchase only a common share or only a preferred share upon the exercise of his, her or its rights.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common shares and preferred shares issued pursuant to the exercise of any such rights, however, would at all times be separately tradeable
securities. Such common and preferred shares would not be issued as a &#8220;unit&#8221; or &#8220;combination&#8221; and would not be
listed or traded as a &#8220;unit&#8221; or &#8220;combination&#8221; on a securities exchange, such as the NYSE, at any time. The applicable
Prospectus Supplement will set forth additional details regarding an offering of subscription rights to purchase common and preferred
shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_810_z414UW7LQ3j7" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro013"></span>ANTI-TAKEOVER
PROVISIONS OF THE FUND&#8217;S GOVERNING DOCUMENTS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund presently has provisions in its Governing Documents which could have the effect of limiting, in each case:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            ability of other entities or persons to acquire control of the Fund;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund&#8217;s freedom to engage in certain transactions; or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            ability of the Fund&#8217;s trustees or shareholders to amend the Governing Documents or
                                            effectuate changes in the Fund&#8217;s management.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
provisions of the Governing Documents of the Fund may be regarded as &#8220;anti-takeover&#8221; provisions. The Board is divided into
three classes, each having a term of no more than three years (except, to ensure that the term of a class of the Fund&#8217;s Trustees
expires each year, one class of the Fund&#8217;s Trustees will serve an initial one-year term and three-year terms thereafter and another
class of its Trustees will serve an initial two-year term and three-year terms thereafter). Each year the term of one class of Trustees
will expire. Accordingly, only those Trustees in one class may be changed in any one year, and it would require a minimum of two years
to change a majority of the Board. Such system of electing Trustees may have the effect of maintaining the continuity of management and,
thus, make it more difficult for the shareholders of the Fund to change the majority of Trustees. See &#8220;Proposal: To Elect Two (2)
Trustees of the Fund&#8212;Information about Trustees and Officers&#8221; in the Fund&#8217;s Proxy Statement. A Trustee of a Fund may
be removed with cause by a majority of the remaining Trustees and, without cause, by two-thirds of the remaining Trustees or by two-thirds
of the votes entitled to be cast for the election of such Trustee. Under the Fund&#8217;s By-Laws, advance notice to the Fund of any
shareholder proposal is required, potential nominees to the Board must satisfy a series of requirements relating to, among other things,
potential conflicts of interest or relationships and fitness to be a Trustee of a closed-end fund in order to be nominated or elected
as a Trustee and any shareholder proposing the nomination or election of a person as a Trustee must supply significant amounts of information
designed to enable verification of whether such person satisfies such qualifications. Additionally, the Fund&#8217;s By-Laws provide
that, with respect to any election of Trustees in which the number of persons nominated for election as Trustees exceeds the number of
Trustees to be elected (i.e., a &#8220;contested election&#8221;), the affirmative vote of a majority of the shares outstanding and entitled
to vote for the election of Trustees at a meeting at which a quorum is present shall be required to elect such Trustees. The Agreement
and Declaration of Trust also requires any shareholder action by written consent to be unanimous. Special voting requirements of 75%
of the outstanding voting shares (in addition to any required class votes) apply to mergers into or a sale of all or substantially all
of the Fund&#8217;s assets, liquidation, conversion of the Fund into an open-end fund or interval fund and amendments to several provisions
of the Declaration of Trust, including the foregoing provisions. In addition, 80% of the holders of the outstanding voting securities
of the Fund voting as a class is generally required in order to authorize any of the following transactions:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">merger
                                            or consolidation of the Fund with or into any other entity;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuance
                                            of any securities of the Fund to any person or entity for cash, other than pursuant to the
                                            Fund&#8217;s Automatic Dividend Reinvestment Plan or any offering if such person or entity
                                            acquires no greater percentage of the securities offered than the percentage beneficially
                                            owned by such person or entity immediately prior to such offering or, in the case of a class
                                            or series not then beneficially owned by such person or entity, the percentage of common
                                            shares beneficially owned by such person or entity immediately prior to such offering;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sale,
                                            lease or exchange of all or any substantial part of the assets of the Fund to any entity
                                            or person (except assets having an aggregate fair market value of less than $5,000,000);</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sale,
                                            lease or exchange to the Fund, in exchange for securities of the Fund, of any assets of any
                                            entity or person (except assets having an aggregate fair market value of less than $5,000,000);
                                            or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            purchase of the Fund&#8217;s common shares by the Fund from any person or entity other than
                                            pursuant to a tender offer equally available to other shareholders in which such person or
                                            entity tenders no greater percentage of common shares than are tendered by all other shareholders;</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
such person or entity is directly, or indirectly through affiliates, the beneficial owner of more than 5% of the outstanding shares of
the Fund. However, such vote would not be required when, under certain conditions, the Board approves the transaction. In addition, shareholders
have no authority to adopt, amend or repeal By-Laws. The Trustees have authority to adopt, amend and repeal By-Laws consistent with the
Declaration of Trust (including to require approval by the holders of a majority of the outstanding shares for the election of Trustees).
Reference is made to the Governing Documents of the Fund, on file with the SEC, for the full text of these provisions.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of the Governing Documents described above could have the effect of depriving the owners of shares in the Fund of opportunities
to sell their shares at a premium over prevailing market prices, by discouraging a third party from seeking to obtain control of the
Fund in a tender offer or similar transaction. The overall effect of these provisions is to render more difficult the accomplishment
of a merger or the assumption of control by a principal shareholder. For the full text of these provisions see &#8220;Available Information.&#8221;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing 75% and 80% voting requirements, which have been considered and determined to be in the best interests of shareholders by the
Trustees, are greater than the voting requirements imposed by the 1940 Act and applicable Delaware law.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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 &#8220;DSTA Control Share Statute&#8221;). 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&#160;1, 2022.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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 (&#8220;DSTA&#8221;) or the Fund&#8217;s Governing Documents (as used herein,
&#8220;Governing Documents&#8221; means the Fund&#8217;s Agreement and Declaration of Trust and By-Laws, together with any amendments
or supplements thereto, including any Statement of Preferences establishing a series of preferred shares) with respect to the control
shares acquired in the control share acquisition, except to the extent approved by the Fund&#8217;s shareholders by the affirmative vote
of two&#8211;thirds of all the votes entitled to be cast on the matter, excluding all interested shares (generally, shares held by the
acquiring person and their associates and shares held by Fund insiders).</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%
    or more, but less than 15% of all voting power;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15%
    or more, but less than 20% of all voting power;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%
    or more, but less than 25% of all voting power;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%
    or more, but less than 30% of all voting power;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%
    or more, but less than a majority of all voting power; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    majority or more of all voting power.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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. The DSTA Control Share Statute effectively allows non-interested shareholders to evaluate the intentions
and plans of an acquiring person above each threshold level.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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 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 B Preferred Shares, acquired in excess of the above thresholds would be considered control shares with respect to the preferred
share class vote for two Trustees.</span></p>

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

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
control shares of the Fund acquired before August&#160;1, 2022, are not subject to the DSTA Control Share Statute; however, any further
acquisitions on or after August&#160;1, 2022, are considered control shares subject to the DSTA Control Share Statute.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Trustees has considered the DSTA Control Share Statute. As of the date hereof, the Board of Trustees has not received notice
of the occurrence of a control share acquisition nor has been requested to exempt any acquisition. Therefore, the Board of Trustees has
not determined whether the application of the DSTA Control Share Statute to an acquisition of Fund shares is in the best interest of
the Fund and its shareholders and has not exempted, and has no present intention to exempt, any acquisition or class of acquisitions.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">In considering whether the granting of such
an exemption would be in the best interest of the Fund and its shareholders, the Board of Trustees expects to consider, among such other
factors as they deem relevant, that the Fund should not be viewed as a vehicle for trading purposes and is designed primarily for risk-tolerant
long-term investors.</p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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. Some uncertainty around the general application
under the 1940 Act of state control share statutes exists as a result of recent court decisions which have held that control share acquisition
provisions in funds&#8217; governing documents and/or the opt in to certain state control share statutes are not consistent with the
1940 Act. Additionally, in some circumstances uncertainty may also exist in how to enforce the control share restrictions contained in
state control share statutes against beneficial owners who hold their shares through financial intermediaries.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ownership restrictions set forth in the Fund&#8217;s Governing Documents and the limitations of the DSTA Control Share Statute described
above could have the effect of depriving shareholders of an opportunity to sell their shares at a premium over prevailing market prices
by discouraging a third party from seeking to obtain control over the Fund and may reduce market demand for the Fund&#8217;s common shares,
which could have the effect of increasing the likelihood that the Fund&#8217;s common shares trade at a discount to net asset value and
increasing the amount of any such discount.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Governing Documents are on file with the SEC. For access to the full text of these provisions, see &#8220;Additional Information.&#8221;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro014"></span>CLOSED-END
FUND STRUCTURE</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is a diversified, closed-end management investment company (commonly referred to as a closed-end fund). Closed-end funds differ
from open-end funds (which are generally referred to as mutual funds) in that closed-end funds generally list their common shares for
trading on a stock exchange and do not redeem their common shares at the request of the shareholder. This means that if you wish to sell
your common shares of a closed-end fund you must trade them on the market like any other stock at the prevailing market price at that
time. In an open-end fund, if the shareholder wishes to sell shares of the fund, the open-end fund will redeem or buy back the shares
at net asset value. Also, open-end funds generally offer new shares on a continuous basis to new investors, and closed-end funds generally
do not. The continuous inflows and outflows of assets in an open-end fund can make it difficult to manage the fund&#8217;s investments.
By comparison, closed-end funds are generally able to stay more fully invested in securities that are consistent with their investment
objective, to have greater flexibility to make certain types of investments and to use certain investment strategies such as financial
leverage and investments in illiquid securities.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
shares of closed-end funds often trade at a discount to their net asset value. Because of this possibility and the recognition that any
such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases,
tender offers for shares or other programs intended to reduce a discount. We cannot guarantee or assure, however, that the Board will
decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the
common shares trading at a price equal or close to net asset value per share. We cannot assure you that the Fund&#8217;s common shares
will not trade at a discount.</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro015"></span>REPURCHASE
OF COMMON SHARES</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is a diversified, closed-end management investment company and as such its shareholders do not, and will not, have the right to
require the Fund to repurchase their shares. The Fund, however, may repurchase its common shares from time to time as and when it deems
such a repurchase advisable. The Board has authorized, but does not require, such repurchases to be made when the Fund&#8217;s common
shares are trading at a discount from net asset value of 7.5% or more (or such other percentage as the Board may determine from time
to time). This authorization is a standing authorization that may be executed in the discretion of the Fund&#8217;s officers. The Fund&#8217;s
officers are authorized to use the Fund&#8217;s general corporate funds to repurchase common shares. While the Fund may incur debt to
finance common share repurchases, such debt financing would require further approval of the Board, and the Fund does not currently intend
to incur debt to finance common share repurchases. The Fund has repurchased its common shares under this authorization. See &#8220;Description
of the Securities&#8212;Common Shares.&#8221; Although the Board has authorized such repurchases, the Fund is not required to repurchase
its common shares. The Board has not established a limit on the number of shares that could be purchased during such period. Pursuant
to the 1940 Act, the Fund may repurchase its common shares on a securities exchange (provided that the Fund has informed its shareholders
within the preceding six months of its intention to repurchase such shares) or pursuant to tenders and may also repurchase shares privately
if the Fund meets certain conditions regarding, among other things, distribution of net income for the preceding fiscal year, status
of the seller, price paid, brokerage commissions, prior notice to shareholders of an intention to purchase shares and purchasing in a
manner and on a basis that does not discriminate unfairly against the other shareholders through their interest in the Fund. The Fund
has not and will not, unless otherwise set forth in a Prospectus Supplement and accomplished in accordance with applicable law and positions
of the SEC&#8217;s staff, repurchase common shares (i) immediately after the completion of an offering of common shares (i.e., within
sixty days of an overallotment option period) or (ii) at a price that is tied to the initial offering price. See &#8220;Plan of Distribution.&#8221;
When the Fund repurchases its common shares for a price below net asset value, the net asset value of the common shares that remain outstanding
will be enhanced, but this does not necessarily mean that the market price of the outstanding common shares will be affected, either
positively or negatively. The repurchase of common shares will reduce the total assets of the Fund available for investment and may increase
the Fund&#8217;s expense ratio.</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro016"></span>RIGHTS
OFFERINGS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may in the future, and at its discretion, choose to make offerings of subscription rights to holders of our (i) common shares to
purchase common and/or preferred shares and/or (ii) preferred shares to purchase preferred shares (subject to applicable law). A future
rights offering may be transferable or non-transferable. Any such future rights offering will be made in accordance with the 1940 Act.
Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval. The staff of
the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase common stock
at a price below the then current net asset value so long as certain conditions are met, including: (i) a good faith determination by
a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii) the offering fully protects shareholders&#8217;
preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)
management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such
rights; and (iv) the ratio of a transferable rights offering does not exceed one new share for each three rights held.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro017"></span>TAXATION</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a brief summary of certain U.S. federal income tax considerations affecting the Fund and its common and preferred
shareholders. A more complete discussion of the tax rules applicable to the Fund and its shareholders can be found in the SAI that is
incorporated by reference into this Prospectus. This summary does not discuss the consequences of an investment in the Fund&#8217;s notes
or subscription rights to acquire shares of the Fund&#8217;s stock. The tax consequences of such an investment will be discussed in a
relevant prospectus supplement.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion assumes you are a taxable U.S. person (as defined for U.S. federal income tax purposes) and that you hold your shares as capital
assets (generally, for investment). This discussion is based upon current provisions of the Code, Treasury regulations, judicial authorities,
published positions of the Internal Revenue Service (the &#8220;IRS&#8221;) and other applicable authorities, all of which are subject
to change or differing interpretations, possibly with retroactive effect. No assurance can be given that the IRS would not assert, or
that a court would not sustain, a position contrary to those set forth below. No attempt is made to present a detailed explanation of
all U.S. federal income tax concerns affecting the Fund and its shareholders (including shareholders subject to special tax rules and
shareholders owning large positions in the Fund), nor does this discussion address any state, local or foreign tax concerns.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisers to determine the tax
consequences to them of investing in the Fund.</b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of the Fund</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has elected to be treated and has qualified as, and intends to continue to qualify annually as, a RIC under Subchapter M of the
Code. Accordingly, the Fund must, among other things,</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">derive
                                            in each taxable year at least 90% of its gross income from (a) dividends, interest (including
                                            tax-exempt interest), payments with respect to certain securities loans, and gains from the
                                            sale or other disposition of stock, securities or foreign currencies, or other income (including
                                            but not limited to gain from options, futures and forward contracts) derived with respect
                                            to its business of investing in such stock, securities or currencies and (b) net income derived
                                            from interests in certain publicly traded partnerships that are treated as partnerships for
                                            U.S. federal income tax purposes and that derive less than 90% of their gross income from
                                            the items described in (a) above (each a &#8220;Qualified Publicly Traded Partnership&#8221;);
                                            and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversify
                                            its holdings so that, at the end of each quarter of each taxable year (a) at least 50% of
                                            the market value of the Fund&#8217;s total assets is represented by cash and cash items,
                                            U.S. government securities, the securities of other RICs and other securities, with such
                                            other securities limited, in respect of any one issuer, to an amount not greater than 5%
                                            of the value of the Fund&#8217;s total assets and not more than 10% of the outstanding voting
                                            securities of such issuer and (b) not more than 25% of the value of the Fund&#8217;s total
                                            assets is invested in the securities (other than U.S. government securities and the securities
                                            of other RICs) of (I) any one issuer, (II) any two or more issuers that the Fund controls
                                            and that are determined to be engaged in the same business or similar or related trades or
                                            businesses or (III) any one or more Qualified Publicly Traded Partnerships.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a RIC, the Fund generally is not subject to U.S. federal income tax on income and gains that it distributes each taxable year to shareholders,
provided that it distributes at least 90% of the sum of the Fund&#8217;s (i) investment company taxable income (which includes, among
other items, dividends, interest, the excess of any net short term capital gain over net long term capital loss, and other taxable income
other than any net capital gain (as defined below) reduced by deductible expenses) determined without regard to the deduction for dividends
paid and (ii) net tax-exempt interest income (the excess of its gross tax-exempt interest income over certain disallowed deductions),
if any. The Fund will be subject to income tax at regular corporate rates on any investment company taxable income and net capital gain
that it does not distribute to its shareholders.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may either distribute or retain for reinvestment all or part of its net capital gain (which consists of the excess of its net long
term capital gain over its net short term capital loss). If any such gain is retained, the Fund will be subject to a corporate income
tax on such retained amount. In that event, the Fund may report the retained amount as undistributed capital gain in a notice to its
shareholders, each of whom (i) will be required to include in income for U.S. federal income tax purposes as long term capital gain its
share of such undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax paid by the Fund against its
U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii) will increase its
basis in its shares by the amount of undistributed capital gains included in the shareholder&#8217;s income less the tax deemed paid
by the shareholder under clause (ii).</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% federal
excise tax at the Fund level. To avoid the tax, the Fund must distribute during each calendar year an amount at least equal to the sum
of (i) 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, and (ii) 98.2% of its
capital gains in excess of its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October
31 of the calendar year (unless an election is made to use the Fund&#8217;s fiscal year). In addition, the minimum amounts that must
be distributed in any year to avoid the federal excise tax will be increased or decreased to reflect any under-distribution or over-distribution,
as the case may be, from previous years. For purposes of the excise tax, the Fund will be deemed to have distributed any income on which
it paid U.S. federal income tax. Although the Fund intends to distribute any income and capital gains in the manner necessary to minimize
imposition of the 4% federal excise tax, there can be no assurance that sufficient amounts of the Fund&#8217;s ordinary income and capital
gains will be distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax only on the
amount by which it does not meet the foregoing distribution requirement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the Fund&#8217;s investment practices are subject to special and complex U.S. federal income tax provisions that may, among other
things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long term capital
gains or qualified dividend income into higher taxed short term capital gains or ordinary income, (iii) convert an ordinary loss or a
deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a
corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur,
(vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not qualify as
good income for purposes of the 90% annual gross income requirement described above. These U.S. federal income tax provisions could therefore
affect the amount, timing and character of distributions to shareholders.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
for any taxable year the Fund were to fail to qualify as a RIC, all of its taxable income (including its net capital gain) would be subject
to tax at regular corporate rates without any deduction for distributions to shareholders.</span></p>

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund expects to take the position that under present law any preferred shares that it issues will constitute equity rather than debt
of the Fund for U.S. federal income tax purposes. It is possible, however, that the IRS could take a contrary position asserting, for
example, that such preferred shares constitute debt of the Fund. If that position were upheld, distributions on the Fund&#8217;s preferred
shares would be considered interest, taxable as ordinary income regardless of the taxable income of the Fund, and other adverse consequences
could result for the Fund or shareholders. The following discussion and the discussion in the SAI assume that any preferred shares issued
by the Fund will be treated as equity.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid to you by the Fund from its investment company taxable income (referred to hereinafter as &#8220;ordinary income dividends&#8221;)
are generally taxable to you as ordinary income to the extent of the Fund&#8217;s current or accumulated earnings and profits. Provided
that certain holding period and other requirements are met, such distributions (if properly reported by the Fund) may qualify (i) for
the dividends received deduction in the case of corporate shareholders to the extent that the Fund&#8217;s income consists of dividend
income from U.S. corporations, and (ii) in the case of individual shareholders, as qualified dividend income eligible to be taxed at
long term capital gains rates to the extent that the Fund receives qualified dividend income. Qualified dividend income is, in general,
dividend income from taxable domestic corporations and certain qualified foreign corporations. There can be no assurance as to what portion
of the Fund&#8217;s distributions will be eligible for the dividends received deduction or for the reduced rates applicable to qualified
dividend income.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
made to you from net capital gain (&#8220;capital gain dividends&#8221;), including capital gain dividends credited to you but retained
by the Fund, are taxable to you as long term capital gains if they have been properly reported by the Fund, regardless of the length
of time you have owned your Fund shares. Long term capital gain of individuals is generally subject to reduced U.S. federal income tax
rates.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent
of your adjusted tax basis of your shares and thereafter will be treated as capital gains. The amount of any Fund distribution that is
treated as a tax-free return of capital will reduce your adjusted tax basis in your shares, thereby increasing your potential gain or
reducing your potential loss on any subsequent sale or other disposition of your shares. In determining the extent to which a distribution
will be treated as being made from the Fund&#8217;s earnings and profits, earnings and profits will be allocated on a pro rata basis
first to distributions with respect to the Fund&#8217;s preferred shares, and then to the Fund&#8217;s common shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IRS currently requires a RIC that has two or more classes of shares outstanding to designate to each such class proportionate amounts
of each type of its income (e.g., ordinary income, capital gain dividends, qualified dividend income) for each tax year based upon the
percentage of total dividends distributed to each class for such year.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
after the close of its calendar year, the Fund will provide you with a written notice reporting the amount of any qualified dividend
income or capital gain dividends and other distributions.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
in the case of a redemption or repurchase (the consequences of which are described in the SAI under &#8220;Taxation&#8212;Taxation of
Shareholders&#8221;), the sale or other disposition of shares of the Fund will generally result in capital gain or loss to you, and will
be long term capital gain or loss if the shares have been held for more than one year at the time of sale. Any loss upon the sale or
exchange of Fund shares held for six months or less will be treated as long term capital loss to the extent of any capital gain dividends
received (including amounts credited as undistributed capital gain dividends) by you with respect to such Fund shares. A loss realized
on a sale or exchange of shares of the Fund will be disallowed if other substantially identical shares are acquired (whether through
the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date
of the sale or exchange of the shares. In such case, the basis of the shares acquired will be adjusted to reflect the disallowed loss.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and other taxable distributions are taxable to you even if they are reinvested in additional shares of the Fund. Dividends and other
distributions paid by the Fund are generally treated as received by a shareholder at the time the dividend or distribution is made. If,
however, the Fund pays you a dividend or makes a distribution in January that was declared in the previous October, November or December
to shareholders of record on a specified date in one of such months, then such dividend or distribution will be treated for tax purposes
as being paid by the Fund and received by you on December 31 of the year in which the dividend or distribution was declared.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is required in certain circumstances to withhold, for U.S. backup withholding tax purposes, a portion of the taxable dividends or
distributions and certain other payments paid to non-corporate holders of the Fund&#8217;s shares who do not furnish the Fund (or its
agent) with their correct taxpayer identification number (in the case of individuals, generally, their social security number) and certain
certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld
from payments made to you may be refunded or credited against your U.S. federal income tax liability, if any, provided that the required
information is furnished to the IRS.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholders
are urged to consult their tax advisers regarding specific questions as to U.S. federal, foreign, state, local income or other taxes.</b></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro018"></span>CUSTODIAN,
TRANSFER AGENT<br/>
AND DIVIDEND DISBURSING AGENT</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon, located at 240 Greenwich Street, New York, NY 10286, serves as the custodian of the Fund&#8217;s assets pursuant
to a custody agreement. Under the custody agreement, the Custodian holds the Fund&#8217;s assets in compliance with the 1940 Act. For
its services, the Custodian receives a monthly fee paid by the Fund based upon, among other things, the average value of the total assets
of the Fund, plus certain charges for securities transactions and out of pocket expenses.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
Stock Transfer &amp; Trust Company, located at 6201 15th Avenue, Brooklyn, NY 11219, serves as the Fund&#8217;s dividend disbursing agent,
as agent under the Fund&#8217;s Plan and as transfer agent and registrar for the Series C Preferred Shares, Series E Preferred Shares
and the common shares of the Fund.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
Stock Transfer &amp; Trust Company also would be expected to serve as the Fund&#8217;s transfer agent, registrar, dividend disbursing
agent and redemption agent with respect to any additional series of preferred shares issued in the future.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro019"></span>PLAN
OF DISTRIBUTION</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may sell our securities through underwriters or dealers, directly to one or more purchasers, through agents, to or through underwriters
or dealers, or through a combination of any such methods of sale. The applicable Prospectus Supplement will identify any underwriter
or agent involved in the offer and sale of our securities, any sales loads, discounts, commissions, fees or other compensation paid to
any underwriter, dealer or agent, the offering price, net proceeds and use of proceeds and the terms of any sale.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
distribution of our securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be
changed, at prevailing market prices at the time of sale, at prices related to such prevailing market prices, or at negotiated prices,
provided, however, that the offering price per share in the case of common shares, must equal or exceed the net asset value per share,
exclusive of any underwriting commissions or discounts, of our common shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may sell our securities directly to, and solicit offers from, institutional investors or others who may be deemed to be underwriters
as defined in the Securities Act of 1933 (the &#8220;Securities Act&#8221;) for any resales of the securities. In this case, no underwriters
or agents would be involved. We may use electronic media, including the Internet, to sell offered securities directly.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the sale of our securities, underwriters or agents may receive compensation from us in the form of discounts, concessions
or commissions. Underwriters may sell our securities to or through dealers, and such dealers may receive compensation in the form of
discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters,
dealers and agents that participate in the distribution of our securities may be deemed to be underwriters under the Securities Act,
and any discounts and commissions they receive from us and any profit realized by them on the resale of our securities may be deemed
to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified and any such
compensation received from us will be described in the applicable Prospectus Supplement. The maximum commission or discount to be received
by any Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;) member or independent broker-dealer will not exceed eight
percent. We will not pay any compensation to any underwriter or agent in the form of warrants, options, consulting or structuring fees
or similar arrangements.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Prospectus Supplement so indicates, we may grant the underwriters an option to purchase additional securities at the public offering
price, less the underwriting discounts and commissions, within 45 days from the date of the Prospectus Supplement, to cover any overallotments.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
facilitate an offering of securities in an underwritten transaction and in accordance with industry practice, the underwriters may engage
in transactions that stabilize, maintain, or otherwise affect the market price of the securities. Those transactions may include overallotment,
entering stabilizing bids, effecting syndicate covering transactions, and reclaiming selling concessions allowed to an underwriter or
a dealer.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            overallotment in connection with an offering creates a short position in the securities for
                                            the underwriter&#8217;s own account.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            underwriter may place a stabilizing bid to purchase the shares for the purpose of pegging,
                                            fixing, or maintaining the price of the securities.</span></td></tr></table>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriters
                                            may engage in syndicate covering transactions to cover overallotments or to stabilize the
                                            price of the securities subject to the offering by bidding for, and purchasing, the securities
                                            or any other securities in the open market in order to reduce a short position created in
                                            connection with the offering.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            managing underwriter may impose a penalty bid on a syndicate member to reclaim a selling
                                            concession in connection with an offering when the securities originally sold by the syndicate
                                            member are purchased in syndicate covering transactions or otherwise.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these activities may stabilize or maintain the market price of the securities above independent market levels. The underwriters are
not required to engage in these activities, and may end any of these activities at any time.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
underwriters to whom the offered securities are sold for offering and sale may make a market in the offered securities, but the underwriters
will not be obligated to do so and may discontinue any market-making at any time without notice. The offered securities may or may not
be listed on a securities exchange. We cannot assure you that there will be a liquid trading market for the offered securities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
fixed rate preferred shares sold pursuant to a Prospectus Supplement will likely be listed on the NYSE.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
agreements into which we may enter, underwriters, dealers and agents who participate in the distribution of our securities may be entitled
to indemnification by us against certain liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents
may engage in transactions with us, or perform services for us, in the ordinary course of business.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
so indicated in the applicable Prospectus Supplement, we will ourselves, or will authorize underwriters or other persons acting as our
agents to solicit offers by certain institutions to purchase our securities from us pursuant to contracts providing for payment and delivery
on a future date. Institutions with which such contacts may be made include commercial and savings banks, insurance companies, pension
funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must be approved
by us. The obligation of any purchaser under any such contract will be subject to the condition that the purchase of the securities shall
not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and
such other agents will not have any responsibility in respect of the validity or performance of such contracts. Such contracts will be
subject only to those conditions set forth in the Prospectus Supplement, and the Prospectus Supplement will set forth the commission
payable for solicitation of such contracts.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent permitted under the 1940 Act and the rules and regulations promulgated thereunder, the underwriters may from time to time
act as brokers or dealers and receive fees in connection with the execution of our portfolio transactions after the underwriters have
ceased to be underwriters and, subject to certain restrictions, each may act as a broker while it is an underwriter.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Prospectus and accompanying Prospectus Supplement in electronic form may be made available on the websites maintained by underwriters.
The underwriters may agree to allocate a number of securities for sale to their online brokerage account holders. Such allocations of
securities for Internet distributions will be made on the same basis as other allocations. In addition, securities may be sold by the
underwriters to securities dealers who resell securities to online brokerage account holders.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to comply with the securities laws of certain states, if applicable, our securities offered hereby will be sold in such jurisdictions
only through registered or licensed brokers or dealers.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro020"></span>LEGAL
MATTERS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
legal matters will be passed on by Skadden, Arps, Slate, Meagher &amp; Flom LLP,  New York  in connection
with the offering of the Fund&#8217;s securities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro021"></span>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">Ernst &amp; Young <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">serves
as the independent registered public accounting firm of the Fund and audits the financial statements of the Fund.
Ernst &amp; Young is located at One Manhattan West, New York, NY 10001.</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro022"></span>Additional
INFORMATION</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is subject to the informational requirements of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) and the 1940
Act and in accordance therewith files, or will file, reports and other information with the SEC. The SEC maintains a
web site at <span style="text-decoration: underline">http://www.sec.gov</span> containing reports, proxy and information statements and other information regarding registrants,
including the Fund, that file electronically with the SEC.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s common shares are listed on the NYSE under the symbol &#8220;GDL&#8221; and the Series C Preferred Shares are listed on
the NYSE under the symbol &#8220;GDL Pr C.&#8221; The Fund&#8217;s Series E Preferred Shares are not listed on an exchange. Reports,
proxy statements and other information concerning the Fund and filed with the SEC by the Fund are available for inspection at the NYSE,
20 Broad Street, New York, New York 10005.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus constitutes part of a Registration Statement filed by the Fund with the SEC under the Securities Act and the 1940 Act. This
Prospectus omits certain of the information contained in the Registration Statement, and reference is hereby made to the Registration
Statement and related exhibits for further information with respect to the Fund and the shares offered hereby. Any statements contained
herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of
such document filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in
its entirety by such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by
its rules and regulations or free of charge through the SEC&#8217;s web site (<span style="text-decoration: underline">http://www.sec.gov</span>).</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro023"></span>INCORPORATION
BY REFERENCE</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus is part of a registration statement that we have filed with the SEC. We are allowed to &#8220;incorporate by reference&#8221;
the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents.
We incorporate by reference into this Prospectus the documents listed below and any future filings we make with the SEC under Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act, including any filings on or after the date of this Prospectus from the date of filing
(excluding any information furnished, rather than filed), until we have sold all of the offered securities to which this Prospectus and
any accompanying prospectus supplement relates or the offering is otherwise terminated. The information incorporated by reference is
an important part of this Prospectus. Any statement in a document incorporated by reference into this Prospectus will be deemed to be
automatically modified or superseded to the extent a statement contained in (1) this Prospectus or (2) any other subsequently filed document
that is incorporated by reference into this Prospectus modifies or supersedes such statement. The documents incorporated by reference
herein include:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001378701/000182912624001446/gdl_ncsr.htm">our annual report on Form N-CSR for the fiscal year ended December 31, 2023, filed with the SEC on March 8, 2024 (the &#8220;Annual Report&#8221;);</a></span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1378701/000113322824002389/gdl-html7530_def14a.htm">our
                                            definitive proxy statement on Schedule 14A for our 2024 annual meeting of shareholders, filed
                                            with the SEC on March 21, 2024 (the &#8220;Proxy Statement&#8221;);</a></span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1378701/000119312518092328/d524047d8a12b.htm">the
                                            description of our Series C Preferred Shares contained in our Registration Statement on Form
                                            8-A (File No. 001-33265) filed with the SEC on March 23, 2018, including any amendment or
                                            report filed for the purpose of updating such description prior to the termination of the
                                            offering registered hereby; </a>and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1378701/000134100407000274/ggdf8a12b.htm">the
                                            description of our common shares contained in our Registration Statement on Form 8-A (File
                                            No. 001-33265) filed with the SEC on January 23, 2007, including any amendment or report
                                            filed for the purpose of updating such description prior to the termination of the offering
                                            registered hereby.</a></span></td></tr></table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
obtain copies of these filings, see &#8220;Additional Information&#8221; in this Prospectus. We will also provide without charge to each
person, including any beneficial owner, to whom this Prospectus is delivered, upon written or oral request, a copy of any and all of
the documents that have been or may be incorporated by reference in this Prospectus or the accompanying Prospectus Supplement. You should
direct requests for documents by writing to:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor
Relations<br/>
The GDL Fund<br/>
One Corporate Center<br/>
Rye, NY 10580-1422<br/>
(914) 921-5070</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus is also available on our website at <span style="text-decoration: underline">http://www.gabelli.com</span>. Information contained on our website is not incorporated
by reference into this prospectus supplement or the accompanying prospectus and should not be considered to be part of this prospectus
supplement or accompanying prospectus.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro024"></span>PRIVACY
PRINCIPLES OF THE FUND</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is committed to maintaining the privacy of its shareholders and to safeguarding their non-public personal information. The following
information is provided to help you understand what personal information the Fund collects, how the Fund protects that information and
why, in certain cases, the Fund may share information with select other parties.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the Fund does not receive any non-public personal information relating to its shareholders, although certain non-public personal information
of its shareholders may become available to the Fund. The Fund does not disclose any non-public personal information about its shareholders
or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example,
to a transfer agent or third party administrator).</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund restricts access to non-public personal information about its shareholders to employees of the Fund, the Investment Adviser, and
its affiliates with a legitimate business need for the information. The Fund maintains physical, electronic and procedural safeguards
designed to protect the non-public personal information of its shareholders.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro025"></span>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
projections, forecasts and estimates contained or incorporated by reference herein are forward looking statements and are based upon
certain assumptions. Projections, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or
all of the assumptions underlying any projections, forecasts or estimates will not materialize or will vary significantly from actual
results. Actual results may vary from any projections, forecasts and estimates and the variations may be material. Some important factors
that could cause actual results to differ materially from those in any forward looking statements include changes in interest rates,
market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments.
Consequently, the inclusion of any projections, forecasts and estimates herein should not be regarded as a representation by the Fund
or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor
its affiliates has any obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect
changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated events,
even if the underlying assumptions do not come to fruition. The Fund acknowledges that, notwithstanding the foregoing, the safe harbor
for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such
as the Fund.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro026"></span>TABLE
OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
SAI dated as of &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2024, has been filed with the SEC and is incorporated by reference in this Prospectus. An SAI may be
obtained without charge by writing to the Fund at its address at One Corporate Center, Rye, New York 10580-1422 or by calling the
Fund toll-free at (800) GABELLI (422-3554). The Table of Contents of the SAI is as follows:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Page</span></b></span></p>



<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai001">THE FUND</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai002">INVESTMENT POLICIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai003">INVESTMENT RESTRICTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai004">MANAGEMENT OF THE FUND</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai005">PORTFOLIO TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai006">PORTFOLIO TURNOVER</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai007">TAXATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai008">NET ASSET VALUE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai009">BENEFICIAL OWNERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#gdln2sai010">GENERAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td></tr>
</table>
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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Appendix
A</b></span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro027"></span>CORPORATE
BOND RATINGS</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOODY&#8217;S
INVESTORS SERVICE, INC.</span></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 15%; padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aaa</span></td>
    <td style="width: 85%; padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aa</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated Aa are judged to be of high quality and are subject to very low credit risk.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated A are judged to be upper-medium grade and are subject to low credit risk.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ba</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated Ba are judged to be speculative and are subject to substantial credit risk.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated B are considered speculative and are subject to high credit risk.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caa</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ca</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:
    Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates
    that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the
    modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a &#8220;(hyb)&#8221; indicator is
    appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.*</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&amp;P
GLOBAL RATINGS</span></p>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 15%; padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA</span></td>
    <td style="width: 85%; padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P Global Ratings. The obligor&#8217;s capacity to meet
    its financial commitments on the obligation is extremely strong.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AA</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;AA&#8217; differs from the highest-rated obligations only to a small degree. The obligor&#8217;s capacity
    to meet its financial commitments on the obligation is very strong.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions
    than obligations in higher-rated categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation
    is still strong.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBB</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances
    are more likely to weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BB;
    B; CCC; CC; and C</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;, &#8216;CC&#8217;, and &#8216;C&#8217; are regarded as having significant
    speculative characteristics. &#8216;BB&#8217; indicates the least degree of speculation and &#8216;C&#8217; the highest. While such
    obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major
    exposure to adverse conditions.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BB</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;BB&#8217; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing
    uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate
    capacity to meet its financial commitments on the obligation.</span></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently
    has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely
    impair the obligor&#8217;s capacity or willingness to meet its financial commitments on the obligation.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CCC</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and
    economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial,
    or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CC</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;CC&#8217; is currently highly vulnerable to nonpayment. The &#8216;CC&#8217; rating is used when a default
    has not yet occurred but S&amp;P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to
    default.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;C&#8217; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative
    seniority or lower ultimate recovery compared with obligations that are rated higher.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    obligation rated &#8216;D&#8217; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8216;D&#8217;
    rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that
    such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated
    grace period or 30 calendar days. The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or the taking
    of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating
    on an obligation is lowered to &#8216;D&#8217; if it is subject to a distressed debt restructuring.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="padding-right: 5.4pt; padding-bottom: 0.1in; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ratings
    from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by the addition of a plus (+) or minus (-) sign to show relative standing
    within the rating categories.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 8pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: bold 14pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
GDL Fund</span></p>

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<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Shares</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
Shares</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
Rights to Purchase Common Shares</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
Rights to Purchase Preferred Shares</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
Rights to Purchase Common and Preferred Shares</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<hr style="background-color: Black; width: 55%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>

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<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-indent: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS</span></p>

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 <hr style="background-color: Black; width: 55%; height: 1px; margin-top: 3pt; margin-bottom: 3pt"/>

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<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
2024</span></p>

<p style="font: bold 12pt Times New Roman,serif; margin: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Completion, Dated July 5, 2024</span></p>

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

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

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY BE CHANGED. THE FUND MAY NOT SELL THESE SECURITIES UNTIL
THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS
NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE
IS NOT PERMITTED.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
GDL Fund, or the &#8220;Fund,&#8221; is a diversified, closed-end management investment company registered under the Investment Company
Act of 1940 (the &#8220;1940 Act&#8221;). 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. Gabelli Funds, LLC serves
as &#8220;Investment Adviser&#8221; to the Fund. An investment in the Fund is not appropriate for all investors. We cannot assure you
that the Fund will achieve its objective.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Statement of Additional Information (the &#8220;SAI&#8221;) does not constitute a prospectus, but should be read in conjunction with
the Fund&#8217;s prospectus relating thereto dated &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2024., and as it may be supplemented (the &#8220;Prospectus&#8221;). This SAI does
not include all information that a prospective investor should consider before investing in the Fund&#8217;s securities, and investors
should obtain and read the Prospectus prior to purchasing such securities. This SAI incorporates by reference the entire Prospectus.
You may request a free copy of the Prospectus by calling (800) GABELLI (422-3554) or by writing to the Fund. A copy of the Fund&#8217;s
Registration Statement, including the Prospectus and any supplement, may be obtained from the Securities and Exchange Commission (the
&#8220;SEC&#8221;) upon payment of the fee prescribed, or inspected at the SEC&#8217;s office or via its website (<span style="text-decoration: underline">http://www.sec.gov</span>)
at no charge. Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the Prospectus.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Statement of Additional Information is dated &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2024.</span></p>

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

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Page</span></b></span></p>



<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE FUND</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT POLICIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT RESTRICTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT OF THE FUND</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO TURNOVER</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAXATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NET ASSET VALUE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BENEFICIAL OWNERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><a href="#gdln2sai010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td></tr>
</table>
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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai001"></span>THE
FUND</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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.&#8221; The Fund&#8217;s Series E Preferred Shares are not listed on an exchange.</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai002"></span>INVESTMENT
POLICIES</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Additional Fund Information&#8212;Risk Factors and Special Considerations&#8212;Additional
Investment Policies&#8221; in the Fund&#8217;s Annual Report is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai003"></span>INVESTMENT
RESTRICTIONS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Additional Fund Information&#8212;Investment Restrictions&#8221; in the Fund&#8217;s Annual
Report is incorporated herein by reference.</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai004"></span>MANAGEMENT
OF THE FUND</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Proposal: To Elect Two (2) Trustees of the Fund&#8212;Information about Trustees and Officers&#8221;
in the Fund&#8217;s <a href="https://www.sec.gov/Archives/edgar/data/1378701/000113322824002389/gdl-html7530_def14a.htm">Proxy Statement</a> is incorporated herein by reference.</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification
of Officers and Trustees; Limitations on Liability</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Governing Documents provide that the Fund will indemnify its Trustees and officers and may indemnify its employees or agents against
liabilities and expenses incurred in connection with litigation in which they may be involved because of their positions with the Fund
to the fullest extent permitted by law. However, nothing in the Governing Documents protects or indemnifies a Trustee, officer, employee
or agent of the Fund against any liability to which such person would otherwise be subject in the event of such person&#8217;s willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her position.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Advisory and Administrative Arrangements</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser is a New York limited liability company which serves as an investment adviser to registered investment companies as
well as one fund that trades on the London Stock Exchange and Luxembourg SICAV, with combined aggregate net assets of approximately $20.3
billion as of December&#160;31, 2023. The Investment Adviser is a registered adviser under the Investment Advisers Act of 1940, as amended,
and is a wholly owned subsidiary of GAMCO Investors, Inc. (&#8220;GAMI&#8221;). Mr.&#160;Mario J. Gabelli may be deemed a &#8220;controlling
person&#8221; of the Investment Adviser on the basis of his controlling interest in GAMI. Mr.&#160;Gabelli owns a majority of the stock
of GGCP, Inc. (&#8220;GGCP&#8221;) which holds a majority of the capital stock and voting power of GAMI. The Investment Adviser has several
affiliates that provide investment advisory services: GAMCO Asset Management Inc., a wholly owned subsidiary of GAMI, acts as investment
adviser for individuals, pension trusts, profit sharing trusts, and endowments, and as a sub-adviser to certain third party investment
funds, which include registered investment companies having assets under management of approximately $10.7 billion as of December&#160;31,
2023; Teton Advisors, Inc., and its wholly owned investment adviser, Keeley Teton Advisers, LLC, with assets under management of approximately
$1.3 billion as of September&#160;30, 2023, 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 $1.6 billion as of December&#160;31, 2023. Teton Advisors, Inc. was spun off by GAMI in March&#160;2009 and is an affiliate
of GAMI by virtue of Mr.&#160;Gabelli&#8217;s ownership of GGCP, the principal shareholder of Teton Advisors, Inc. as of December&#160;31,
2023. Associated Capital was spun off from GAMI on November&#160;30, 2015, and is an affiliate of GAMI by virtue of Mr.&#160;Gabelli&#8217;s
ownership of GGCP, the principal shareholder of Associated Capital.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliates
of the Investment Adviser may, in the ordinary course of their business, acquire for their own account or for the accounts of their advisory
clients, significant (and possibly controlling) positions in the securities of companies that may also be suitable for investment by
the Fund. The securities in which the Fund might invest may thereby be limited to some extent. For instance, many companies in the past
several years have adopted so-called &#8220;poison pill&#8221; or other defensive measures designed to discourage or prevent the completion
of non-negotiated offers for control of the company. Such defensive measures may have the effect of limiting the shares of the company
which might otherwise be acquired by the Fund if the affiliates of the Investment Adviser or their advisory accounts have or acquire
a significant position in the same securities. However, the Investment Adviser does not believe that the investment activities of its
affiliates will have a material adverse effect upon the Fund in seeking to achieve its investment objectives. Securities purchased or
sold pursuant to contemporaneous orders entered on behalf of the investment company accounts of the Investment Adviser or the advisory
accounts managed by its affiliates for their unaffiliated clients are allocated pursuant to procedures, approved by the Board, believed
to be fair and not disadvantageous to any such accounts. In addition, all such orders are accorded priority of execution over orders
entered on behalf of accounts in which the Investment Adviser or its affiliates have a substantial pecuniary interest. The Investment
Adviser may on occasion give advice or take action with respect to other clients that differs from the actions taken with respect to
the Fund. The Fund may invest in the securities of companies that are investment management clients of GAMCO. In addition, portfolio
companies or their officers or directors may be minority shareholders of the Investment Adviser or its affiliates.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Investment Advisory Agreement, the Investment Adviser manages the portfolio of the Fund in accordance with its stated
investment objective and policies, makes investment decisions for the Fund, places orders to purchase and sell securities on behalf of
the Fund and manages its other business and affairs, all subject to the supervision and direction of the Board. In addition, under the
Investment Advisory Agreement, the Investment Adviser oversees the administration of all aspects of the Fund&#8217;s business and affairs
and provides, or arranges for others to provide, at the Investment Adviser&#8217;s expense, certain enumerated services, including maintaining
the Fund&#8217;s books and records, preparing reports to the Fund&#8217;s shareholders and supervising the calculation of the net asset
value of its shares. All expenses of computing the net asset value of the Fund, including any equipment or services obtained solely for
the purpose of pricing shares or valuing its investment portfolio, underwriting compensation and reimbursements in connection with sales
of the Fund&#8217;s securities, the costs of utilizing a third party to monitor and collect class action settlements on behalf of the
Fund, expenses in connection with the preparation of SEC filings, the fees and expenses of Trustees who are not officers or employees
of the Investment Adviser or its affiliates, compensation and other expenses of officers and employees of the Fund (including, but not
limited to, the Chief Compliance Officer, Vice President and Ombudsman) as approved by the Trustees, charges of the custodian, any sub-custodian
and transfer agent and dividend paying agent, expenses in connection with the Automatic Dividend Reinvestment Plan and the Voluntary
Cash Purchase Plan, accounting and pricing costs, membership fees in trade associations, expenses for legal and independent accountants&#8217;
services, costs of printing proxies, share certificates and shareholder reports, fidelity bond coverage for Fund officers and employees,
Trustees&#8217; and officers&#8217; errors and omissions insurance coverage, and stock exchange listing fees will be an expense of the
Fund unless the Investment Adviser voluntarily assumes responsibility for such expenses.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Advisory Agreement combines investment advisory and certain administrative responsibilities into one agreement. As compensation
for its services rendered and the related expenses borne by the Investment Adviser, the Fund pays the Investment Adviser at an annual
base rate of 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. In addition, 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 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 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 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 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.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Investment Advisory Agreement, for the fiscal years ended December 31, 2021, 2022 and 2023, the Investment Adviser earned, $2,062,447
($1,144,564 of which was attributable to the performance fee), $994,206 (none of which was attributable to the performance fee) and $1,885,729
($938,447 of which was attributable to the performance fee), respectively.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser reduces its advisory fees as they relate to certain portfolio holdings, i.e., unsupervised assets, of the Fund with
respect to which the Investment Adviser transfers dispositive and voting control to the Fund&#8217;s Proxy Voting Committee. During the
fiscal years ended December 31, 2021, 2022 and 2023, the Fund&#8217;s Proxy Voting Committee exercised control and discretion over all
rights to vote or consent with respect to such securities, and the Investment Adviser reduced its fee with respect to such securities
by $4,852, $7,425 and $12,330, respectively.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the Investment Adviser has entered into a sub-administration agreement (the &#8220;Sub-Administration Agreement&#8221;) 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.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Advisory Agreement provides that in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard
for its obligations and duties thereunder, the Investment Adviser is not liable for any error of judgment or mistake of law or for any
loss suffered by the Fund. As part of the Investment Advisory Agreement, the Fund has agreed that the name &#8220;Gabelli&#8221; is the
Investment Adviser&#8217;s property, and that in the event the Investment Adviser ceases to act as an investment adviser to the Fund,
the Fund will change its name to one not including &#8220;Gabelli.&#8221;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to its terms, the Investment Advisory Agreement will remain in effect with respect to the Fund from year to year if approved annually
(i) by the Board or by the holders of a majority of its outstanding voting securities and (ii) by a majority of the Trustees who are
not &#8220;interested persons&#8221; (as defined in the 1940 Act) of any party to the Investment Advisory Agreement, by vote cast in
person at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement was most recently approved by
a majority of the Board, including a majority of the Trustees who are not interested persons as that term is defined in the 1940 Act,
at an in person meeting of the Board held on November 15, 2023. A discussion regarding the basis for the most recent approval of the
Investment Advisory Agreement by the Board is available in the Fund&#8217;s annual report to shareholders for the fiscal year ending
December 31, 2023.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Advisory Agreement terminates automatically on its assignment (as defined in the 1940 Act) and may be terminated without penalty
on 60 days&#8217; written notice by the Board, by a vote of a majority of the Fund&#8217;s shares or by the Investment Adviser.</span></p>

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

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
of the Investment Adviser and its affiliates will often have access to information concerning the portfolio holdings of the Fund. The
Fund and the Investment Adviser have adopted policies and procedures that require all employees to safeguard proprietary information
of the Fund, which includes information relating to the Fund&#8217;s portfolio holdings as well as portfolio trading activity of the
Investment Adviser with respect to the Fund (collectively, &#8220;Portfolio Holdings Information&#8221;). In addition, the Fund and the
Investment Adviser have adopted policies and procedures providing that Portfolio Holdings Information may not be disclosed except to
the extent that it is (a) made available to the general public by posting on the Fund&#8217;s website or filed as part of a required
filing on Form N-Q or N-CSR or (b) provided to a third party for legitimate business purposes or regulatory purposes, that has agreed
to keep such data confidential under terms approved by the Investment Adviser&#8217;s legal department or outside counsel, as described
below. The Investment Adviser will examine each situation under (b) with a view to determine that release of the information is in the
best interest of the Fund and their shareholders and, if a potential conflict between the Investment Adviser&#8217;s interests and the
Fund&#8217;s interests arises, to have such conflict resolved by the Chief Compliance Officer or those Trustees who are not considered
to be &#8220;interested persons&#8221; (as defined in the 1940 Act). These policies further provide that no officer of the Fund or employee
of the Investment Adviser shall communicate with the media about the Fund without obtaining the advance consent of the Chief Executive
Officer, Chief Operating Officer, or General Counsel of the Investment Adviser.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the foregoing policies, the Fund currently may disclose Portfolio Holdings Information in the circumstances outlined below. Disclosure
generally may be either on a monthly or quarterly basis with no time lag in some cases and with a time lag of up to 60 days in other
cases (with the exception of proxy voting services which require a regular download of data):</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.3in"/><td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            regulatory authorities in response to requests for such information and with the approval
                                            of the Chief Compliance Officer of the Fund;</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.3in"/><td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            mutual fund rating and statistical agencies and to persons performing similar functions where
                                            there is a legitimate business purpose for such disclosure and such entity has agreed to
                                            keep such data confidential until at least it has been made public by the Investment Adviser;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.3in"/><td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            service providers of the Fund, as necessary for the performance of their services to the
                                            Fund and to the Board, where such entity has agreed to keep such data confidential until
                                            at least it has been made public by the Investment Adviser. The Fund&#8217;s current service
                                            providers that may receive such information are its administrator, sub-administrator, custodian,
                                            independent registered public accounting firm, legal counsel, and financial printers;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.3in"/><td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            firms providing proxy voting and other proxy services provided such entity has agreed to
                                            keep such data confidential until at least it has been made public by the Investment Adviser;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.3in"/><td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            certain broker dealers, investment advisers, and other financial intermediaries for purposes
                                            of their performing due diligence on the Fund and not for dissemination of this information
                                            to their clients or use of this information to conduct trading for their clients. Disclosure
                                            of Portfolio Holdings Information in these circumstances requires the broker, dealer, investment
                                            adviser, or financial intermediary to agree to keep such information confidential until it
                                            has been made public by the Investment Adviser and is further subject to prior approval of
                                            the Chief Compliance Officer of the Fund and shall be reported to the Board at the next quarterly
                                            meeting; and</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.3in"/><td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            consultants for purposes of performing analysis of the Fund, which analysis may be used by
                                            the consultant with its clients or disseminated to the public, provided that such entity
                                            shall have agreed to keep such information confidential until at least it has been made public
                                            by the Investment Adviser.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this SAI, the Fund makes information about portfolio securities available to its administrator, sub-administrator, custodian,
and proxy voting services on a daily basis, with no time lag, to its typesetter on a quarterly basis with a ten day time lag, to its
financial printers on a quarterly basis with a forty-five day time lag, and its independent registered public accounting firm and legal
counsel on an as needed basis with no time lag. The names of the Fund&#8217;s administrator, custodian, independent registered public
accounting firm, and legal counsel are set forth is the Prospectus. The Fund&#8217;s proxy voting service is Broadridge Financial Solutions,
Inc. Donnelley Financial Solutions and Appatura provide typesetting services for the Fund and the Fund selects from a number of financial
printers who have agreed to keep such information confidential until at least it has been made public by the Investment Adviser. Other
than those arrangements with the Fund&#8217;s service providers and proxy voting service, the Fund has no ongoing arrangements to make
available information about the Fund&#8217;s portfolio securities prior to such information being disclosed in a publicly available filing
with the SEC that is required to include the information.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosures
made pursuant to a confidentiality agreement are subject to periodic confirmation by the Chief Compliance Officer of the Fund that the
recipient has utilized such information solely in accordance with the terms of the agreement. Neither the Fund, nor the Investment Adviser,
nor any of the Investment Adviser&#8217;s affiliates will accept on behalf of itself, its affiliates, or the Fund any compensation or
other consideration in connection with the disclosure of portfolio holdings of the Fund. The Board will review such arrangements annually
with the Fund&#8217;s Chief Compliance Officer.</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai005"></span>PORTFOLIO
TRANSACTIONS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to policies established by the Board, the Investment Adviser is responsible for placing purchase and sale orders and the allocation of
brokerage on behalf of the Fund. Transactions in equity securities are in most cases effected on U.S. stock exchanges and involve the
payment of negotiated brokerage commissions. In general, there may be no stated commission in the case of securities traded in over-the-counter
markets, but the prices of those securities may include undisclosed commissions or mark-ups. Principal transactions are not entered into
with affiliates of the Fund. However, G.research, LLC an affiliate of the Investment Adviser may execute transactions in the over-the-counter
markets on an agency basis and receive a stated commission therefrom. To the extent consistent with applicable provisions of the 1940
Act and the rules and exemptions adopted by the SEC thereunder, as well as other regulatory requirements, the Board has determined that
portfolio transactions may be executed through G.research, LLC and its broker-dealer affiliates if, in the judgment of the Investment
Adviser, the use of those broker-dealers is likely to result in price and execution at least as favorable as those of other qualified
broker-dealers, and if, in particular transactions, the affiliated broker-dealers charge the Fund a rate consistent with that charged
to comparable unaffiliated customers in similar transactions and comparable to rates charged by other broker dealers for similar transactions.
The Fund has no obligations to deal with any broker or group of brokers in executing transactions in portfolio securities. In executing
transactions, the Investment Adviser seeks to obtain the best price and execution for the Fund, taking into account such factors as price,
size of order, difficulty of execution and operational facilities of the firm involved and the firm&#8217;s risk in positioning a block
of securities. While the Investment Adviser generally seeks reasonably competitive commission rates, the Fund does not necessarily pay
the lowest commission available. During the fiscal years ended December 31, 2021, 2022, and 2023, the Fund paid aggregate brokerage commissions
of $180,665, $128,841 and $157,208, respectively. During the fiscal years ended December 31, 2021, 2022, and 2023, the Fund paid to G.research,
LLC brokerage commissions on security trades of $13,992, $29,416 and $60,783, respectively. Such amount represents approximately 8%,
23% and 39% of the Fund&#8217;s aggregate brokerage commissions paid during the fiscal years ended December 31, 2021, 2022, and 2023,
respectively. The percentages of the Fund&#8217;s aggregate dollar amount of transactions involving the payment of commissions effected
through G.research, LLC during the fiscal years ended December 31, 2021, 2022, and 2023 were approximately 7%, 31% and 48%, respectively.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to obtaining the best price and execution, brokers who provide supplemental research, market and statistical information, or other services
(e.g., wire services) to the Investment Adviser or its affiliates may receive orders for transactions by the Fund. The term &#8220;research,
market and statistical information&#8221; includes advice as to the value of securities, and advisability of investing in, purchasing
or selling securities, and the availability of securities or purchasers or sellers of securities, and furnishing analyses and reports
concerning issues, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. Information
so received will be in addition to and not in lieu of the services required to be performed by the Investment Adviser under the Investment
Advisory Agreement and the expenses of the Investment Adviser will not necessarily be reduced as a result of the receipt of such supplemental
information. Such information may be useful to the Investment Adviser and its affiliates in providing services to clients other than
the Fund, and not all such information is used by the Investment Adviser in connection with the Fund. Conversely, such information provided
to the Investment Adviser and its affiliates by brokers and dealers through whom other clients of the Investment Adviser and its affiliates
effect securities transactions may be useful to the Investment Adviser in providing services to the Fund.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
investment decisions for the Fund are made independently from those for the other accounts managed by the Investment Adviser and its
affiliates, investments of the kind made by the Fund may also be made for those other accounts. When the same securities are purchased
for or sold by the Fund and any of such other accounts, it is the policy of the Investment Adviser and its affiliates to allocate such
purchases and sales in a manner deemed fair and equitable over time to all of the accounts, including the Fund.</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai006"></span>PORTFOLIO
TURNOVER</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Additional Fund Information&#8212;Investment Objective and Policies&#8212;Portfolio Turnover&#8221;
in the Fund&#8217;s Annual Report is incorporated herein by reference.</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai007"></span>TAXATION</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a brief summary of certain U.S. federal income tax considerations affecting the Fund and its common and preferred
shareholders. This summary does not discuss the consequences of an investment in the Fund&#8217;s notes or subscription rights to acquire
shares of the Fund&#8217;s stock. The tax consequences of such an investment will be discussed in a relevant prospectus supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as expressly provided otherwise, this discussion assumes you are a taxable U.S. person (as defined for U.S. federal income tax purposes)
and that you hold your shares as capital assets (generally, for investment). The discussion is based upon current provisions of the Internal
Revenue Code of 1986, as amended (the &#8220;Code&#8221;), Treasury regulations, judicial authorities, published positions of the Internal
Revenue Service (the &#8220;IRS&#8221;) and other applicable authorities, all of which are subject to change or differing interpretations,
possibly with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position
contrary to those set forth below. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting
the Fund and its shareholders (including shareholders subject to special tax rules and shareholders owning a large position in the Fund),
nor does this discussion address any state, local, or foreign tax concerns.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
discussions set forth here and in the Prospectus do not constitute tax advice. Investors are urged to consult their own tax advisers
with any specific questions relating to U.S. federal, state, local and foreign taxes.</b></span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of the Fund</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has elected to be treated and has qualified, and intends to continue to qualify, as a RIC under Subchapter M of the Code. Accordingly,
the Fund must, among other things,</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">derive
                                            in each taxable year at least 90% of its gross income from (a) dividends, interest (including
                                            tax-exempt interest), payments with respect to certain securities loans, and gains from the
                                            sale or other disposition of stock, securities or foreign currencies, or other income (including
                                            but not limited to gain from options, futures and forward contracts) derived with respect
                                            to its business of investing in such stock, securities or currencies and (b) net income derived
                                            from interests in certain publicly traded partnerships that are treated as partnerships for
                                            U.S. federal income tax purposes and that derive less than 90% of their gross income from
                                            the items described in (a) above (each a &#8220;Qualified Publicly Traded Partnership&#8221;);
                                            and</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversify
                                            its holdings so that, at the end of each quarter of each taxable year (a) at least 50% of
                                            the market value of the Fund&#8217;s total assets is represented by cash and cash items,
                                            U.S. government securities, the securities of other RICs and other securities, with such
                                            other securities limited, in respect of any one issuer, to an amount not greater than 5%
                                            of the value of the Fund&#8217;s total assets and not more than 10% of the outstanding voting
                                            securities of such issuer and (b) not more than 25% of the value of the Fund&#8217;s total
                                            assets is invested in the securities (other than U.S. government securities and the securities
                                            of other RICs) of (I) any one issuer, (II) any two or more issuers that the Fund controls
                                            and that are determined to be engaged in the same business or similar or related trades or
                                            businesses or (III) any one or more Qualified Publicly Traded Partnerships.</span></td></tr></table>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a RIC, the Fund generally is not subject to U.S. federal income tax on income and gains that it distributes each taxable year to shareholders,
provided that it distributes annually at least 90% of the sum of the Fund&#8217;s (i) investment company taxable income (which includes,
among other items, dividends, interest, the excess of any net short term capital gain over net long term capital loss, and other taxable
income, other than any net capital gain (as defined below) reduced by deductible expenses) determined without regard to the deduction
for dividends paid and (ii) net tax-exempt interest income (the excess of its gross tax-exempt interest income over certain disallowed
deductions). The Fund will be subject to income tax at regular corporate rates on any taxable income or gains that it does not distribute
to its shareholders.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% federal
excise tax at the Fund level. To avoid the tax, the Fund must distribute during each calendar year an amount at least equal to the sum
of (i) 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, and (ii) 98.2% of its
capital gains in excess of its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October
31 of the calendar year (unless an election is made to use the Fund&#8217;s fiscal year). In addition, the minimum amounts that must
be distributed in any year to avoid the federal excise tax will be increased or decreased to reflect any under-distribution or over-distribution,
as the case may be, from previous years. For purposes of the excise tax, the Fund will be deemed to have distributed any income on which
it paid U.S. federal income tax. Although the Fund intends to distribute any income and capital gains in the manner necessary to minimize
imposition of the 4% federal excise tax, there can be no assurance that sufficient amounts of the Fund&#8217;s ordinary income and capital
gains will be distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax only on the
amount by which it does not meet the foregoing distribution requirement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund were unable to satisfy the 90% distribution requirement or otherwise were to fail to qualify as a RIC in any year, generally
it would be taxed on all of its taxable income and gains in the same manner as an ordinary corporation and distributions to the Fund&#8217;s
shareholders would not be deductible by the Fund in computing its taxable income. Such distributions would be taxable to the shareholders
as ordinary dividends to the extent of the Fund&#8217;s current or accumulated earnings and profits. Provided that certain holding period
and other requirements are met, such dividends would be eligible (i) to be treated as qualified dividend income eligible to be taxed
at long term capital gain rates in the case of shareholders taxed as individuals and (ii) for the dividends received deduction in the
case of corporate shareholders. To qualify again to be taxed as a RIC in a subsequent year, the Fund would be required to distribute
to its shareholders its earnings and profits attributable to non-RIC years. In addition, if the Fund failed to qualify as a RIC for a
period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, the Fund would be required to elect to
recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would
have been realized if the Fund had been liquidated) or, alternatively, to be subject to taxation on such built-in gain recognized for
a period of five years. The remainder of this discussion assumes that the Fund qualifies for taxation as a RIC.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the Fund&#8217;s investment practices are subject to special and complex U.S. federal income tax provisions that may, among other
things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long term capital
gains or qualified dividend income into higher taxed short term capital gains or ordinary income, (iii) convert an ordinary loss or deduction
into capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding
receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely
alter the characterization of certain complex financial transactions and (vii) produce income that will not qualify as good income for
purposes of the 90% annual gross income requirement described above. These U.S. federal income tax provisions could therefore affect
the amount, timing and character of distributions to shareholders. The Fund will monitor its transactions and may make certain tax elections
and may be required to borrow money or dispose of securities to mitigate the effect of these rules and prevent disqualification of the
Fund as a RIC.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
or loss on the sale of securities by the Fund will generally be long term capital gain or loss if the securities have been held by the
Fund for more than one year. Gain or loss on the sale of securities held for one year or less will be short term capital gain or loss.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency gain or loss on non-U.S. dollar-denominated securities and on any non-U.S. dollar-denominated futures contracts, options and
forward contracts that are not section 1256 contracts (as defined below) generally will be treated as ordinary income and loss.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
premium received by the Fund for writing a call option is not included in income at the time of receipt. If the option expires, the premium
is short term capital gain to the Fund. If the Fund enters into a closing transaction, the difference between the amount paid to close
out its position and the premium received is short term capital gain or loss. If a call option written by the Fund is exercised, thereby
requiring the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of the security and any
resulting gain or loss will be long term or short term, depending upon the holding period of the security. The Fund does not have control
over the exercise of the call options it writes and thus does not control the timing of such taxable events.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to a put or call option that is purchased by the Fund, if the option is sold, any resulting gain or loss will be a capital gain
or loss, and will be short term or long term, depending upon the holding period for the option. If the option expires, the resulting
loss is a capital loss and is short term or long term, depending upon the holding period for the option. If the option is exercised,
the cost of the option, in the case of a call option, is added to the basis of the purchased security and, in the case of a put option,
reduces the amount realized on the underlying security in determining gain or loss.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s investment in so-called &#8220;section 1256 contracts,&#8221; such as regulated futures contracts, most foreign currency
forward contracts traded in the interbank market, options on most stock indices and any non-equity options, are subject to special tax
rules. All section 1256 contracts held by the Fund at the end of its taxable year are required to be marked to their market value, and
any unrealized gain or loss on those positions will be included in the Fund&#8217;s income as if each position had been sold for its
fair market value at the end of the taxable year, thereby potentially causing the Fund to recognize gain in advance of a corresponding
receipt of cash. The resulting gain or loss will be combined with any gain or loss realized by the Fund from positions in section 1256
contracts closed during the taxable year. Provided such positions were held as capital assets and were not part of a &#8220;hedging transaction&#8221;
nor part of a &#8220;straddle,&#8221; 60% of the resulting net gain or loss will be treated as long term capital gain or loss, and 40%
of such net gain or loss will be treated as short term capital gain or loss, regardless of the period of time the positions were actually
held by the Fund.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
by the Fund in certain &#8220;passive foreign investment companies&#8221; (&#8220;PFICs&#8221;) could subject the Fund to U.S. federal
income tax (including interest charges) on certain distributions or dispositions with respect to those investments which cannot be eliminated
by making distributions to shareholders. Elections may be available to the Fund to mitigate the effect of the PFIC rules, but such elections
generally accelerate the recognition of income without the receipt of cash. Dividends paid by PFICs will not qualify for the reduced
tax rates applicable to qualified dividend income, as discussed below under &#8220;Taxation of Shareholders.&#8221;</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in debt obligations purchased at a discount with the result that the Fund may be required to accrue income for U.S. federal
income tax purposes before amounts due under the obligations are paid. The Fund may also invest in securities rated in the medium to
lower rating categories of nationally recognized rating organizations, and in unrated securities (&#8220;high yield securities&#8221;).
A portion of the interest payments on such high yield securities may be treated as dividends for certain U.S. federal income tax purposes.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of investing in stock of PFICs or securities purchased at a discount or any other investment that produces income that is not
matched by a corresponding cash distribution to the Fund, the Fund could be required to include in current income, income it has not
yet received in cash. Any such income would be treated as income earned by the Fund and therefore would be subject to the distribution
requirements of the Code. This might prevent the Fund from distributing 90% of its investment company taxable income as is required in
order to avoid Fund-level U.S. federal income tax on all of its income, or might prevent the Fund from distributing enough ordinary income
and capital gain net income to avoid the imposition of Fund-level income or excise taxes. To avoid this result, the Fund may be required
to borrow money or dispose of securities at inopportune times or on unfavorable terms, forgo favorable investments, or take other actions
that it would otherwise not take, to be able to make distributions to its shareholders.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund does not meet the asset coverage requirements of the 1940 Act and the Statements of Preferences, the Fund will be required to
suspend distributions to the holders of the common shares until the asset coverage is restored. Such a suspension of distributions might
prevent the Fund from distributing 90% of its investment company taxable income as is required in order to avoid Fund-level U.S. federal
income taxation on all of its income, or might prevent the Fund from distributing enough income and capital gain net income to avoid
imposition of Fund-level income or excise taxes.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables
or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables
or pays such liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts
and the disposition of debt securities denominated in a foreign currency, to the extent attributed to fluctuations in exchange rates
between the acquisition and disposition dates, are also treated as ordinary income or loss.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
or other income (including, in some cases, capital gains) received by the Fund from investments in foreign securities may be subject
to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the U.S. may reduce or eliminate
such taxes in some cases. If more than 50% of the Fund&#8217;s total assets at the close of its taxable year consist of stock or securities
of foreign corporations, the Fund may elect for U.S. federal income tax purposes to treat foreign income taxes paid by it as paid by
its shareholders. The Fund may qualify for and make this election in some, but not necessarily all, of its taxable years. If the Fund
were to make such an election, shareholders of the Fund would be required to take into account an equal an amount equal to their pro
rata portions of such foreign taxes in computing their taxable income and then treat an amount equal to those foreign taxes as a U.S.
federal income tax deduction or as a foreign tax credit against their U.S. federal income liability. A taxpayer&#8217;s ability to use
a foreign tax deduction or credit is subject to limitations under the Code. If the Fund makes this election, it will furnish its shareholders
with a written notice after the close of the taxable year.</span></p>

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid by the Fund from its investment company taxable income generally are taxable as ordinary income to the extent of the Fund&#8217;s
current or accumulated earnings and profits (&#8220;ordinary income dividends&#8221;). Provided that certain holding period and other
requirements are met, such distributions (if properly reported by the Fund) may qualify (i) for the dividends received deduction available
to corporations, but only to the extent that the Fund&#8217;s income consists of dividend income from U.S. corporations and (ii) in the
case of individual shareholders, as qualified dividend income eligible to be taxed at long term capital gain rates to the extent that
the Fund receives qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations
and certain qualified foreign corporations (e.g., generally, foreign corporations incorporated in a possession of the United States or
in certain countries with a qualifying comprehensive tax treaty with the United States, or whose stock with respect to which such dividend
is paid is readily tradable on an established securities market in the United States). A qualified foreign corporation does not include
a foreign corporation that for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is
a PFIC. If the Fund lends portfolio securities, the amount received by the Fund that is the equivalent of the dividends paid by the issuer
on the securities loaned will not be eligible for qualified dividend income treatment. There can be no assurance as to what portion of
the Fund&#8217;s distributions will be eligible for the dividends received deduction or the reduced rates applicable to qualified dividend
income.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properly
reported distributions of net capital gain (i.e., the excess of net long term capital gain over net short term capital loss) (i.e., the
excess of net long term capital gain over net short term capital loss) (&#8220;capital gain distributions&#8221;), if any, are taxable
to shareholders at the reduced rates applicable to long term capital gain, regardless of how long the shareholder has held the Fund&#8217;s
shares. Capital gain distributions are not eligible for the dividends received deduction.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may either distribute or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will
be subject to regular corporate income tax on the retained amount. In that event, the Fund may report the retained amount as undistributed
capital gain in a notice to its shareholders, each of whom (i) will be required to include in income for U.S. federal income tax purposes
as long term capital gain its share of such undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax
paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability
and (iii) will increase its basis in its shares of the Fund by the amount of undistributed capital gains included in the shareholder&#8217;s
income less the tax deemed paid by the shareholder under clause (ii).</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent
of your adjusted tax basis of your shares and thereafter will be treated as capital gains. The amount of any Fund distribution that is
treated as a tax-free return of capital will reduce your adjusted tax basis in your shares, thereby increasing your potential gain or
reducing your potential loss on any subsequent sale or other disposition of your shares. In determining the extent to which a distribution
will be treated as being made from the Fund&#8217;s earnings and profits, earnings and profits will be allocated on a pro rata basis
first to distributions with respect to the Fund&#8217;s preferred shares, and then to the Fund&#8217;s common shares.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IRS currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type
of its income (such as ordinary income, capital gains, and qualified dividend income) based upon the percentage of total dividends paid
to each class for the tax year. Accordingly, the Fund intends each year to allocate capital gain dividends, dividends eligible for the
dividends received deduction and dividends that constitute qualified dividend income, if any, between its common shares and preferred
shares in proportion to the total dividends paid to each class with respect to such tax year.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and other taxable distributions are taxable to you even though they are reinvested in additional shares of the Fund. Dividends and other
distributions paid by the Fund are generally treated under the Code as paid by the Fund and received by you at the time the dividend
or distribution is made. If, however, the Fund pays you a dividend in January that was declared in the previous October, November or
December to shareholders of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income
tax purposes as being paid by the Fund and received by you on December 31 of the year in which the dividend was declared. In addition,
certain other distributions made after the close of the Fund&#8217;s taxable year may be &#8220;spilled back&#8221; and treated as paid
by the Fund (except for purposes of the 4% nondeductible excise tax) during such taxable year. In such case, you will be treated as having
received such dividends in the taxable year in which the distributions were actually made.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of shares purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing shares just prior to the
record date for a distribution will receive a distribution which will be taxable to them even though it represents in part a return of
invested capital.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as discussed below in the case of a redemption or repurchase of shares, upon a sale, exchange or other disposition of shares, a shareholder
will generally realize a capital gain or loss equal to the difference between the amount of cash and the fair market value of other property
received and the shareholder&#8217;s adjusted tax basis in the shares. Such gain or loss will be treated as long term capital gain or
loss if the shares have been held for more than one year. Any loss realized on a sale or exchange will be disallowed to the extent the
shares disposed of are replaced by substantially identical shares within a 61-day period beginning 30 days before and ending 30 days
after the date that the shares are disposed of. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed
loss. In addition, any loss realized by a shareholder on the sale of Fund shares held by the shareholder for six months or less will
be treated for tax purposes as a long term capital loss to the extent of any capital gain distributions received by the shareholder (or
amounts credited to the shareholder as an undistributed capital gain) with respect to such shares. There are a number of limitations
on the use of capital losses under the Code.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a redemption or repurchase of shares should be treated as a sale or exchange of such shares under section 302 of the Code, if
the distribution of cash (a) is &#8220;substantially disproportionate&#8221; with respect to the shareholder, (b) results in a &#8220;complete
redemption&#8221; of the shareholder&#8217;s interest, or (c) is &#8220;not essentially equivalent to a dividend&#8221; with respect
to the shareholder. A &#8220;substantially disproportionate&#8221; distribution generally requires a reduction of at least 20% in the
shareholder&#8217;s proportionate interest in the Fund and also requires the shareholder to own less than 50% of the voting power of
all classes entitled to vote immediately after the redemption or repurchase. A &#8220;complete redemption&#8221; of a shareholder&#8217;s
interest generally requires that all common and preferred shares of the Fund owned by such shareholder be disposed of. For a distribution
to be &#8220;not essentially equivalent to a dividend,&#8221; there must be a &#8220;meaningful reduction&#8221; in the shareholder&#8217;s
proportionate interest in the Fund, which should result if the shareholder has a minimal interest in the Fund, exercises no control over
Fund affairs and suffers a reduction in his proportionate interest in the Fund. In determining whether any of these tests has been met,
any common and preferred shares actually owned, as well as shares considered to be owned by the shareholder by reason of certain constructive
ownership rules set forth in section 318 of the Code, generally must be taken into account.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the redemption or repurchase of your shares meets any of these three tests for &#8220;sale or exchange&#8221; treatment, you will recognize
gain or loss equal to the difference between the amount of cash and the fair market value of other property received pursuant to the
transaction and the adjusted tax basis of the sold shares. If none of the tests described above are met, you may be treated as having
received, in whole or in part, a dividend, return of capital or capital gain, depending on (i) whether there are sufficient earnings
and profits to support a dividend and (ii) your tax basis in the relevant shares. The tax basis in the sold shares will be transferred
to any remaining shares held by you in the Fund. In addition, if the redemption or repurchase of shares is treated as a &#8220;dividend&#8221;
to a shareholder, a constructive dividend under certain provisions of the Code may result to a non-selling shareholder whose proportionate
interest in the earnings and assets of the Fund has been increased as a result of such transaction.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare
tax on all or a part of their &#8220;net investment income,&#8221; which includes dividends received from the Fund and capital gains
from the sale or other disposition of the Fund&#8217;s stock.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
income dividends, capital gain distributions and gain on the sale of Fund shares also may be subject to state, local and foreign taxes.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
are urged to consult their own tax advisers regarding specific questions about U.S. federal (including the application of the alternative
minimum tax rules), state, local or foreign tax consequences to them of investing in the Fund.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder that is a nonresident alien individual or a foreign corporation (a &#8220;foreign investor&#8221;) generally will be subject
to U.S. federal withholding tax at the rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income
dividends. A foreign investor generally will not be subject to U.S. federal income or withholding tax on any gain realized in respect
of any distributions of net capital gain (including net capital gain retained by the Fund but credited to shareholders) or upon the sale
or other disposition of shares of the Fund. Different tax consequences may result if the foreign investor is engaged in a trade or business
in the United States, or in the case of an individual, if the foreign investor is present in the United States for 183 days or more during
a taxable year and certain other conditions are met.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properly
reported ordinary income dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of a RIC&#8217;s
&#8220;qualified net interest income&#8221; (generally, the RIC&#8217;s U.S.-source interest income, other than certain contingent interest
and interest from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that
are allocable to such income) or (ii) are paid in respect of a RIC&#8217;s &#8220;qualified short term gains&#8221; (generally, the excess
of the RIC&#8217;s net short term capital gain over the RIC&#8217;s net long term capital loss for such taxable year). Depending on its
circumstances, the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as
qualified short term gains, and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order
to qualify for this exemption from withholding, a foreign investor would need to comply with applicable certification requirements relating
to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or W-8BEN-E or substitute Form). In the case of shares held
through an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified
short term gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts.
There can be no assurance as to what portion of the Fund&#8217;s distributions would qualify for favorable treatment as qualified net
interest income or qualified short term gains.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, withholding is generally required at a rate of 30% on dividends in respect of the Fund&#8217;s shares held by or through
certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Secretary
of the Treasury to report, on an annual basis, information with respect to shares in, and accounts maintained by, the institution to
the extent such shares or accounts are held by certain U.S. persons or by certain non-U.S. entities that are wholly or partially owned
by U.S. persons and to withhold on certain payments. Accordingly, the entity through which the Fund&#8217;s shares are held will affect
the determination of whether such withholding is required. Similarly, dividends in respect of the Fund&#8217;s shares held by an investor
that is a non-financial non-U.S. entity will generally be subject to withholding at a rate of 30%, unless such entity either (i) certifies
that such entity does not have any &#8220;substantial United States owners&#8221; or (ii) provides certain information regarding the
entity&#8217;s &#8220;substantial United States owners,&#8221; which the Fund or other applicable withholding agent will in turn be required
to provide to the Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country,
or future Treasury regulations or other guidance, may modify these requirements. Foreign investors are encouraged to consult with their
tax advisers regarding the possible implications of these rules on their investment in the Fund&#8217;s shares.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
investors should consult their tax advisers regarding the tax consequences of investing in the Fund&#8217;s shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may be required to withhold U.S. federal income tax on all taxable distributions and redemption proceeds payable to non-corporate
shareholders who fail to provide the Fund (or its agent) with their correct taxpayer identification number or to make required certifications,
or who have been notified by the IRS that they are subject to backup withholding. Backup withholding is not an additional tax. Any amounts
withheld may be refunded or credited against such shareholder&#8217;s U.S. federal income tax liability, if any, provided that the required
information is furnished to the IRS.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>THE
FOREGOING IS A GENERAL AND ABBREVIATED SUMMARY OF CERTAIN PROVISIONS OF THE CODE AND TREASURY REGULATIONS PRESENTLY IN EFFECT. FOR THE
COMPLETE PROVISIONS, REFERENCE SHOULD BE MADE TO THE PERTINENT CODE SECTIONS AND THE TREASURY REGULATIONS PROMULGATED THEREUNDER. THE
CODE AND THE TREASURY REGULATIONS ARE SUBJECT TO CHANGE BY LEGISLATIVE, JUDICIAL OR ADMINISTRATIVE ACTION, EITHER PROSPECTIVELY OR RETROACTIVELY.
PERSONS CONSIDERING AN INVESTMENT IN OUR SHARES SHOULD CONSULT THEIR OWN TAX ADVISERS REGARDING THE PURCHASE, OWNERSHIP AND DISPOSITION
OF SHARES OF THE FUND.</i></b></span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai008"></span>NET
ASSET VALUE</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Additional Fund Information&#8212;Net Asset Value&#8221; in the Fund&#8217;s Annual Report
is incorporated herein by reference.</span></p>

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<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai009"></span>BENEFICIAL
OWNERS</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June  30, 2024, based upon Schedule 13D/13G filings with the SEC, the following persons were known to the Fund to be beneficial
owners of more than 5% of the Fund&#8217;s outstanding common shares:</span></p>

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name and Address of Beneficial Owner(s)</b></span></p></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Class</b></span></p></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount of Shares <br/> and Nature of <br/> Ownership</b></span></p>

</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percent of Class</b></span></p>

</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 55%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">GAMCO Investors, Inc. and affiliates</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">5,034,437</td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left">*</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 4.3pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Relative Value Partners Group, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">843,254</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in">1033 Skokie Blvd</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; padding-left: 0.1in">Suite 470</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.1in; padding-left: 0.1in">NorthBrook, IL 60062</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>



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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Comprised
of 2,797,578 Common Shares owned directly by Mario J. Gabelli; 57,252 Common Shares owned by GAMCO Investors, Inc. (GAMCO), of which
Mr. Gabelli is the Chairman, Chief Executive Officer, and controlling shareholder; 244,500 Common Shares owned by GGCP, Inc. (GGCP),
of which Mr. Gabelli is the Chief Executive Officer, a director, and the controlling shareholder; 1,846,943 Common Shares owned by Associated
Capital Group, Inc. (ACG), of which Mr. Gabelli is the Executive Chair and controlling shareholder; 7,364 Common Shares owned by Gabelli
&amp; Company Investment Advisers, Inc. (GCIA), a majority owned subsidiary of Associated Capital Group, Inc.; and 80,800 Common Shares
owned by Gabelli Foundation Inc. Mr. Gabelli has less than a 100% interest in each of these entities and disclaims beneficial ownership
of the shares owned by these entities which are in excess of his indirect pecuniary interest.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2024, based upon Schedule 13D/13G filings with the SEC, the following persons were known to the Fund to be beneficial
owners of more than 5% of the Fund&#8217;s outstanding preferred shares:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman,serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name and Address of Beneficial Owner(s)</b></span></p></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Class</b></span></p></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount of Shares <br/>
and Nature of <br/>
Ownership</b></span></p>

</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percent of Class</b></span></p>

</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 55%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">GAMCO Investors, Inc. and affiliates</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">1,390,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left">**</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; padding-left: 0.1in">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

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



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

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**Comprised
of 250,000 shares of Series E Preferred owned directly by Mario J. Gabelli; 300,000 shares of Series E Preferred owned by GAMCO Investors,
Inc. (GAMCO), of which Mr. Gabelli is the Chairman, Chief Executive Officer, and controlling shareholder; 240,000 shares of Series E
Preferred owned by Associated Capital Group, Inc. (ACG), of which Mr. Gabelli is the Executive Chair and controlling shareholder; 200,000
shares of Series E Preferred owned by GGCP, Inc. (GGCP), of which Mr. Gabelli is the Chief Executive Officer, a director, and the controlling
shareholder; and 400,000 shares of Series E Preferred owned by Gabelli Foundation Inc. Mr. Gabelli has less than a 100% interest in each
of these entities and disclaims beneficial ownership of the shares owned by these entities which are in excess of his indirect pecuniary
interest.</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2024, the ownership of the Trustees and executive officers as a group, excluding Mario J. Gabelli, constitutes less than
1% of the total common shares outstanding and less than 1% of the total preferred shares outstanding.</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2sai010"></span>GENERAL
INFORMATION</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Book-Entry-Only
Issuance</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Depository Trust Company (&#8220;DTC&#8221;) will act as securities depository for the securities offered pursuant to the Prospectus.
The information in this section concerning DTC and DTC&#8217;s book-entry system is based upon information obtained from DTC. The securities
offered hereby initially will be issued only as fully-registered securities registered in the name of Cede &amp; Co. (as nominee for
DTC). One or more fully-registered global security certificates initially will be issued, representing in the aggregate the total number
of securities, and deposited with DTC.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
is a limited-purpose trust company organized under the New York Banking Law, a &#8220;banking organization&#8221; within the meaning
of the New York Banking Law, a member of the Federal Reserve System, a &#8220;clearing corporation&#8221; within the meaning of the New
York Uniform Commercial Code and a &#8220;clearing agency&#8221; registered pursuant to the provisions of Section 17A of the Exchange
Act. DTC holds securities that its participants deposit with DTC. DTC also facilitates the settlement among participants of securities
transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in participants&#8217;
accounts, thereby eliminating the need for physical movement of securities certificates. Direct DTC participants include securities brokers
and dealers, banks, trust companies, clearing corporations and certain other organizations. Access to the DTC system is also available
to others such as securities brokers and dealers, banks and trust companies that clear through or maintain a custodial relationship with
a direct participant, either directly or indirectly through other entities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
of securities within the DTC system must be made by or through direct participants, which will receive a credit for the securities on
DTC&#8217;s records. The ownership interest of each actual purchaser of a security, a beneficial owner, is in turn to be recorded on
the direct or indirect participants&#8217; records. Beneficial owners will not receive written confirmation from DTC of their purchases,
but beneficial owners are expected to receive written confirmations providing details of the transactions, as well as periodic statements
of their holdings, from the direct or indirect participants through which the beneficial owners purchased securities. Transfers of ownership
interests in securities are to be accomplished by entries made on the books of participants acting on behalf of beneficial owners. Beneficial
owners will not receive certificates representing their ownership interests in securities, except as provided herein.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
has no knowledge of the actual beneficial owners of the securities being offered pursuant to the Prospectus; DTC&#8217;s records reflect
only the identity of the direct participants to whose accounts such securities are credited, which may or may not be the beneficial owners.
The participants will remain responsible for keeping account of their holdings on behalf of their customers.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conveyance
of notices and other communications by DTC to direct participants, by direct participants to indirect participants, and by direct participants
and indirect participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements
as may be in effect from time to time.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
on the securities will be made to DTC. DTC&#8217;s practice is to credit direct participants&#8217; accounts on the relevant payment
date in accordance with their respective holdings shown on DTC&#8217;s records unless DTC has reason to believe that it will not receive
payments on such payment date. Payments by participants to beneficial owners will be governed by standing instructions and customary
practices and will be the responsibility of such participant and not of DTC or the Fund, subject to any statutory or regulatory requirements
as may be in effect from time to time. Payment of distributions to DTC is the responsibility of the Fund, disbursement of such payments
to direct participants is the responsibility of DTC, and disbursement of such payments to the beneficial owners is the responsibility
of direct and indirect participants. Furthermore each beneficial owner must rely on the procedures of DTC to exercise any rights under
the securities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
may discontinue providing its services as securities depository with respect to the securities at any time by giving reasonable notice
to the Fund. Under such circumstances, in the event that a successor securities depository is not obtained, certificates representing
the securities will be printed and delivered.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has adopted the proxy voting procedures of the Investment Adviser and has directed the Investment Adviser to vote all proxies relating
to the Fund&#8217;s voting securities in accordance with such procedures. The proxy voting procedures are incorporated herein by reference
to the Fund&#8217;s most recently filed Form N-CSR. See &#8220;Incorporation By Reference&#8221; in the Prospectus. Information regarding
how the Registrant voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available
(i) without charge, upon request, by calling 800-422-3554, or on the Registrant&#8217;s website at <span style="text-decoration: underline">http://www.gabelli.com</span>, and
(ii) on the Commission&#8217;s website at <span style="text-decoration: underline">http://www.sec.gov</span>.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund and the Investment Adviser have adopted a Code of Ethics. This Code of Ethics sets forth restrictions on the trading activities
of trustees/directors, officers and employees of the Fund, the Investment Adviser and their affiliates. For example, such persons may
not purchase any security for which the Fund has a purchase or sale order pending, or for which such trade is under consideration. In
addition, those trustees/directors, officers and employees that are principally involved in investment decisions for client accounts
are prohibited from purchasing or selling for their own account for a period of seven days a security that has been traded for a client&#8217;s
account, unless such trade is executed on more favorable terms for the client&#8217;s account and it is determined that such trade will
not adversely affect the client&#8217;s account. Short term trading by such trustee/directors, officers and employees for their own accounts
in securities held by a Fund client&#8217;s account is also restricted. The above examples are subject to certain exceptions and they
do not represent all of the trading restrictions and policies set forth by the Code of Ethics.  The Code of Ethics is available on the EDGAR Database
on the SEC&#8217;s internet site at <span style="text-decoration: underline">http://www.sec.gov</span>, and copies of the Code of Ethics may be obtained, after paying a duplicating
fee, by electronic request at the following e-mail address: <span style="text-decoration: underline">publicinfo@sec.gov</span>.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
Code of Ethics for Chief Executive and Senior Financial Officers</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund and the Investment Adviser have adopted a Joint Code of Ethics that serves as a code of conduct. The Joint Code of Ethics sets forth
policies to guide the chief executive and senior financial officers in the performance of their duties. The Joint Code of Ethics is available
on the EDGAR Database on the SEC&#8217;s internet site (<span style="text-decoration: underline">http://www.sec.gov</span>), and copies of the Joint Code of Ethics may be obtained,
after paying a duplicating fee, by electronic request at the following E-mail address: <span style="text-decoration: underline">publicinfo@sec.gov.</span></span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted in the Prospectus, we are allowed to &#8220;incorporate by reference&#8221; the information that we file with the SEC, which means
that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered
to be part of the Prospectus, the SAI or the Prospectus Supplement, as applicable, and later information that we file with the SEC will
automatically update and supersede this information.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

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

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<td style="width: 0"/><td style="width: 1in"><b>Item 25.</b></td><td><b>Financial Statements and Exhibits</b></td></tr></table>

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<td style="width: 0"/><td style="width: 0.5in">1.</td><td>Financial Statements</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><b>Part A</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The audited financial statements included
in the annual report to the Fund&#8217;s shareholders for the fiscal year ended December 31, 2023 (the &#8220;2023 Annual Report&#8221;),
together with the report of Ernst &amp; Young LLP thereon, are incorporated by reference to the 2023 Annual Report in Part A.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><b>Part B </b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">None</p>

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<td style="width: 0"/><td style="width: 0.5in">2.</td><td>Exhibits</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(a)</td><td style="width: 0.35in">(i)</td>
                                                                <td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000094040011000092/ggdeal77q11.txt">Amended and Restated Agreement and Declaration
of Trust of Registrant (1) </a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(ii)</td><td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000119312518047286/d538450dex99aiii.htm">Statement of Preferences for the
Series C Cumulative Puttable and Callable Preferred Shares (2) </a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(iii)</td><td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000119312522228896/d388267dex99aiii.htm">Statement of Preferences for the
Series E Cumulative Term Preferred Shares (10)</a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(iv)</td><td>Statement of Preferences for&#160;&#160;&#160;&#160;&#160;&#160; Cumulative Preferred Shares *</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(b)</td><td style="width: 0.35in">(i)</td>
                                                                <td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000094040011000092/ggdeal77q12.txt">Amended and Restated By-Laws of Registrant
(1) </a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(ii)</td><td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000119312522228896/d388267dex99bii.htm">Amendment No. 1 to Amended and Restated
By-Laws of Registrant (10)</a></td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(c)</td><td>Not applicable</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(d)</td><td style="width: 0.35in">(i)</td>
                                                                <td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000095012307000818/y28144a4exv99wd.htm">Form of Specimen Common Share Certificate
(3) </a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(ii)</td><td>Form of Subscription Certificate for Common Shares *</td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(iii)</td><td>Form of Subscription Certificate for &#160;&#160;&#160;&#160;&#160;&#160;&#160; Cumulative Preferred Shares *</td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(iv)</td><td>Form of Subscription Certificate for Common Shares and &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cumulative Preferred Shares *</td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(v)</td><td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000119312520298289/d15753dex99dv.htm">Form of Indenture (4) </a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(vi)</td><td>Form T-1 Statement of Eligibility of Trustee with respect to the Form of Indenture *</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(e)</td><td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000119312520239899/d68307dncsrs.htm">Automatic Dividend Reinvestment and Voluntary
Cash Purchase Plans of Registrant (5) </a></td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(f)</td><td>Not applicable</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(g)</td><td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000134100406003484/exhibit_g.txt">Form of Investment Advisory Agreement between
Registrant and Gabelli Funds, LLC (6) </a></td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(h)</td><td style="width: 0.35in">(i)</td>
                                                                <td>Form of Underwriting Agreement *</td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(ii)</td><td>Form of Dealer Manager Agreement *</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(i)</td><td>Not applicable</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(j)</td><td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000095012307000818/y28144a4exv99wj.htm">Form of Custodian Contract (3) </a></td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(k)</td><td style="width: 0.35in">(i)</td>
                                                                <td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000095012307000818/y28144a4exv99wk.htm">Form of Transfer Agency and Registrar
Services Agreement (3) </a></td></tr></table>

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<td style="width: 85.5pt"/><td style="width: 31.5pt">(a)</td><td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000119312518047286/d538450dex99kii.htm">Form of Addendum to Transfer Agency
and Registrar Services Agreement (2) </a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(ii)</td><td>Form of Rights Agent Agreement *</td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(iii)</td><td>Form of Information Agent Agreement *</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(l)</td><td><a href="ex-l.htm">Opinion and Consent of Skadden, Arps, Slate, Meagher &amp; Flom LLP with respect to legality**</a></td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(m)</td><td>Not applicable</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(n)</td><td><a href="ex-n.htm">Consent of Independent Registered Public Accounting Firm**</a></td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(o)</td><td>Not applicable</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(p)</td><td>Not applicable</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(q)</td><td>Not applicable</td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(r)</td><td><a href="http://www.sec.gov/Archives/edgar/data/1378701/000119312520298289/d15753dex99r.htm">Code of Ethics of the Fund and the Investment
Adviser (4) </a></td></tr></table>

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<td style="width: 0.5in"/><td style="width: 0.35in">(s)</td><td style="width: 0.35in">(i)</td>
                                                                <td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000199937124006216/ex99-si.htm" style="-sec-extract: exhibit">Powers of Attorney of the Registrant&#8217;s Trustees (11)</a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(ii)</td><td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000199937124006216/ex99-sii.htm" style="-sec-extract: exhibit">Form of Prospectus Supplement Relating to Common Shares (11)</a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(iii)</td><td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000199937124006216/ex99-siii.htm" style="-sec-extract: exhibit">Form of Prospectus Supplement Relating to Preferred Shares (11)</a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(iv)</td><td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000199937124006216/ex99-siv.htm" style="-sec-extract: exhibit">Form of Prospectus Supplement Relating to Notes (11)</a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(v)</td><td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000199937124006216/ex99-sv.htm" style="-sec-extract: exhibit">Form of Prospectus Supplement Relating to Subscription Rights to Purchase Common Shares (11)</a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(vi)</td><td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000199937124006216/ex99-svi.htm" style="-sec-extract: exhibit">Form of Prospectus Supplement Relating to Subscription Rights to Purchase Preferred Shares (11)</a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(vii)</td><td><a href="https://www.sec.gov/Archives/edgar/data/1378701/000199937124006216/ex99-svii.htm" style="-sec-extract: exhibit">Form of Prospectus Supplement Relating to Subscription Rights to Purchase Common and Preferred Shares (11)</a></td></tr></table>

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<td style="width: 0.85in"/><td style="width: 0.35in">(viii)</td><td><a href="ex-sviii.htm">Calculation of Filing Fee Table**</a></td></tr></table>

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<td style="width: 0"/><td style="width: 0.25in">(1)</td><td style="text-align: left">Incorporated by reference to the Registrant&#8217;s Form N-SAR, as filed with the Securities and Exchange
Commission on March 1, 2011.</td></tr></table>

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<td style="width: 0"/><td style="width: 0.25in">(2)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Post-Effective Amendment No. 1 to its Registration Statement
on Form N-2, File Nos. 333-213902 and 811-21969, as filed with the Securities and Exchange Commission on February 15, 2018.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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"/><td style="width: 0.25in">(3)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Pre-Effective Amendment No. 4 to its Registration Statement
on Form N-2, File Nos. 333-138141 and 811-21969, as filed with the Securities and Exchange Commission on January 26, 2007.</td></tr></table>

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<td style="width: 0"/><td style="width: 0.25in">(4)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-2, File Nos. 333-250213 and
811-21969, as filed with the Securities and Exchange Commission on November 19, 2020.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(5)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Annual Report for the reporting period December 31, 2020
on Form N-CSR, File No. 811-21969 as filed with the Securities and Exchange Commission on March 8, 2021.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(6)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Pre-Effective Amendment No. 1 to its Registration Statement
on Form N-2, File Nos. 333-138141 and 811-21969, as filed with the Securities and Exchange Commission on December 13, 2006.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(7)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Pre-Effective No. 1 to its Registration Statement on Form N-2,
File Nos. 333-250213 and 811-21969, as filed with the Securities and Exchange Commission on February 12, 2021.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(8)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Annual Report on Form N-CSR for the year ended December
31, 2021, as filed with the Securities and Exchange Commission on March 9, 2022</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(9)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Pre-Effective Amendment No. 2 to the Registration Statement
on Form N-2, File Nos. 333-250213 and 811-21969, as filed with the Securities and Exchange Commission on May 11, 2021.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(10)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Post-Effective No. 1 to its Registration Statement on Form N-2,
File Nos. 333-250213 and 811-21969, as filed with the Securities and Exchange Commission on August 24, 2022.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"/><td style="width: 0.25in">(11)</td><td style="text-align: justify">Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-2, File Nos.
333- and 811-21969, as filed with the Securities and Exchange Commission on May 16, 2024.</td>
</tr></table>

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<td style="width: 0in"/><td style="width: 0.25in; text-align: left">*</td><td>To be filed by Amendment.</td>
</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left">**</td><td>Filed herewith.</td>
</tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 26.</b></td><td><b>Marketing Arrangements</b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information contained under the heading &#8220;Plan
of Distribution&#8221; in the Prospectus is incorporated by reference, and any information concerning any underwriters will be contained
in the accompanying Prospectus Supplement, if any.</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 27.</b></td><td><b>Other Expenses of Issuance and Distribution</b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the estimated expenses
to be incurred in connection with the offering described in this Registration Statement:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 85%; text-align: left">SEC registration fees&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">29,250</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">NYSE listing fee&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Rating Agency fees&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Printing/engraving expenses&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">300,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Auditing fees and expenses&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">110,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Legal fees and expenses&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">500,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">FINRA Fees&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">11,750</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Miscellaneous&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">213,730</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,305,000</td><td style="text-align: left">&#160;</td></tr>
  </table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 28.</b></td><td><b>Persons Controlled by or Under Common Control with Registrant </b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#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"/><td style="width: 1in"><b>Item 29.</b></td><td><b>Number of Holders of Securities as of April 30, 2024</b></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold">Title of Class</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Record Holders</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 85%; padding-left: 5.4pt">Common Shares&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">15</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 5.4pt">Series C Cumulative Puttable and Callable Preferred Shares&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 5.4pt">Series E Cumulative Preferred&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13</td><td style="text-align: left">&#160;</td></tr>
  </table>

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<td style="width: 0"/><td style="width: 1in"><b>Item 30.</b></td><td><b>Indemnification</b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Article IV of the Registrant&#8217;s Amended and Restated Agreement
and Declaration of Trust provides as follows:</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1 No Personal Liability of Shareholders, Trustees,
etc. No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with
Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as
is extended to stockholders of a private corporation for profit incorporated under the general corporation law of the State of Delaware.
No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, other than the
Trust or its Shareholders, in connection with Trust Property or the affairs of the Trust, save only liability to the Trust or its Shareholders
arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing
exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with
the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to
enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2 Mandatory Indemnification. (a) The Trust shall
indemnify the Trustees and officers of the Trust (each such person being an &#8220;indemnitee&#8221;) against any liabilities and expenses,
including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred
by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before
any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise (other than, except
as authorized by the Trustees, as the plaintiff or complainant) or with which he may be or may have been threatened, while acting in any
capacity set forth above in this Section 4.2 by reason of his having acted in any such capacity, except with respect to any matter as
to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the
case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however,
that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason
of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence (negligence in the case of Affiliated Indemnitees), or (iv) reckless
disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes
referred to herein as &#8220;disabling conduct&#8221;). Notwithstanding the foregoing, with respect to any action, suit or other proceeding
voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit
or other proceeding by such indemnitee was authorized by a majority of the Trustees.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding
the foregoing, no indemnification shall be made hereunder unless there has been a determination (1) by a final decision on the merits
by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that
such indemnitee is entitled to indemnification hereunder or, (2) in the absence of such a decision, by (i) a majority vote of a quorum
of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding (&#8220;Disinterested Non-Party Trustees&#8221;),
that the indemnitee is entitled to indemnification hereunder, or (ii) if such quorum is not obtainable or even if obtainable, if such
majority so directs, independent legal counsel in a written opinion conclude that the indemnitee should be entitled to indemnification
hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized
and made in accordance with the immediately succeeding paragraph (c) below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might
be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee&#8217;s good faith belief that the
standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently
determined that he is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct
necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (1) the indemnitee
shall provide adequate security for his undertaking, (2) the Trust shall be insured against losses arising by reason of any lawful advances,
or (3) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal
counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry),
that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
rights accruing to any indemnitee under these provisions shall not exclude any other right to which he may be lawfully entitled.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding
the foregoing, subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority
to indemnify Persons providing services to the Trust to the full extent provided by law as if the Trust were a corporation organized under
the Delaware General Corporation Law provided that such indemnification has been approved by a majority of the Trustees.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3 No Duty of Investigation; Notice in Trust Instruments,
etc. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust
shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer,
employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees
or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the
Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed
or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees
or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, its Shareholders, Trustees, officers,
employees and agents in such amount as the Trustees shall deem adequate to cover possible liability, and such other insurance as the Trustees
in their sole judgment shall deem advisable or is required by the 1940 Act.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4 Reliance on Experts, etc. Each Trustee and
officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard
to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an
opinion of counsel, or upon reports made to the Trust by any of the Trust&#8217;s officers or employees or by any advisor, administrator,
manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees,
officers or employees of the Trust, regardless of whether such counsel or other person may also be a Trustee.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Section 9 of the Registrant&#8217;s Investment Advisory Agreement
provides as follows: </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9. Indemnity</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Fund hereby agrees to indemnify the Adviser and each of the Adviser&#8217;s trustees, officers, employees, and agents (including any individual
who serves at the Adviser&#8217;s request as director, officer, partner, trustee or the like of another corporation) and controlling persons
(each such person being an &#8220;indemnitee&#8221;) against any liabilities and expenses, including amounts paid in satisfaction of judgments,
in compromise or as fines and penalties, and counsel fees (all as provided in accordance with applicable corporate law) reasonably incurred
by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before
any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he
may be or may have been threatened, while acting in any capacity set forth above in this paragraph or thereafter by reason of his having
acted in any such capacity, except with respect to any matter as to which he shall have been adjudicated not to have acted in good faith
in the reasonable belief that his action was in the best interest of the Fund and furthermore, in the case of any criminal proceeding,
so long as he had no reasonable cause to believe that the conduct was unlawful, provided, however, that (1) no indemnitee shall be indemnified
hereunder against any liability to the Fund or its shareholders or any expense of such indemnitee arising by reason of (i) willful misfeasance,
(ii) bad faith, (iii) gross negligence, (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred
to in such clauses (i) through (v) being sometimes referred to herein as &#8220;disabling conduct&#8221;), (2) as to any matter disposed
of by settlement or a compromise payment by such indemnitee, pursuant to a consent decree or otherwise, no indemnification either for
said payment or for any other expenses shall be provided unless there has been a determination that such settlement or compromise is in
the best interests of the Fund and that such indemnitee appears to have acted in good faith in the reasonable belief that his action was
in the best interest of the Fund and did not involve disabling conduct by such indemnitee and (3) with respect to any action, suit or
other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of
such action, suit or other proceeding by such indemnitee was authorized by a majority of the full Board. Notwithstanding the foregoing
the Fund shall not be obligated to provide any such indemnification to the extent such provision would waive any right which the Fund
cannot lawfully waive.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Fund will make advance payments in connection with the expenses of defending any action with respect to which indemnification might be
sought hereunder if the Fund receives a written affirmation of the indemnitee&#8217;s good faith belief that the standard of conduct necessary
for indemnification has been met and a written undertaking to reimburse the Fund unless it is subsequently determined that he is entitled
to such indemnification and if the trustees of the Fund determine that the facts then known to them would not preclude indemnification.
In addition, at least one of the following conditions must be met: (A) the indemnitee shall provide a security for his undertaking, (B)
the Fund shall be insured against losses arising by reason of any lawful advances, or (C) a majority of a quorum of trustees of the Fund
who are neither &#8220;interested persons&#8221; of the Fund (as defined in Section 2(a)(19) of the Act) nor parties to the proceeding
(&#8220;Disinterested Non-Party Trustees&#8221;) or an independent legal counsel in a written opinion, shall determine, based on a review
of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will
be found entitled to indemnification.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) All determinations with respect to indemnification
hereunder shall be made (1) by a final decision on the merits by a court or other body before whom the proceeding was brought that such
indemnitee is not liable by reason of disabling conduct or, (2) in the absence of such a decision, by (i) a majority vote of a quorum
of the Disinterested Non-party Trustees of the Fund, or (ii) if such a quorum is not obtainable or even, if obtainable, if a majority
vote of such quorum so directs, independent legal counsel in a written opinion.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights accruing to any indemnitee under these
provisions shall not exclude any other right to which he may be lawfully entitled.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriter indemnification provisions to be filed
by amendment.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the Registrant and the other funds
in the Gabelli/GAMCO Fund Complex jointly maintain, at their own expense, E&amp;O/D&amp;O insurance policies for the benefit of its directors/trustees,
officers and certain affiliated persons. The Registrant pays a pro rata portion of the premium on such insurance policies.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification for liability arising
under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#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"/><td style="width: 1in"><b>Item 31.</b></td><td><b>Business and Other Connections of Investment Adviser</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Investment Adviser, a limited liability company
organized under the laws of the State of New York, acts as investment adviser to the Registrant. The Registrant is fulfilling the requirement
of this Item 31 to provide a list of the officers and directors of the Investment Adviser, together with information as to any other business,
profession, vocation or employment of a substantial nature engaged in by the Investment Adviser or those officers and directors during
the past two years, by incorporating by reference the information contained in the Form ADV of the Investment Adviser filed with the Securities
and Exchange Commission pursuant to the Investment Advisers Act of 1940 (Securities and Exchange Commission File No. 801-37706).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#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"/><td style="width: 1in"><b>Item 32.</b></td><td><b>Location of Accounts and Records</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accounts and records of the Registrant are
maintained in part at the office of the Investment Adviser at One Corporate Center, Rye, New York 10580-1422, in part at the offices of
the Custodian, The Bank of New York Mellon, at 240 Greenwich Street, New York, NY 10286, in part at the offices of the transfer agent
and registrar, American Stock Transfer &amp; Trust Company at 6201 15th Avenue, Brooklyn, NY 11219, and in part at the Fund&#8217;s sub-administrator,
BNY Mellon Investment Servicing (US) Inc., at 760 Moore Road, King of Prussia, Pennsylvania 19406.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#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"/><td style="width: 1in"><b>Item 33.</b></td><td><b>Management Services</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p>

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

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<p style="font: 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"/><td style="width: 1in"><b>Item 34.</b></td><td><b>Undertakings</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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"/><td style="width: 0.5in">1.</td><td>Not applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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"/><td style="width: 0.5in">2.</td><td>Not applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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"/><td style="width: 0.5in">3.</td><td style="text-align: justify">Registrant undertakes:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 0.5in"/><td style="width: 0.5in">(a)</td><td style="text-align: justify">to file, during a period in which offers or sales are being made, a post-effective amendment to this Registration
Statement:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 1.5in"/><td style="width: 0.5in">(1)</td><td style="text-align: justify">to include any prospectus required by Section&#160;10(a)(3) of the Securities Act;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 1.5in"/><td style="width: 0.5in">(2)</td><td style="text-align: justify">to reflect in the prospectus any facts or events after the effective date of the registration statement
(or the most recent post- effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&#160;424(b)
if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth
in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 1.5in"/><td style="width: 0.5in">(3)</td><td style="text-align: justify">to include any material information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the Registration Statement.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">Provided, however, that paragraphs a(1),
a(2), and a(3) of this section do not apply to the extent the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&#160;13 or Section&#160;15(d)
of the Exchange Act that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed
pursuant to Rule&#160;424(b) that is part of the registration statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">&#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: 0.5in"/><td style="width: 0.5in">(b)</td><td style="text-align: justify">that for the purpose of determining any liability under the Securities Act, each post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 0.5in"/><td style="width: 0.5in">(c)</td><td style="text-align: justify">to remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 0.5in"/><td style="width: 0.5in">(d)</td><td style="text-align: justify">that, for the purpose of determining liability under the Securities Act to any purchaser:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 1.5in"/><td style="width: 0.5in">(1)</td><td style="text-align: justify">if the Registrant is subject to Rule&#160;430B:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 2in"/><td style="width: 0.5in">(A)</td><td style="text-align: justify">Each prospectus filed by the Registrant pursuant to Rule&#160;424(b)(3) shall be deemed to be part of
the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 2in"/><td style="width: 0.5in">(B)</td><td style="text-align: justify">Each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (x), or (xi)&#160;for the purpose
of providing the information required by Section&#160;10(a) of the Securities Act shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule&#160;430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date; or</td></tr></table>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 1.5in"/><td style="width: 0.5in">(2)</td><td style="text-align: justify">if the Registrant is subject to Rule&#160;430C: each prospectus filed pursuant to Rule&#160;424(b) under
the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule&#160;430B
or other than prospectuses filed in reliance on Rule&#160;430A, shall be deemed to be part of and included in the registration statement
as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 0.5in"/><td style="width: 0.5in">(e)</td><td style="text-align: justify">that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser
in the initial distribution of securities:</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The undersigned Registrant undertakes
that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to
the purchaser:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#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: 1.5in"/><td style="width: 0.5in">(1)</td><td style="text-align: justify">any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required
to be filed pursuant to Rule&#160;424 under the Securities Act;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 1.5in"/><td style="width: 0.5in">(2)</td><td style="text-align: justify">free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant
or used or referred to by the undersigned Registrant;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 1.5in"/><td style="width: 0.5in">(3)</td><td style="text-align: justify">the portion of any other free writing prospectus or advertisement pursuant to Rule&#160;482 under the
Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by
or on behalf of the undersigned Registrant; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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: 1.5in"/><td style="width: 0.5in">(4)</td><td style="text-align: justify">any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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"/><td style="width: 0.5in">4.</td><td style="text-align: justify">Not Applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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"/><td style="width: 0.5in">5.</td><td style="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Registrant&#8217;s annual report pursuant to Section&#160;13(a) or Section&#160;15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</td></tr></table>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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"/><td style="width: 0.5in">6.</td><td style="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by
the final adjudication of such issue.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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"/><td style="width: 0.5in">7.</td><td style="text-align: justify">Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery,
within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.</td></tr></table>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Rye, and State of New York, on the 5<sup>th</sup> day of July, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 48%">&#160;</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 49%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">THE GDL FUND</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ John C. Ball</p>
</td></tr>
  <tr>
    <td>&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John C. Ball</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and Treasurer</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated and on the
5<sup>th</sup> day of July, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

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    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
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</td>
    <td>&#160;</td>
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    <td style="vertical-align: top"><span style="font-size: 10pt">Mario J. Gabelli</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</p>

</td>
    <td>&#160;</td>
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  <tr>
    <td style="vertical-align: top">Anthony S. Colavita</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
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</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">Trustee</td></tr>
  <tr>
    <td style="vertical-align: top">James P. Conn</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</p>

</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">Trustee</td></tr>
  <tr>
    <td style="vertical-align: top">Lesley F. Foley</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</p>

</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">Trustee</td></tr>
  <tr>
    <td style="vertical-align: top">Michael J. Melarkey</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</p>

</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">Trustee</td></tr>
  <tr>
    <td style="vertical-align: top">Agnes Mullady</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*</p>

</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">Trustee</td></tr>
  <tr>
    <td style="vertical-align: top">Salvatore J. Zizza</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ John C. Ball</p>
</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom">President and Treasurer (Principal Executive, Financial Officer and Accounting Officer)</td></tr>
  <tr>
    <td style="vertical-align: top">John C. Ball</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ John C. Ball</p>
</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">Attorney-in-Fact</td></tr>
  <tr>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0">John C. Ball</p>
                                    <p style="margin-top: 0; margin-bottom: 0"></p></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  </table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td></tr>
                                                                                                                                          <tr style="vertical-align: top">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left">*</td><td>Pursuant to a Power of Attorney</td>
</tr></table>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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-bottom: Black 1pt solid; padding-left: 0pt; text-align: left; white-space: nowrap; width: 10%; text-indent: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt"><b>EXHIBIT</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt"><b>NUMBER</b></span></p>
</td>
    <td style="padding-bottom: 1pt; width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-indent: 0pt; white-space: nowrap; width: 89%; padding-left: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>DESCRIPTION
                                            OF EXHIBIT</b></span></p>
</td></tr>
  <tr>
    <td style="font: 12pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left; text-indent: 0pt"><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; text-indent: 0pt; text-align: left; white-space: nowrap; padding-left: 0pt"><span style="font-size: 10pt"><a href="ex-l.htm">Ex. (l)</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif"><a href="ex-l.htm"><span style="font-size: 10pt">Opinion and Consent of Skadden, Arps, Slate, Meagher &amp; Flom with respect to legality </span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; text-indent: 0pt; text-align: left; white-space: nowrap; padding-left: 0pt"><a href="ex-n.htm"><span style="font-size: 10pt">Ex. (n)</span></a></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif"><a href="ex-n.htm"><span style="font-size: 10pt">Consent of Independent Registered Public Accounting Firm </span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; text-indent: 0pt; text-align: left; white-space: nowrap; padding-left: 0pt"><a href="ex-sviii.htm"><span style="font-size: 10pt">Ex. (s)(viii)</span></a></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif"><a href="ex-sviii.htm"><span style="font-size: 10pt">Calculation of Filing Fee Table</span></a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>&#160;</b></span>&#160;</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>3
<FILENAME>ex-l.htm
<DESCRIPTION>OPINION AND CONSENT OF SKADDEN, ARPS, SLATE MEAGHER & FLOM WITH RESPECT TO LEGALITY
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- 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="margin: 0pt"><A HREF="gdl-n2a_070324.htm">THE GDL FUND N-2A</A></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (l)</B></P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: 20%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 60%"><IMG SRC="exl001.jpg" ALT="" STYLE="height: 18px; width: 500px"></TD>
  <TD STYLE="text-align: center; width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0pt; text-align: center">320 S. CANAL STREET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: center">CHICAGO, ILLINOIS 60606</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 3%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">TEL: (312) 407-0700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: center">FAX: (312) 407-0411</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: center">www.skadden.com</P>
</TD>
  <TD STYLE="text-align: center"><P STYLE="text-align: center; margin-top: 5pt; margin-bottom: 0pt">&nbsp;</P>
                                 <P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">FIRM/AFFILIATE OFFICES</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">BOSTON</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">HOUSTON</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">LOS ANGELES</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">NEW YORK</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">PALO ALTO</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">WASHINGTON, D.C.</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">WILMINGTON</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">BEIJING</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">BRUSSELS</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">FRANKFURT</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">HONG KONG</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">LONDON</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">MUNICH</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">PARIS</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">S&Atilde;O PAULO</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">SEOUL</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">SHANGHAI</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">SINGAPORE</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">TOKYO</P>

<P STYLE="text-align: center; margin-top: 3pt; margin-bottom: 0pt">TORONTO&nbsp;</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The GDL Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">One Corporate Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Rye, New York 10580-1422</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 1pt; width: 15%"></TD><TD STYLE="width: 5%; text-align: left">RE:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 60%">The GDL Fund<BR>
Shelf Registration Statement
on Form N-2</TD>
                                                                                <TD STYLE="padding-bottom: 1pt; width: 20%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">We have acted as special counsel
to The GDL Fund, a Delaware statutory trust (the &ldquo;Company&rdquo;), in connection with the Registration Statement on Form N-2 filed
by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on May 16, 2024, under the Securities Act of
1933 (the &ldquo;Securities Act&rdquo;), as amended by Pre-Effective Amendment No. 1 to the Registration Statement to be filed by the
Company on the date hereof (as amended, the &ldquo;Registration Statement&rdquo;). The Registration Statement relates to the issuance
and sale by the Company from time to time, pursuant to Rule 415 of the General Rules and Regulations of the Commission promulgated under
the Securities Act (the &ldquo;Rules and Regulations&rdquo;), of (i) common shares of the Company, par value $0.001 per share (the &ldquo;Common
Shares&rdquo;); (ii) preferred shares of the Company, par value $0.001 per share (the &ldquo;Preferred Shares&rdquo;), which may be issued
in one or more series; (iii) notes of the Company (the &ldquo;Notes&rdquo;), which may be issued in one or more series under an indenture
(the &ldquo;Indenture&rdquo;) proposed to be entered into by the Company and the trustee to be named therein (the &ldquo;Trustee&rdquo;),
the form of which is incorporated by reference as an exhibit to the Registration Statement; and (iv) subscription rights to purchase Common
Shares and/or Preferred Shares (the &ldquo;Subscription Rights&rdquo;) which may be issued under one or more subscription rights certificates
(each, a &ldquo;Subscription Rights Certificate&rdquo;) and/or pursuant to one or more subscription rights agreements (each, a &ldquo;Subscription
Rights Agreement&rdquo;) proposed to be entered into by the Company and one or more subscription agents to be named therein. The Common
Shares, Preferred Shares, Notes and Subscription Rights offered pursuant to the Registration Statement are collectively referred to herein
as the &ldquo;Securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">This opinion is being furnished in accordance
with the requirements of sub paragraph (l) of item 25.2 of Part C of Form N-2. following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The GDL Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 1in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In rendering the opinions stated herein, we have examined and
relied upon the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the
Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the form of Indenture
incorporated by reference as an exhibit to the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an executed copy of a certificate of Peter Goldstein, Secretary of the Company, dated the date hereof (the &ldquo;Secretary&rsquo;s
Certificate&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 76.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a copy of the Company&rsquo;s Certificate of Trust dated October 17, 2006, as amended by the Certificates of Amendment to the Certificate
of Trust, dated September 12, 2007 and January 13, 2011 (collectively, the &ldquo;Certificate of Trust&rdquo;), each as certified by the
Secretary of State of the State of Delaware as of July 5, 2024, and each certified pursuant to the Secretary&rsquo;s Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 75.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a copy of the Amended and Restated Agreement and Declaration of Trust, by the Board of Trustees of the Company, dated as of February
16, 2011, and in effect as of the date hereof, certified pursuant to the Secretary&rsquo;s Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 76.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Statement of Preferences for the Series C Cumulative Puttable And Callable Preferred Shares, dated February 13, 2018, certified
pursuant to the Secretary's Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 77.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Statement of Preferences for the Series E Cumulative Term Preferred Shares, dated January 19, 2023, certified pursuant to the
Secretary&rsquo;s Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 75.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a copy of the Company&rsquo;s Amended and Restated By-Laws, as amended and in effect as of the date hereof (the &ldquo;By-Laws&rdquo;),
certified pursuant to the Secretary&rsquo;s Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 75.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a copy of certain resolutions of the Board of Trustees of the Company, adopted on February 13, 2024, certified pursuant to the
Secretary&rsquo;s Certificate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 78.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a copy of a certificate, dated the date hereof, from the Secretary of State of the State of Delaware with respect to the Company&rsquo;s
existence and good standing in the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 78.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">We have also examined originals or copies,
certified or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates and receipts of
public officials, certificates of officers or other representatives of the Company and others, and such other documents as we have deemed
necessary or appropriate as a basis for the opinions stated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">The GDL Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">In our examination, we have assumed
the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity
of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic,
certified or photocopied copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated
herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives
of the Company and others and of public officials, including the facts and conclusions set forth in the Secretary&rsquo;s Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">We do not express any opinion with
respect to the laws of any jurisdiction other than (i) the Delaware Statutory Trust Act (the &ldquo;DSTA&rdquo;) and (ii) the laws of
the State of New York (all of the foregoing being referred to as &ldquo;Opined on Law&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">As used herein, (i) &ldquo;Transaction
Documents&rdquo; means the Indenture and any supplemental indentures and officer&rsquo;s certificates establishing the terms of the Notes
pursuant thereto, any Subscription Rights Agreements and any applicable underwriting or purchase agreement and (ii) &ldquo;Organizational
Documents&rdquo; means those documents listed in paragraphs (d) through (h) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">The opinions stated in paragraphs 1 through
4 below presume that all of the following (collectively, the &ldquo;general conditions&rdquo;) shall have occurred prior to the issuance
of the Securities referred to therein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Registration Statement, as finally amended (including all necessary pre-effective and post-effective amendments), has become
effective under the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an appropriate prospectus supplement or term sheet with respect to such Securities has been prepared, delivered and filed in compliance
with the Securities Act and the applicable Rules and Regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the applicable Transaction Documents shall have been duly authorized, executed and delivered by the Company and the other parties
thereto, including, if such Securities are to be sold or otherwise distributed pursuant to a firm commitment underwritten offering, an
&ldquo;at the market&rdquo; offering or other offering with underwriters or agents, the underwriting, sales agent or other agreement or
purchase agreement with respect thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Board of Trustees of the Company, including any duly authorized committee thereof, shall have taken all necessary statutory
trust action to approve the issuance and sale of such Securities and related matters and appropriate officers of the Company have taken
all related action as directed by or under the direction of the Board of Trustees of the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the terms of the applicable Transaction Documents and the issuance and sale of such Securities have been duly established in conformity
with the Organizational Documents so as not to violate any applicable law, or the
Organizational Documents, or result in a default under or breach of any agreement or instrument binding upon the Company, and so as to
comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">The GDL Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">Page 4</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">Based upon the foregoing and subject
to the qualifications and assumptions stated herein, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Common Shares offered by the Company (the &ldquo;Offered Common Shares&rdquo;), when (a) the general conditions
shall have been satisfied, (b) if the Offered Common Shares are to be certificated, certificates in the form required by the Organizational
Documents representing the Common Shares are duly executed and countersigned and (c) the Offered Common Shares are registered in the Company&rsquo;s
share register and delivered upon payment of the agreed-upon consideration therefor, the Offered Common Shares, when issued and sold or
otherwise distributed in accordance with the provisions of the applicable Transaction Document, will be duly authorized by all requisite
statutory trust action on the part of the Company under the DSTA and validly issued, fully paid and nonassessable, provided that the consideration
therefor is not less than $0.001 per share of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any shares of any series of Preferred Shares offered by the Company (the &ldquo;Offered Preferred Shares&rdquo;),
when (a) the general conditions shall have been satisfied, (b) the Board of Trustees of the Company, or a duly authorized committee thereof,
has duly adopted a Statement of Preferences for the Offered Preferred Shares in accordance with the DSTA and the Organizational Documents,
(c) if the Offered Preferred Shares are to be certificated, certificates in the form required by the Organizational Documents representing
the Offered Preferred Shares are duly executed and countersigned and (d) the Offered Preferred Shares are registered in the Company&rsquo;s
share register and delivered upon payment of the agreed- upon consideration therefor, the Offered Preferred Shares, when issued and sold
or otherwise distributed in accordance with the provisions of the applicable Transaction Document, will be duly authorized by all requisite
statutory trust action on the part of the Company under the DSTA and validly issued, fully paid and nonassessable, provided that the consideration
therefor is not less than $0.001 per share of Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any series of Notes offered by the Company (the &ldquo;Offered Notes&rdquo;), when (a) the general conditions shall
have been satisfied, (b) the Indenture and the Trustee have been qualified under the Trust Indenture Act of 1939; (c) the issuance, sale
and terms of the Offered Notes and related matters have been approved and established in conformity with the applicable Transaction Documents
and (d) the Offered Notes have been issued in a form that complies with the provisions of the applicable Transaction Documents and have
been duly executed and authenticated in accordance with the provisions of the Indenture and any other applicable Transaction Documents
and issued and sold or otherwise distributed in accordance with the provisions of the applicable Transaction Document upon payment of
the agreed-upon consideration therefor, the Offered Notes will constitute
valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws
of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">The GDL Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">Page 5</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Subscription Rights offered by the Company (the &ldquo;Offered Subscription Rights&rdquo;), when (a) the general
conditions shall have been satisfied, (b) the Common Shares and/or Preferred Shares relating to such Offered Subscription Rights have
been duly authorized for issuance by the Company and (c) the Subscription Rights Certificates have been duly executed, delivered and countersigned
in accordance with the provisions of the applicable Subscription Rights Agreement, the Offered Subscription Rights, when issued and sold
or otherwise distributed in accordance with the provisions of the applicable Transaction Document upon payment of the agreed-upon consideration
therefor, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective
terms under the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">The opinions stated herein are
subject to the following qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we do not express any opinion with respect to the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer, preference and other similar laws or governmental orders affecting creditors&rsquo; rights generally,
and the opinions stated herein are limited by such laws and by general principles of equity (regardless of whether enforcement is sought
in equity or at law);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 58.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we do not express any opinion with respect to any law, rule or regulation that is applicable to any party to any of the Transaction
Documents or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable
to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 57.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document relating
to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver or other provisions
having similar effect that may be contrary to public policy or violative of federal or state securities laws, rules or regulations, or
to the extent any such provision purports to, or has the effect of, waiving or altering any statute of limitations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 58.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions
contained in any Transaction Document, the opinions stated herein are subject to the qualification that such enforceability may be subject
to, in each case, (i) the exceptions and limitations in New York General Obligations Law sections 5-1401 and 5-1402 and (ii) principles
of comity or constitutionality;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 57.95pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">The GDL Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">Page 6</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we do not express any opinion with respect to the enforceability of any section of any Transaction Document to the extent that
such section purports to bind the Company to the exclusive jurisdiction of any particular federal court or courts; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 58.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we call to your attention that irrespective of the agreement of the parties to any Transaction Document, a court may decline to
hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution of
disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction of
the federal courts of the United States of America in any action arising out of or relating to any Transaction Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 59.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">In addition, in rendering the foregoing
opinions we have assumed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Organizational Documents are the only governing instruments, as defined under the DSTA, of the Company; the Company has, and
since the time of its formation has had, at least one validly admitted and existing trustee of the Company satisfying the requirements
of the DSTA and (i) no procedures have been instituted for and no other event has occurred, including, without limitation, any action
taken by the Company or its Board of Trustees or shareholders, as applicable, that would result in the liquidation, dissolution or winding-up
of the Company, (ii) no event has occurred that has adversely affected the good standing of the Company under the laws of its jurisdiction
of formation, and the Company has taken all actions required by the laws of its jurisdiction of formation to maintain such good standing
and (iii) no grounds exist for the revocation or forfeiture of the Company&rsquo;s Certificate of Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>neither the execution and delivery by the Company of the Transaction Documents to which the Company is a party nor the performance
by the Company of its obligations thereunder, including the issuance and sale of the applicable Securities: (i) constitutes or will constitute
a violation of, or a default under, any lease, indenture, instrument or other agreement to which the Company or its property is subject,
(ii) contravenes or will contravene any order or decree of any governmental authority to which the Company or its property is subject,
or (iii) violates or will violate any law, rule or regulation to which the Company or its property is subject (except that we do not make
the assumption set forth in this clause (iii) with respect to the Opined on Law);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>neither the execution and delivery by the Company of the Transaction Documents to which the Company is a party nor the performance
by the Company of its obligations thereunder, including the issuance and sale of the applicable Securities, requires or will require the
consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any
law, rule or regulation of any jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">The GDL Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">Page 7</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except to the extent expressly stated in the opinions contained herein, each of the Transaction Documents constitutes the valid
and binding obligation of each party to such Transaction Document, enforceable against such party in accordance with its terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any agent of service will have accepted appointment as agent to receive service of process and call to your attention that we do
not express any opinion if and to the extent such agent shall resign such appointment; further, we do not express any opinion with respect
to the irrevocability of the designation of such agent to receive service of process;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the choice of New York law to govern the Indenture and any supplemental indenture thereto is a valid and legal provision;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the laws of the State of New York will be chosen to govern any Subscription Rights Agreements and that such choice is and will
be a valid and legal provision; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Indenture will be duly authorized, executed and delivered by the trustee in substantially the form reviewed by us, and that
any Notes and Subscription Rights that may be issued will be manually authenticated, signed or countersigned, as the case may be, by duly
authorized officers of any trustee and subscription agent, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">The GDL Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">Page 8</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">We hereby consent to the filing of
this opinion with the Commission as an exhibit to the Registration Statement. We also hereby consent to the reference to our firm under
the heading &ldquo;Legal Matters&rdquo; in the prospectus forming part of the Registration Statement. In giving this consent, we do not
thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules
and Regulations. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to
advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 50%">Very truly yours,</TD>
</TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>/s/ Skadden, Arps, Slate, Meagher &amp; Flom</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>4
<FILENAME>ex-n.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- 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="margin: 0pt"><A HREF="gdl-n2a_070324.htm">THE GDL FUND N-2A</A></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (n)</B></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consent of Independent Registered Public Accounting
Firm</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 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">We consent to the references to our firm under
the captions &ldquo;Financial Highlights&rdquo;, &ldquo;Senior Securities&rdquo;, and &ldquo;Independent Registered Public Accounting
Firm&rdquo; in the Prospectus and &ldquo;Financial Statements&rdquo; in the Statement of Additional Information, each dated July 5, 2024,
and each included in this Pre-Effective Amendment No. 1 to the Registration Statement (Form N-2, File No. 333-279464) of The GDL Fund.</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">We also consent to the incorporation by reference
of our report dated February 28, 2024, with respect to the financial statements and financial highlights of The GDL Fund, included in
the Annual Report to Shareholders (Form N-CSR) for the year ended December 31, 2023, into this this Registration Statement, filed with
the Securities and Exchange Commission.</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">/s/ Ernst &amp; Young LLP</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>ex-sviii.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLE
<TEXT>
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<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- 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="margin: 0pt"><A HREF="gdl-n2a_070324.htm">THE GDL FUND N-2A</A></P>

<P STYLE="margin: 0pt">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (s)(viii)</B></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: center"><B>Calculation of Filing Fee Tables </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: center"><B>FORM N-2 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</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>THE GDL FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</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"><U>Table 1: Newly Registered and Carry Forward
Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Security<BR>
    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Security<BR>
    Class<BR>
    Title</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Fee<BR>
    Calculation<BR>
    or Carry<BR>
    Forward<BR>
    Rule</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Amount<BR>
    Registered</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price Per<BR>
    Unit</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Maximum<BR>
    Aggregate<BR>
    Offering Price</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Fee<BR>
    Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Amount
    of<BR>
    Registration<BR>
    Fee</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Carry<BR>
    Forward<BR>
    Form<BR>
    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Carry<BR>
    Forward<BR>
    File<BR>
    Number</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Carry<BR>
    Forward<BR>
    Initial<BR>
    effective<BR>
    date</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>Filing
    Fee<BR>
    Previously<BR>
    Paid In<BR>
    Connection<BR>
    with<BR>
    Unsold<BR>
    Securities<BR>
    to be<BR>
    Carried<BR>
    Forward</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="36" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="36" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Carry
    Forward Securities</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8pt; text-align: center; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Carry
    Forward Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Equity</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Common
    Shares(2)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Rule
    415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">N-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">333-250213</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">May
    19, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8pt; text-align: center; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Carry
    Forward Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Equity</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Preferred
    Shares(2)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Rule
    415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">N-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">333-250213</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">May
    19, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8pt; text-align: center; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Carry
    Forward Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Debt</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Debt
    Securities (3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Rule
    415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">N-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">333-250213</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">May
    19, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8pt; text-align: center; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Carry
    Forward Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Subscription
    Rights(4)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Rule
    415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">N-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">333-250213</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">May
    19, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8pt; text-align: center; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Carry
    Forward Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Unallocated
    (Universal) Shelf</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Rule
    415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">$200,000,000(1)(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">N-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">333-250213</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">May
    19, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">$21,820.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="12" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: right; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Total
    Offering Amounts</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">$200,000,000(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">--</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="12" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: right; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Total
    Fees Previously Paid</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">--</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="12" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: right; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Total
    Fee Offsets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">--</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="12" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 9pt; text-align: right; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Net
    Fee Due</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; 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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Included as part of Unallocated
(Universal) Shelf. Pursuant to Rule 415(a)(6) under the Securities Act of 1933, the Registrant is carrying forward $200,000,000 aggregate
principal offering price of unsold securities (the &ldquo;Unsold Securities&rdquo;) that were previously registered for sale under a
Registration Statement on Form N-2 (File No. 333-250213) initially filed on November 19, 2020, as amended on February 12, 2021 and May
11, 2021, declared effective on May 19, 2021, and further amended on August 25, 2022 (the &ldquo;Prior Registration Statement&rdquo;).
The Registrant previously paid filing fees in the aggregate of $21,820 relating to the securities registered on the Prior Registration
Statement. Pursuant to Rule 415(a)(6) under the Securities Act, the filing fees previously paid with respect to the Unsold Securities
will continue to be applied to such Unsold Securities. Pursuant to Rule 415(a)(6) under the Securities Act, the offering of Unsold Securities
under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">There is being registered hereunder
an indeterminate number of common shares and preferred shares as may be sold, from time to time.</FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">There is being registered hereunder an indeterminate principal amount of debt securities as may be sold, from time to time. Debt securities may be issued at an original issue discount or at a premium.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">There is being registered hereunder an indeterminate number of subscription rights as may be sold, from time to time, representing rights to purchase common shares and/or preferred shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering pursuant to this prospectus with a value exceeding more than one-third of our &ldquo;Public Float&rdquo; (the market value of our common stock held by our non-affiliates) in any 12-months period so long as our Public Float remains below $75,000,000.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TYPE>EX-101.SCH
<SEQUENCE>6
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<title></title>
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<span style="display: none;">v3.24.2</span><table class="report" border="0" cellspacing="2" id="idm139768881293712">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>N-2 - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jul. 05, 2024</div></th>
<th class="th"><div>Jul. 02, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Jun. 30, 2024</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">0001378701<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentDescription', window );">Amendment Description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Amendment
    No.&#160;26&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInvCompanyType', window );">Entity Inv Company Type</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">N-2<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Securities Act File Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">333-279464<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyActFileNumber', window );">Investment Company Act File Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">811-21969<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">N-2/A<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_PreEffectiveAmendment', window );">Pre-Effective Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_PreEffectiveAmendmentNumber', window );">Pre-Effective Amendment Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_PostEffectiveAmendment', window );">Post-Effective Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_InvestmentCompanyActRegistration', window );">Investment Company Act Registration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_InvestmentCompanyRegistrationAmendment', window );">Investment Company Registration Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_InvestmentCompanyRegistrationAmendmentNumber', window );">Investment Company Registration Amendment Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">One
Corporate Center<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Rye<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">NY<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">10580-1422<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_CityAreaCode', window );">City Area Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">(800)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">422-3554<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_ApproximateDateOfCommencementOfProposedSaleToThePublic', window );">Approximate Date of Commencement of Proposed Sale to Public</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From time to time after the effective date of this Registration Statement.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_DividendOrInterestReinvestmentPlanOnly', window );">Dividend or Interest Reinvestment Plan Only</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_DelayedOrContinuousOffering', window );">Delayed or Continuous Offering</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_PrimaryShelfFlag', window );">Primary Shelf [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EffectiveUponFiling462e', window );">Effective Upon Filing, 462(e)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_AdditionalSecuritiesEffective413b', window );">Additional Securities Effective, 413(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_EffectiveWhenDeclaredSection8c', window );">Effective when Declared, Section 8(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_NewEffectiveDateForPreviousFiling', window );">New Effective Date for Previous Filing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_AdditionalSecurities462b', window );">Additional Securities. 462(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_NoSubstantiveChanges462c', window );">No Substantive Changes, 462(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_ExhibitsOnly462d', window );">Exhibits Only, 462(d)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_RegisteredClosedEndFundFlag', window );">Registered Closed-End Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_BusinessDevelopmentCompanyFlag', window );">Business Development Company [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_IntervalFundFlag', window );">Interval Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_PrimaryShelfQualifiedFlag', window );">Primary Shelf Qualified [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">No<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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_NewCefOrBdcRegistrantFlag', window );">New CEF or BDC Registrant [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div id="xdx_800_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-TF_zzbhPfhHapma"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: italic">Shareholder Transaction Expenses</td><td style="font-size: 12pt">&#160;</td>
    <td colspan="3" id="xdx_49B_20240705__20240705_zgd1ZKOh0A37" style="font-size: 12pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: #1D1D1B; text-align: left; text-indent: -9pt; padding-left: 9.25pt">Sales Load (as a percentage of offering price)</td><td style="color: #1D1D1B">&#160;</td>
    <td style="color: #1D1D1B; text-align: left">&#160;</td><td style="color: #1D1D1B; text-align: right"><span style="font-size: 10pt; color: #1D1D1B"><span id="xdx_901_ecef--SalesLoadPercent_dp0_c20240705__20240705_fYQ_____z1HFo7WtxPma">&#8211;</span></span></td><td style="white-space: nowrap; color: #1D1D1B; text-align: left">%<span>(a)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; color: #1D1D1B">Offering Expenses Borne by the Fund (as a percentage of offering price)</td><td style="color: #1D1D1B">&#160;</td>
    <td style="color: #1D1D1B; text-align: left">&#160;</td><td style="color: #1D1D1B; text-align: right"><span style="font-size: 10pt; color: #1D1D1B"><span id="xdx_90B_ecef--OtherTransactionExpensesPercent_dp0_c20240705__20240705_fYQ_____zJjVgGmOGLyh">&#8211;</span></span></td><td style="white-space: nowrap; color: #1D1D1B; text-align: left">%(a)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; color: #1D1D1B; text-align: left; text-indent: -9pt; padding-left: 9.25pt">Dividend Reinvestment and Voluntary Cash Purchase Plan Fees</td><td style="width: 10%; color: #1D1D1B">&#160;</td>
    <td style="width: 1%; color: #1D1D1B; text-align: left">$</td><td style="width: 10%; color: #1D1D1B; text-align: right"><span id="xdx_90D_ecef--DividendReinvestmentAndCashPurchaseFees_pip0_d0_c20240705__20240705_fYg_____zWuCF5RupcLf">1.00</span></td><td style="white-space: nowrap; width: 1%; color: #1D1D1B; text-align: left">(b)</td></tr>
  <tr id="xdx_409_ecef--DividendReinvestmentAndCashPurchaseFees_i01_pip0_d0_hus-gaap--StatementClassOfStockAxis__custom--PurchaseTransactionsMember_zQgmLOync5c1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; color: #1D1D1B; text-align: left">Purchase Transactions</td><td style="color: #1D1D1B">&#160;</td>
    <td style="color: #1D1D1B; text-align: left">&#160;</td><td style="color: #1D1D1B; text-align: right">&#8211;</td><td style="white-space: nowrap; color: #1D1D1B; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecef--DividendReinvestmentAndCashPurchaseFees_i01_pip0_d0_hus-gaap--StatementClassOfStockAxis__custom--OneTtimeFeeForDepositOfShareCertificatesMember_zGgoi3xmcImi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; color: #1D1D1B; text-align: left">One-time Fee for Deposit of Share Certificates</td><td style="color: #1D1D1B">&#160;</td>
    <td style="color: #1D1D1B; text-align: left">&#160;</td><td style="color: #1D1D1B; text-align: right">&#8211;</td><td style="white-space: nowrap; color: #1D1D1B; text-align: left">&#160;</td></tr>
  </table>

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

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0in"></td>
    <td style="width: 0.25in"><span id="xdx_F05_ziB4wV7mh3wd" style="font-size: 10pt; color: #1D1D1B">(a)</span></td>
    <td style="text-align: justify"><span id="xdx_F17_z6SOmTi00vxb" style="font-size: 10pt; color: #1D1D1B"><span id="xdx_901_ecef--OtherTransactionFeesNoteTextBlock_c20240705__20240705_zDaVSQi1aT69">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></span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0in"></td>
    <td style="width: 0.25in"><span id="xdx_F04_zbSRmSzD4CIk" style="font-size: 10pt; color: #1D1D1B">(b)</span></td>
    <td style="padding-right: 1pt; text-align: justify"><span id="xdx_F10_zK8lso1Nk8N7" style="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 $1.00 plus their pro rata share of brokerage commissions per transaction to sell shares.</span></td></tr>
  </table><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 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>
</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_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_OtherTransactionExpensesPercent', window );">Other Transaction Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></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>
</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_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div id="xdx_801_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-GFFA_ztdarTDOhmH9"></div>

<table cellpadding="0" cellspacing="0" style="font: 12pt 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: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"><b>Annual Expenses</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_494_20240705__20240705_zB4lZr26ykgj" style="border-bottom: black 1pt solid; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"><b>Percentages of Net Assets Attributable to Common Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 1%">&#160;</td></tr>
  <tr id="xdx_40B_ecef--ManagementFeesPercent_i01_dp_zY7pFlgB9hr2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Base Management Fee</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">0.78</span></td>
    <td style="white-space: nowrap"><span id="xdx_F4E_z0a3NDyWXDK" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%(c)</span></td></tr>
  <tr id="xdx_409_ecef--IncentiveFeesPercent_i01_dp_zwJIA5bFAij1" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Performance Fee</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt; color: #1D1D1B">0.77</span></span></td>
    <td style="white-space: nowrap"><span id="xdx_F46_z4nrkDXJpgLj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%(d)</span></td></tr>
  <tr id="xdx_405_ecef--InterestExpensesOnBorrowingsPercent_i01_dp_zcUJvp0AHfRl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Interest Expense</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt; color: #1D1D1B">2.34</span></span></td>
    <td style="white-space: nowrap"><span id="xdx_F4A_zhz5QP2ntUMf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%(e)</span></td></tr>
  <tr id="xdx_40E_ecef--OtherAnnualExpensesPercent_i01_dp_z6qYnEUOi6Ni" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Other Expenses</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt; color: #1D1D1B">0.81</span></span></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap"><span id="xdx_F47_zXMsOq9KdJMi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%(f)</span></td></tr>
  <tr id="xdx_400_ecef--TotalAnnualExpensesPercent_i01T_dp_zRG57BkTjt04" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">Total Annual Expenses</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt; color: #1D1D1B">4.70</span></span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B">%</span></td></tr>
  </table>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0in"></td>
    <td style="width: 0.25in"><span id="xdx_F0C_zxpre9RL2rJ4" style="font-size: 10pt; color: #1D1D1B">(c)</span></td>
    <td style="text-align: justify"><span id="xdx_F11_zr2153fmPEZi" style="font-size: 10pt; color: #1D1D1B"><span id="xdx_905_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20240705__20240705_z47kRbhkNODb">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></span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0in"></td>
    <td style="width: 0.25in"><span id="xdx_F0D_zz6utXb9ZaU2" style="font-size: 10pt">(d)</span></td>
    <td style="text-align: justify"><span id="xdx_F1D_zr61gPCMHTY1" style="font-size: 10pt">Based on year ended December 31, 2023. 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 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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0in"></td>
    <td style="width: 0.25in"><span id="xdx_F01_zpEkQMfoe1O" style="font-size: 10pt; color: #1D1D1B">(e)</span></td>
    <td style="padding-right: 1pt; text-align: justify"><span id="xdx_F10_zQgs7JHZ4bB4" style="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: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0in"></td>
    <td style="width: 0.25in"><span id="xdx_F01_zazjzBxlle36" style="font-size: 10pt; color: #1D1D1B">(f)</span></td>
    <td style="text-align: justify"><span id="xdx_F12_zXwfs8hupuva" style="font-size: 10pt; color: #1D1D1B"><span id="xdx_90D_ecef--OtherExpensesNoteTextBlock_c20240705__20240705_zalaDn1RwoPf">&#8220;Other Expenses&#8221; are based on estimated amounts for the current year.</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>
</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_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0.78%<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>
</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_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">2.34%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_IncentiveFeesPercent', window );">Incentive Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></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>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">0.81%<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>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4.70%<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>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_802_ecef--ExpenseExampleTableTextBlock_dU_zKpDdvDRJKq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify; color: #1D1D1B">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.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 12pt; text-align: center">&#160;</td><td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" id="xdx_481_ecef--ExpenseExampleYear01_z56V47rB8qg3" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center">1 Year</td><td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" id="xdx_48E_ecef--ExpenseExampleYears1to3_zMMXmR0WD64" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center">3 Year</td><td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" id="xdx_484_ecef--ExpenseExampleYears1to5_z7g4vzUKj071" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center">5 Year</td><td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" id="xdx_484_ecef--ExpenseExampleYears1to10_zPv3fo2lGkH2" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center">10 Year</td></tr>
  <tr id="xdx_411_20240705__20240705_zb0qxRLZnTBh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; color: #1D1D1B; text-align: left">Total Expenses Incurred</td><td style="width: 1%; color: #1D1D1B">&#160;</td>
    <td style="width: 1%; color: #1D1D1B; text-align: left">$</td><td style="width: 12%; color: #1D1D1B; text-align: right">47</td><td style="width: 1%; color: #1D1D1B; text-align: left">&#160;</td><td style="width: 1%; color: #1D1D1B">&#160;</td>
    <td style="width: 1%; color: #1D1D1B; text-align: left">$</td><td style="width: 12%; color: #1D1D1B; text-align: right">142</td><td style="width: 1%; color: #1D1D1B; text-align: left">&#160;</td><td style="width: 1%; color: #1D1D1B">&#160;</td>
    <td style="width: 1%; color: #1D1D1B; text-align: left">$</td><td style="width: 12%; color: #1D1D1B; text-align: right">237</td><td style="width: 1%; color: #1D1D1B; text-align: left">&#160;</td><td style="width: 1%; color: #1D1D1B">&#160;</td>
    <td style="width: 1%; color: #1D1D1B; text-align: left">$</td><td style="width: 12%; color: #1D1D1B; text-align: right">477</td><td style="width: 1%; color: #1D1D1B; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0%"></td>
    <td style="width: 2%"><span style="font-size: 10pt; color: #1D1D1B">*</span></td>
    <td style="text-align: justify; width: 98%"><span style="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>
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<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 47<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">142<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">237<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 477<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionFeesNoteTextBlock', window );">Other Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">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></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherExpensesNoteTextBlock', window );">Other Expenses, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#8220;Other Expenses&#8221; are based on estimated amounts for the current year.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock', window );">Management Fee not based on Net Assets, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The 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></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_SeniorSecuritiesNoteTextBlock', window );">Senior Securities, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_80F_ecef--SeniorSecuritiesNoteTextBlock_dU_zNHc3X8zn2m9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"><span style="text-transform: uppercase"><b><span id="e_003"></span>SENIOR
SECURITIES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information contained
under the headings &#8220;Financial Highlights&#8221; and &#8220;Additional Fund Information&#8212;Summary of Fund Expenses&#8212;Selected
data for a common share outstanding throughout each year&#8221; in the Annual Report is incorporated herein by reference. The information
contained under such headings in the Annual Report concerning the Fund&#8217;s outstanding senior securities for the fiscal years ended
December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019 is derived from the Fund&#8217;s financial
statements audited by Ernst &amp; Young, independent registered public accounting firm for the Fund, whose report on such financial statements,
together with the financial statements of the Fund, are included in the Annual Report and are incorporated by reference herein.&#160;</p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_800_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zZlZRvQPetPl" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro005"></span>INVESTMENT
OBJECTIVE AND POLICIES</span></p>

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

<p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Objective and Policies</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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 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.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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 and in the SAI apply only at the time of investment and are not considered violated
as a result of subsequent changes to the value, or downgrades to the ratings, of the Fund&#8217;s portfolio investments.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the headings &#8220;Additional Fund Information&#8212;Investment Objectives and Policies&#8221; in the Fund&#8217;s
Annual Report is incorporated herein by reference.</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>
</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_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_80D_ecef--RiskFactorsTableTextBlock_dU_zz65LRLn12Ek" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="gdln2pro006"></span>RISK
FACTORS AND SPECIAL CONSIDERATIONS</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained under the heading &#8220;Additional Fund Information&#8212;Risk Factors and Special Considerations&#8221; in the
Fund&#8217;s Annual Report is incorporated herein by reference.</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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_805_ecef--SharePriceTableTextBlock_dU_zqxpaOeasMgi" style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0in">The information contained under
the heading &#8220;Additional Fund Information&#8212;Summary of Fund Expenses&#8221; in the <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001378701/000182912624001446/gdl_ncsr.htm">Annual Report</a>
is incorporated herein by reference. The following table sets forth for the quarters indicated, the high and low sale prices on the NYSE
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. &#160;</p>

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    <td style="padding-bottom: 1pt">&#160;</td></tr>
  <tr id="xdx_41B_20240101__20240331_zY9oRVeQjIpa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 33%; text-indent: -12pt; padding-left: 12pt">March 31, 2024</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 1%; text-align: right">&#160;</td><td style="width: 8%; text-align: right">8.01</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 1%; text-align: right">&#160;</td><td style="width: 8%; text-align: right">10.08</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%; text-align: right">&#160;</td><td style="width: 8%; text-align: right">(21.24)</td><td style="width: 1%">%</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%; text-align: right">&#160;</td><td style="width: 8%; text-align: right">(21.52)</td>
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  <tr id="xdx_41B_20240401__20240630_zVWcBpmmYbBg" style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -12pt; padding-left: 12pt">June 30, 2024</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="text-align: right">7.77</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="text-align: right">10.25</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="text-align: right">10.06</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: right">(21.15)</td><td>%</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: right">(22.76)</td>
    <td>%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0in">The last reported price for
our common shares on July 2, 2024 was $<span id="xdx_903_eus-gaap--SharePrice_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zwlvkuU5lJ7h">7.87</span> per share. As of July 2, 2024, the net asset value per share of the Fund&#8217;s common
shares was $<span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zsPMmsish7v3">10.17</span>. Accordingly, the Fund&#8217;s common shares traded at a discount to net asset value of (<span id="xdx_900_ecef--LatestPremiumDiscountToNavPercent_iN_dpi0_c20240702__20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_z5UaoUh8BX4f">22.62</span>)% on July 2, 2024.</p>

<span></span>
</td>
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</td>
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<td class="text">&#160;<span></span>
</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_80B_ecef--CapitalStockTableTextBlock_dU_z1Sym628Kqbl" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Shares</span></p>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is an unincorporated statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust dated as of October
17, 2006. The Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.001 per share. Each
common share has one vote and, when issued and paid for in accordance with the terms of the applicable offering, will be fully paid and
non-assessable. Though the Fund expects to pay distributions quarterly on the common shares, it is not obligated to do so. All common
shares are equal as to distributions, assets and voting privileges and have no conversion, preemptive or other subscription rights. The
Fund will send annual and semiannual reports, including financial statements, to all holders of its shares. In the event of liquidation,
each of the Fund&#8217;s common shares is entitled to its proportion of the Fund&#8217;s assets after payment of debts and expenses and
the amounts payable to holders of the Fund&#8217;s preferred shares ranking senior to the Fund&#8217;s common shares as described below.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offerings
of shares require approval by the Board. Any additional offering of common shares will be subject to the requirements of the 1940 Act,
which provides that common shares may not be issued at a price below the then current net asset value, exclusive of sales load, except
in connection with an offering to existing holders of common shares or with the consent of a majority of the Fund&#8217;s common shareholders.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s outstanding common shares have been listed and traded on the NYSE under the symbol &#8220;GDL&#8221; since January 29, 2007.
The Fund&#8217;s common shares have historically traded at a discount to the Fund&#8217;s net asset value. Since the Fund commenced trading
on the NYSE, the Fund&#8217;s common shares have traded at a discount to net asset value as low as (32.86)% and a premium as high as
9.74%. The average weekly trading volume of the common shares on the NYSE during the period from January 1, 2023 through December 31,
2023 was 79,606 shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
open-end funds, closed-end funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder
determines to buy additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the
NYSE or otherwise.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of closed-end investment companies often trade on an exchange at prices lower than net asset value. Because the market value of the common
shares may be influenced by such factors as dividend and distribution levels (which are in turn affected by expenses), dividend and distribution
stability, net asset value, market liquidity, relative demand for and supply of such shares in the market, unrealized gains, general
market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure you that common shares will trade
at a price equal to or higher than net asset value in the future. The common shares are designed primarily for long term investors and
you should not purchase the common shares if you intend to sell them soon after purchase.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the rights of the outstanding preferred shares, the Fund&#8217;s common shareholders vote as a single class to elect the Board and
on additional matters with respect to which the 1940 Act, Delaware law, the Governing Documents or resolutions adopted by the Trustees
provide for a vote of the Fund&#8217;s common shareholders. See &#8220;Anti-Takeover Provisions of the Fund&#8217;s Governing Documents.&#8221;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is a diversified, closed-end management investment company and as such its shareholders do not, and will not, have the right to
require the Fund to repurchase their shares. The Fund, however, may repurchase its common shares from time to time as and when it deems
such a repurchase advisable, subject to maintaining required asset coverage for each series of outstanding preferred shares. The Board
has authorized such repurchases to be made when the Fund&#8217;s common shares are trading at a discount from net asset value of 7.5%
or more (or such other percentage as the Board may determine from time to time). Through December 31, 2023, the Fund has repurchased
966,858 common shares under this authorization. Pursuant to the 1940 Act, the Fund may repurchase its common shares on a securities exchange
(provided that the Fund has informed its shareholders within the preceding six months of its intention to repurchase such shares) or
pursuant to tenders and may also repurchase shares privately if the Fund meets certain conditions regarding, among other things, distribution
of net income for the preceding fiscal year, status of the seller, price paid, brokerage commissions, prior notice to shareholders of
an intention to repurchase shares and purchasing in a manner and on a basis that does not discriminate unfairly against the other shareholders
through their interest in the Fund.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Fund repurchases its common shares for a price below net asset value, the net asset value of the common shares that remain outstanding
will be enhanced, but this does not necessarily mean that the market price of the outstanding common shares will be affected, either
positively or negatively. The repurchase of common shares will reduce the total assets of the Fund available for investment and may increase
the Fund&#8217;s expense ratio. In total through December 31, 2023, the Fund repurchased and retired 9,348,125 common shares in the open
market at an average investment of $9.36 and at an average discount of approximately 17.2% from the Fund&#8217;s net asset value.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Book
Entry. </i>The common shares will initially be held in the name of Cede &amp; Co. as nominee for the Depository Trust Company (&#8220;DTC&#8221;).
The Fund will treat Cede &amp; Co. as the holder of record of the common shares for all purposes. In accordance with the procedures of
DTC, however, purchasers of common shares will be deemed the beneficial owners of shares purchased for purposes of distributions, voting
and liquidation rights.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Agreement and Declaration of Trust provides that the Board may authorize and issue senior securities with rights as determined by the
Board, by action of the Board without the approval of the holders of the common shares. Holders of common shares have no preemptive right
to purchase any senior securities that might be issued.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently
an unlimited number of the Fund&#8217;s shares have been classified by the Board as preferred shares, par value $0.001 per share. The
terms of such preferred shares may be fixed by the Board and would materially limit and/or qualify the rights of the holders of the Fund&#8217;s
common shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Fund had outstanding <span id="xdx_905_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesCCumulativePreferredStockMember_zF7cg7HM5xzd">688,932</span> Series C Preferred Shares, which are senior securities of the Fund. On March 26,
2020, 1,935,093 Series C Preferred Shares were put back to the Fund at the liquidation value of $96,754,650, plus accumulated and unpaid
dividends. Distributions on the Series C Preferred Shares, which are fixed rate preferred shares, currently accumulate at an annual rate
of 4.00% of the liquidation preference of $50 per share, are cumulative from the date of original issuance thereof, and are payable quarterly
on March 26, June 26, September 26 and December 26 of each year (each, a &#8220;Dividend Payment Date&#8221;). As used herein, each period
beginning on and including a Dividend Payment Date and ending on but excluding the next succeeding Dividend Payment Date is referred
to as a &#8220;Dividend Period.&#8221; The Dividend Period beginning on the date of original issue, which constitutes the first Dividend
Period, together with the next three Dividend Periods, are referred to herein as &#8220;Year 1,&#8221; the next four Dividend Periods
are referred to as &#8220;Year 2,&#8221; and so on. The Series C Preferred Shares paid distributions at an annualized rate of 4.00% 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 Board announced a reset fixed dividend rate of 4.00% that will apply for the next eight quarterly dividend periods (Year
2 and Year 3). On March 1, 2021, the Board continued the 4.00% dividend rate for Series C Preferred Shares through the mandatory redemption
date of March 26, 2025. The Series C Preferred Shares are not rated by any rating agency.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may redeem all or any part of the Series C Preferred, upon not less than 30 nor more than 60 days&#8217; prior notice, at the liquidation
preference of $50 per share, plus any accumulated and unpaid dividends if such redemption is necessary, in the judgment of the Board,
to maintain the Fund&#8217;s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;).</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Fund had outstanding <span id="xdx_904_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesECumulativePreferredStockMember_zlAqGLM5Yzel">2,832,500</span> Series E Preferred Shares, which are senior securities of the Fund. On March
26, 2023, 667,500 shares of Series E Preferred were put back to the Fund at their liquidation preference of $10 per share, plus accrued
and unpaid dividends. Distributions on the Series E Preferred Shares, which are fixed rate preferred shares, currently accumulate at
an annual rate of 5.20% of the liquidation preference of $10 per share, are cumulative from the date of original issuance thereof, and
are payable quarterly on each Dividend Payment Date. The Series E Preferred Shares paid distributions at an annualized rate of 4.00%
on the $10 per share liquidation preference for the quarterly dividend periods ended on or prior to March 26, 2023 (Year 1). Notwithstanding
the foregoing, effective January 19, 2023, the Board increased the dividend rate on the Series E Preferred Shares to an annual rate of
5.20% based on the liquidation preference of the Series E Preferred Shares. The Series E Preferred Shares have a mandatory redemption
date of March 26, 2025.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series E Preferred Shares may be subject to optional redemption by the Fund if such redemption is necessary, in the judgment of the Board,
to maintain the Fund&#8217;s status as a regulated investment company under Subchapter M of the Code.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series C Preferred Shares are listed and traded on the NYSE under the symbol &#8220;GDL Pr C.&#8221; The Series E Preferred Shares are
not listed on an exchange.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund publicly issues additional preferred shares, it will pay dividends to the holders of the preferred shares at a fixed rate, as
described in a Prospectus Supplement accompanying each preferred share offering.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a liquidation, each holder of the preferred shares will be entitled to receive out of the assets of the Fund available for distribution
to shareholders (after payment of claims of the Fund&#8217;s creditors but before any distributions with respect to the Fund&#8217;s
common shares or any other shares of the Fund ranking junior to the preferred shares as to liquidation payments) an amount per share
equal to such share&#8217;s liquidation preference plus any accumulated but unpaid distributions (whether or not earned or declared,
excluding interest thereon) to the date of distribution, and such shareholders shall be entitled to no further participation in any distribution
or payment in connection with such liquidation. Each series of the preferred shares will rank on a parity with any other series of preferred
shares of the Fund as to the payment of distributions and the distribution of assets upon liquidation, and will be junior to the Fund&#8217;s
obligations with respect to any outstanding senior securities representing debt. The preferred shares carry one vote per share on all
matters on which such shares are entitled to vote. The preferred shares will, upon issuance, be fully paid and nonassessable and will
have no preemptive, exchange or conversion rights. The Board may by resolution classify or reclassify any authorized but unissued capital
shares of the Fund from time to time by setting or changing the preferences, conversion or other rights, voting powers, restrictions,
limitations as to distributions or terms or conditions of redemption. The Fund will not issue any class of shares senior to the preferred
shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption,
Purchase and Sale of Preferred Shares By the Fund. </i>The terms of any preferred shares are expected to provide that (i) they are redeemable
by the Fund at any time (either after the date of initial issuance, or after some period of time following initial issuance) in whole
or in part at the original purchase price per share plus accumulated dividends per share, (ii) the Fund may tender for or purchase preferred
shares and (iii) the Fund may subsequently resell any shares so tendered for or purchased. Any redemption or purchase of preferred shares
by the Fund will reduce the leverage applicable to the common shares, while any resale of preferred shares by the Fund will increase
that leverage.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rating
Agency Guidelines. </i>The Series C Preferred Shares and Series E Preferred Shares are not rated by Moody&#8217;s and/or Fitch Ratings
Inc. (&#8220;Fitch&#8221;) (or any other rating agency). Upon issuance, any new publicly issued series of preferred shares may be rated
by Moody&#8217;s or Fitch, in which case the following description of rating agency guidelines would become applicable.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund expects that it would be required under any applicable rating agency guidelines to maintain assets having in the aggregate a discounted
value at least equal to a Basic Maintenance Amount (as defined in the applicable Statement of Preferences and summarized below), for
its outstanding preferred shares, including the Series C Preferred Shares and Series E Preferred Shares. To the extent any particular
portfolio holding does not satisfy the applicable rating agency&#8217;s guidelines, all or a portion of such holding&#8217;s value will
not be included in the calculation of discounted value (as defined by such rating agency). The Moody&#8217;s and Fitch guidelines would
also impose certain diversification requirements and industry concentration limitations on the Fund&#8217;s overall portfolio, and apply
specified discounts to securities held by the Fund (except certain money market securities).</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;Basic Maintenance Amount&#8221; is generally equal to (a) the sum of (i) the aggregate liquidation preference of any preferred
shares then outstanding plus (to the extent not included in the liquidation preference of such preferred shares) an amount equal to the
aggregate accumulated but unpaid distributions (whether or not earned or declared) in respect of such preferred shares, (ii) the Fund&#8217;s
other liabilities (excluding dividends and other distributions payable on the Fund&#8217;s common shares), (iii) any other current liabilities
of the Fund (including amounts due and payable by the Fund pursuant to reverse repurchase agreements and payables for assets purchased)
less (b) the value of the Fund&#8217;s assets if such assets are either cash or evidences of indebtedness which mature prior to or on
the date of redemption or repurchase of preferred shares or payment of another liability and are either U.S. government securities or
evidences of indebtedness rated at least &#8220;Aaa,&#8221; &#8220;P-1&#8221;, &#8220;VMIG-1&#8221; or &#8220;MIG-1&#8221; by Moody&#8217;s
or &#8220;AAA&#8221;, &#8220;SP-1+&#8221; or &#8220;A-1+&#8221; by S&amp;P and are held by the Fund for distributions, the redemption
or repurchase of preferred shares or the Fund&#8217;s liabilities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund does not cure in a timely manner a failure to maintain a discounted value of its portfolio equal to the Basic Maintenance Amount
in accordance with the requirements of any applicable rating agency or agencies then rating the preferred shares at the request of the
Fund, the Fund may, and in certain circumstances would be required to, mandatorily redeem preferred shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, but would not be required to, adopt any modifications to the rating agency guidelines that may be established by Moody&#8217;s
and Fitch (or such other rating agency then rating the preferred shares at the request of the Fund) following the issuance of any such
rated preferred shares. Failure to adopt any such modifications, however, may result in a change in the relevant rating agency&#8217;s
ratings or a withdrawal of such ratings altogether. In addition, any rating agency providing a rating for the preferred shares at the
request of the Fund may, at any time, change or withdraw any such rating. The Board, without further action by shareholders, would be
expected to be able to amend, alter, add to or repeal any provision of a Statement of Preferences adopted pursuant to rating agency guidelines
if the Board determines that such amendments or modifications are necessary to prevent a reduction in, or the withdrawal of, a rating
of the preferred shares and are in the aggregate in the best interests of the holders of the preferred shares. Additionally, the Board,
without further action by the shareholders, would be expected to be able to amend, alter, add to or repeal any provision of a Statement
of Preferences adopted pursuant to rating agency guidelines if the Board determines that such amendments or modifications will not in
the aggregate adversely affect the rights and preferences of the holders of any series of the preferred shares, provided that the Fund
has received advice from each applicable rating agency that such amendment or modification is not expected to adversely affect such rating
agency&#8217;s then-current rating of such series of the Fund&#8217;s preferred shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described by Moody&#8217;s and Fitch, any ratings assigned to the preferred shares are assessments of the capacity and willingness of
the Fund to pay the obligations of each series of the preferred shares. Any ratings on the preferred shares are not recommendations to
purchase, hold or sell shares of any series, inasmuch as the ratings do not comment as to market price or suitability for a particular
investor. The rating agency guidelines also do not address the likelihood that an owner of preferred shares will be able to sell such
shares on an exchange, in an auction or otherwise. Any ratings would be based on current information furnished to Moody&#8217;s and Fitch
by the Fund and the Investment Adviser and information obtained from other sources. Any ratings may be changed, suspended or withdrawn
as a result of changes in, or the unavailability of, such information.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rating agency guidelines would apply to the preferred shares, as the case may be, only so long as such rating agency is rating such shares
at the request of the Fund. The Fund expects that it would pay fees to Moody&#8217;s and Fitch for rating any preferred shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Asset
Maintenance Requirements</i>. In addition to the requirements summarized under &#8220;&#8212;Rating Agency Guidelines&#8221; above, the
Fund must satisfy asset maintenance requirements under the 1940 Act with respect to its preferred shares. Under the 1940 Act, debt or
additional preferred shares may be issued only if immediately after such issuance the value of the Fund&#8217;s total assets (less ordinary
course liabilities) is at least 300% of the amount of any debt outstanding and at least 200% of the amount of any preferred shares and
debt outstanding.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is and likely will be required under the Statement of Preferences of each series of preferred shares to determine whether it has,
as of the last business day of each March, June, September and December of each year, an &#8220;asset coverage&#8221; (as defined in
the 1940 Act) of at least 200% (or such higher or lower percentage as may be required at the time under the 1940 Act) with respect to
all outstanding senior securities of the Fund that are debt or stock, including any outstanding preferred shares. If the Fund fails to
maintain the asset coverage required under the 1940 Act on such dates and such failure is not cured by a specific time (generally within
60 calendar days or 49 calendar days), the Fund may, and in certain circumstances will be required to, mandatorily redeem preferred shares
sufficient to satisfy such asset coverage. See &#8220;&#8212;Redemption Procedures&#8221; below.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_846_ecef--SecurityDividendsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zNi4eM6yINeh" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Distributions</i>.
Holders of any fixed rate preferred shares are or will be entitled to receive, when, as and if declared by the Board, out of funds legally
available therefor, cumulative cash distributions, at an annual rate set forth in the applicable Statement of Preferences or Prospectus
Supplement, payable with such frequency as set forth in the applicable Statement of Preferences or Prospectus Supplement. Such distributions
will accumulate from the date on which such shares are issued.</span></p>

<p id="xdx_855_zK7YeDrc7rv1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84E_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zoysBKwK5Wd1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restrictions
on Dividends and Other Distributions for the Preferred Shares. </i>So long as any preferred shares are outstanding, the Fund may not
pay any dividend or distribution (other than a dividend or distribution paid in common shares or in options, warrants or rights to subscribe
for or purchase common shares) in respect of the common shares or call for redemption, redeem, purchase or otherwise acquire for consideration
any common shares (except by conversion into or exchange for shares of the Fund ranking junior to the preferred shares as to the payment
of dividends or distributions and the distribution of assets upon liquidation), unless:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund has declared and paid (or provided to the relevant dividend paying agent) all cumulative
                                            distributions on the Fund&#8217;s outstanding preferred shares due on or prior to the date
                                            of such common share dividend or distribution;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund has redeemed the full number of preferred shares to be redeemed pursuant to any mandatory
                                            redemption provision in the Fund&#8217;s Governing Documents; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after
                                            making the distribution, the Fund meets applicable asset coverage requirements described
                                            under &#8220;&#8212;Asset Maintenance Requirements.&#8221;</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
complete distribution due for a particular dividend period will be declared or made on any series of preferred shares for any dividend
period, or part thereof, unless full cumulative distributions due through the most recent dividend payment dates therefor for all outstanding
series of preferred shares of the Fund ranking on a parity with such series as to distributions have been or contemporaneously are declared
and made. If full cumulative distributions due have not been made on all outstanding preferred shares of the Fund ranking on a parity
with such series of preferred shares as to the payment of distributions, any distributions being paid on the preferred shares will be
paid as nearly pro rata as possible in proportion to the respective amounts of distributions accumulated but unmade on each such series
of preferred shares on the relevant dividend payment date. The Fund&#8217;s obligation to make distributions on the preferred shares
will be subordinate to its obligations to pay interest and principal, when due, on any of the Fund&#8217;s senior securities representing
debt.</span></p>

<p id="xdx_856_zVwUV2RLj3Da" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mandatory
Redemption Relating to Asset Coverage Requirements</i>. The Fund may, at its option, consistent with its Governing Documents and the
1940 Act, and in certain circumstances will be required to, mandatorily redeem preferred shares in the event that:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund fails to maintain the asset coverage requirements specified under the 1940 Act on a
                                            quarterly valuation date(generally the last business day of March, June, September and December)
                                            and such failure is not cured on or before a specified period of time, following such failure
                                            (60 calendar days in the case of the Series C Preferred Shares and Series E Preferred Shares);
                                            or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund fails to maintain the asset coverage requirements as calculated in accordance with any
                                            applicable rating agency guidelines as of any monthly valuation date, and such failure is
                                            not cured on or before a specified period of time after such valuation date (typically 10
                                            business days).</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
redemption price for preferred shares subject to mandatory redemption will generally be the liquidation preference, as stated in the
Statement of Preferences of each existing series of preferred shares or the Prospectus Supplement accompanying the issuance of any series
of preferred shares, plus an amount equal to any accumulated but unpaid distributions (whether or not earned or declared) to the date
fixed for redemption, plus any applicable redemption premium determined by the Board and included in the Statement of Preferences.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of preferred shares that will be redeemed in the case of a mandatory redemption will equal the minimum number of outstanding preferred
shares, the redemption of which, if such redemption had occurred immediately prior to the opening of business on the applicable cure
date, would have resulted in the relevant asset coverage requirement having been met or, if the required asset coverage cannot be so
restored, all of the preferred shares. In the event that preferred shares are redeemed due to a failure to satisfy the 1940 Act asset
coverage requirements, the Fund may, but is not required to, redeem a sufficient number of preferred shares so that the Fund&#8217;s
assets exceed the asset coverage requirements under the 1940 Act after the redemption by 10% (that is, 220% asset coverage) or some other
amount specified in the Statement of Preferences. In the event that preferred shares are redeemed due to a failure to satisfy applicable
rating agency guidelines (if any), the Fund may, but is not required to, redeem a sufficient number of preferred shares so that the Fund&#8217;s
discounted portfolio value (as determined in accordance with the applicable rating agency guidelines) after redemption exceeds the asset
coverage requirements of each applicable rating agency by up to 10% (that is, 110% rating agency asset coverage) or some other amount
specified in the Statement of Preferences.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund does not have funds legally available for the redemption of, or is otherwise unable to redeem, all the preferred shares to be
redeemed on any redemption date, the Fund will redeem on such redemption date that number of shares for which it has legally available
funds, or is otherwise able to redeem, from the holders whose shares are to be redeemed ratably on the basis of the redemption price
of such shares, and the remainder of those shares to be redeemed will be redeemed on the earliest practicable date on which the Fund
will have funds legally available for the redemption of, or is otherwise able to redeem, such shares upon written notice of redemption.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
fewer than all of the Fund&#8217;s outstanding preferred shares are to be redeemed, the Fund, at its discretion and subject to the limitations
of its Governing Documents, the 1940 Act, and applicable law, will select the one or more series of preferred shares from which shares
will be redeemed and the amount of preferred shares to be redeemed from each such series. If fewer than all preferred shares of a series
are to be redeemed, such redemption will be made as among the holders of that series pro rata in accordance with the respective number
of shares of such series held by each such holder on the record date for such redemption (or by such other equitable method as the Fund
may determine). If fewer than all the preferred shares held by any holder are to be redeemed, the notice of redemption mailed to such
holder will specify the number of shares to be redeemed from such holder, which may be expressed as a percentage of shares held on the
applicable record date.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Optional
Redemption</i>. Fixed rate preferred shares are not subject to optional redemption by the Fund until the date, if any, specified in the
applicable Prospectus or Prospectus Supplement, unless such redemption is necessary, in the judgment of the Fund, to maintain the Fund&#8217;s
status as a RIC under the Code. Commencing on such date and thereafter, the Fund may at any time redeem such fixed rate preferred shares
in whole or in part for cash at a redemption price per share equal to the liquidation preference per share plus accumulated and unpaid
distributions (whether or not earned or declared) to the redemption date plus any premium specified in or pursuant to the Statement of
Preferences. Such redemptions are subject to the notice requirements set forth under &#8220;&#8212;Redemption Procedures&#8221; below
and the limitations of the Governing Documents, the 1940 Act and applicable law.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption
Procedures</i>. If the Fund determines or is required to redeem preferred shares, it will mail a notice of redemption to holders of the
shares to be redeemed. Each notice of redemption will state (i) the redemption date, (ii) the number or percentage of preferred shares
to be redeemed (which may be expressed as a percentage of such shares outstanding), (iii) the CUSIP number(s) of such shares, (iv) the
redemption price (specifying the amount of accumulated distributions to be included therein), (v) the place or places where such shares
are to be redeemed, (vi) that dividends or distributions on the shares to be redeemed will cease to accumulate on such redemption date,
(vii) the provision of the Statement of Preferences under which the redemption is being made and (viii) in the case of an optional redemption,
any conditions precedent to such redemption. No defect in the notice of redemption or in the mailing thereof will affect the validity
of the redemption proceedings, except as required by applicable law.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
redemption date with respect to fixed rate preferred shares will not be fewer than 30 days nor more than 60 days (subject to NYSE requirements)
after the date of the applicable notice of redemption. Preferred shareholders may receive shorter notice in the event of a mandatory
redemption.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of preferred shares will not have the right to redeem any of their shares at their option except to the extent specified in the
Statement of Preferences.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--SecurityLiquidationRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zmmhfGGrgl8h" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation
Rights</i>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of preferred
shares then outstanding will be entitled to receive a preferential liquidating distribution, which is expected to equal the original
purchase price per preferred share plus accumulated and unpaid dividends, whether or not declared, before any distribution of assets
is made to holders of common shares. After payment of the full amount of the liquidating distribution to which they are entitled, the
holders of preferred shares will not be entitled to any further participation in any distribution of assets by the Fund.</span></p>

<p id="xdx_85A_zz1osWnR36Bi" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



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<p id="xdx_84C_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zSSq79Owhz06" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights. </i>Except as otherwise stated in this Prospectus, specified in the Governing Documents or resolved by the Board or as otherwise
required by applicable law, holders of preferred shares shall be entitled to one vote per share held on each matter submitted to a vote
of the shareholders of the Fund and will vote together with holders of common shares and of any other preferred shares then outstanding
as a single class.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the election of the Fund&#8217;s Trustees, holders of the outstanding preferred shares, voting together as a single class,
will be entitled at all times to elect two of the Fund&#8217;s Trustees, and the remaining Trustees will be elected by holders of common
shares and holders of preferred shares, voting together as a single class. In addition, if (i) at any time dividends and distributions
on outstanding preferred shares are unpaid in an amount equal to at least two full years&#8217; dividends and distributions thereon and
sufficient cash or specified securities have not been deposited with the applicable paying agent for the payment of such accumulated
dividends and distributions or (ii) at any time holders of any other series of preferred shares are entitled to elect a majority of the
Trustees of the Fund under the 1940 Act or the applicable Statement of Preferences creating such shares, then the number of Trustees
constituting the Board automatically will be increased by the smallest number that, when added to the two Trustees elected exclusively
by the holders of preferred shares as described above, would then constitute a simple majority of the Board as so increased by such smallest
number. Such additional Trustees will be elected by the holders of the outstanding preferred shares, voting together as a single class,
at a special meeting of shareholders which will be called as soon as practicable and will be held not less than ten nor more than twenty
days after the mailing date of the meeting notice. If the Fund fails to send such meeting notice or to call such a special meeting, the
meeting may be called by any preferred shareholder on like notice. The terms of office of the persons who are Trustees at the time of
that election will continue. If the Fund thereafter pays, or declares and sets apart for payment in full, all dividends and distributions
payable on all outstanding preferred shares for all past dividend periods or the holders of other series of preferred shares are no longer
entitled to elect such additional Trustees, the additional voting rights of the holders of the preferred shares as described above will
cease, and the terms of office of all of the additional Trustees elected by the holders of the preferred shares (but not of the Trustees
with respect to whose election the holders of common shares were entitled to vote or the two Trustees the holders of preferred shares
have the right to elect as a separate class in any event) will terminate automatically.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
1940 Act requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of
a majority of any outstanding preferred shares (as defined in the 1940 Act), voting separately as a class, would be required to (i) adopt
any plan of reorganization that would adversely affect the preferred shares, and (ii) take any action requiring a vote of security holders
under Section 13(a) of the 1940 Act, including, among other things, changes in the Fund&#8217;s classification as a closed-end investment
company to an open-end investment company or changes in its fundamental investment restrictions. As a result of these voting rights,
the Fund&#8217;s ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. Additionally,
the affirmative vote of the holders of a majority of the outstanding preferred shares (as defined in the 1940 Act), voting as a separate
class, will be required to amend, alter or repeal any of the provisions of the Statement of Preferences so as to in the aggregate adversely
affect the rights and preferences set forth in the Statement of Preferences. The class vote of holders of preferred shares described
above will in each case be in addition to any other vote required to authorize the action in question.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing voting provisions will not apply to any preferred shares if, at or prior to the time when the act with respect to which such
vote otherwise would be required will be effected, such shares will have been redeemed or called for redemption and sufficient cash or
cash equivalents provided to the applicable paying agent to effect such redemption. The holders of preferred shares will have no preemptive
rights or rights to cumulative voting.</span></p>

<p id="xdx_85B_zFpzxsTMgHRa" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limitation
on Issuance of Preferred Shares. </i>So long as the Fund has preferred shares outstanding, subject to receipt of approval from the rating
agencies of each series of preferred shares outstanding, and subject to compliance with the Fund&#8217;s investment objective, policies
and restrictions, the Fund may issue and sell shares of one or more other series of additional preferred shares provided that the Fund
will, immediately after giving effect to the issuance of such additional preferred shares and to its receipt and application of the proceeds
thereof (including, without limitation, to the redemption of preferred shares to be redeemed out of such proceeds), have an &#8220;asset
coverage&#8221; for all senior securities of the Fund which are stock, as defined in the 1940 Act, of at least 200% of the sum of the
liquidation preference of the preferred shares of the Fund then outstanding and all indebtedness of the Fund constituting senior securities
and no such additional preferred shares will have any preference or priority over any other preferred shares of the Fund upon the distribution
of the assets of the Fund or in respect of the payment of dividends or distributions.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will consider from time to time whether to offer additional preferred shares or securities representing indebtedness and may issue
such additional securities if the Board concludes that such an offering would be consistent with the Fund&#8217;s Governing Documents
and applicable law, and in the best interest of existing common shareholders.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tenders
and Repurchases</i>. In addition to the redemption provisions described herein, the Fund may also tender for or purchase preferred shares
(whether in private transactions or on the NYSE) and the Fund may subsequently resell any shares so tendered for or purchased, subject
to the provisions of the Fund&#8217;s Governing Documents and the 1940 Act.</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Book
Entry</i>. Preferred shares may be held in the name of Cede &amp; Co. as nominee for DTC. The Fund will treat Cede &amp; Co. as the holder
of record of any preferred shares issued for all purposes in this circumstance. In accordance with the procedures of DTC, however, purchasers
of preferred shares whose preferred shares are held in the name of Cede &amp; Co. as nominee for the DTC will be deemed the beneficial
owners of stock purchased for purposes of distributions, voting and liquidation rights.</span></p>

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<span></span>
</td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</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_OtherSecuritiesTableTextBlock', window );">Other Securities [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_805_ecef--OtherSecuritiesTableTextBlock_dU_zvYZaM5vKrLi" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes</span></p>

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<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General</i>.
Under applicable state law and our Agreement and Declaration of Trust, we may borrow money without prior approval of holders of common
and preferred shares. We may also issue debt securities, including notes, or other evidence of indebtedness and may secure any such notes
or borrowings by mortgaging, pledging or otherwise subjecting as security our assets to the extent permitted by the 1940 Act or rating
agency guidelines. Any borrowings, including without limitation any notes, will rank senior to the preferred shares and the common shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 1940 Act, we may only issue one class of senior securities representing indebtedness, which in the aggregate must have asset coverage
immediately after the time of issuance of at least 300%. So long as notes are outstanding, additional debt securities must rank on a
parity with notes with respect to the payment of interest and upon the distribution of our assets.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Prospectus Supplement relating to any notes will include specific terms relating to the offering. The terms to be stated in a Prospectus
Supplement will include the following:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            form and title of the security;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            aggregate principal amount of the securities;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            interest rate of the securities;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                            the interest rate for the securities will be determined by auction or remarketing;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            maturity dates on which the principal of the securities will be payable;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            frequency with which auctions or remarketings, if any, will be held;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            changes to or additional events of default or covenants;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            minimum period prior to which the securities may not be called;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            optional or mandatory call or redemption provisions;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            credit rating of the notes;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            applicable, a discussion of the material U.S. federal income tax considerations applicable
                                            to the issuance of the notes; and</span></td></tr></table>

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

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



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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other terms of the securities.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest</i>.
The Prospectus Supplement will describe the interest payment provisions relating to notes. Interest on notes will be payable when due
as described in the related Prospectus Supplement. If we do not pay interest when due, it will trigger an event of default and we will
be restricted from declaring dividends and making other distributions with respect to our common shares and preferred shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limitations</i>.
Under the requirements of the 1940 Act, immediately after issuing any notes the value of our total assets, less certain ordinary course
liabilities, must equal or exceed 300% of the amount of the notes outstanding. Other types of borrowings also may result in our being
subject to similar covenants in credit agreements.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the 1940 Act requires that we prohibit the declaration of any dividend or distribution (other than a dividend or distribution paid in
Fund common or preferred shares or in options, warrants or rights to subscribe for or purchase Fund common or preferred shares) in respect
of Fund common or preferred shares, or call for redemption, redeem, purchase or otherwise acquire for consideration any such fund common
or preferred shares, unless the Fund&#8217;s notes have asset coverage of at least 300% (200% in the case of a dividend or distribution
on preferred shares) after deducting the amount of such dividend, distribution, or acquisition price, as the case may be. These 1940
Act requirements do not apply to any promissory note or other evidence of indebtedness issued in consideration of any loan, extension,
or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed; however, any
such borrowings may result in our being subject to similar covenants in credit agreements. Moreover, the Indenture related to the notes
could contain provisions more restrictive than those required by the 1940 Act, and any such provisions would be described in the related
Prospectus Supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Events
of Default and Acceleration of Maturity of Notes. </i>Unless stated otherwise in the related Prospectus Supplement, any one of the following
events will constitute an &#8220;event of default&#8221; for that series under the Indenture relating to the notes:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
                                            in the payment of any interest upon a series of notes when it becomes due and payable and
                                            the continuance of such default for 30 days;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
                                            in the payment of the principal of, or premium on, a series of notes at its stated maturity;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
                                            in the performance, or breach, of any covenant or warranty of ours in the Indenture, and
                                            continuance of such default or breach for a period of 90 days after written notice has been
                                            given to us by the trustee;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
                                            voluntary or involuntary proceedings involving us and relating to bankruptcy, insolvency
                                            or other similar laws;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
                                            on the last business day of each of twenty-four consecutive calendar months, the notes have
                                            a 1940 Act asset coverage of less than 100%; or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other &#8220;event of default&#8221; provided with respect to a series, including a default
                                            in the payment of any redemption price payable on the redemption date.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
us. A default that relates only to one series of notes does not affect any other series and the holders of such other series of notes
will not be entitled to receive notice of such a default under the Indenture. Upon an event of default relating to bankruptcy, insolvency
or other similar laws, acceleration of maturity will occur automatically with respect to all series. At any time after a declaration
of acceleration with respect to a series of notes has been made, and before a judgment or decree for payment of the money due has been
obtained, the holders of a majority in principal amount of the outstanding notes of that series, by written notice to us and the trustee,
may rescind and annul the declaration of acceleration and its consequences if all events of default with respect to that series of notes,
other than the non-payment of the principal of that series of notes which has become due solely by such declaration of acceleration,
have been cured or waived and other conditions have been met.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation
Rights</i>. In the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or
other similar case or proceeding in connection therewith, relative to us or to our creditors, as such, or to our assets, or (b) any liquidation,
dissolution or other winding up of us, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c)
any assignment for the benefit of creditors or any other marshalling of assets and liabilities of ours, then (after any payments with
respect to any secured creditor of ours outstanding at such time) and in any such event the holders of notes shall be entitled to receive
payment in full of all amounts due or to become due on or in respect of all notes (including any interest accruing thereon after the
commencement of any such case or proceeding), or provision shall be made for such payment in cash or cash equivalents or otherwise in
a manner satisfactory to the holders of the notes, before the holders of any of our common or preferred shares are entitled to receive
any payment on account of any redemption proceeds, liquidation preference or dividends from such shares. The holders of notes shall be
entitled to receive, for application to the payment thereof, any payment or distribution of any kind or character, whether in cash, property
or securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness
of ours being subordinated to the payment of the notes, which may be payable or deliverable in respect of the notes in any such case,
proceeding, dissolution, liquidation or other winding up event.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured
creditors of ours may include, without limitation, service providers including the Investment Adviser, Custodian, administrator, auction
agent, broker-dealers and the trustee, pursuant to the terms of various contracts with us. Secured creditors of ours may include without
limitation parties entering into any interest rate swap, floor or cap transactions, or other similar transactions with us that create
liens, pledges, charges, security interests, security agreements or other encumbrances on our assets.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
consolidation, reorganization or merger of us with or into any other company, or a sale, lease or exchange of all or substantially all
of our assets in consideration for the issuance of equity securities of another company shall not be deemed to be a liquidation, dissolution
or winding up of us.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights</i>. The notes have no voting rights, except as mentioned below and to the extent required by law or as otherwise provided in
the Indenture relating to the acceleration of maturity upon the occurrence and continuance of an event of default. In connection with
the notes or certain other borrowings (if any), the 1940 Act does in certain circumstances grant to the note holders or lenders certain
voting rights. The 1940 Act requires that provision is made either (i) that, if on the last business day of each of twelve consecutive
calendar months such notes shall have an asset coverage of less than 100%, the holders of such notes voting as a class shall be entitled
to elect at least a majority of the members of the Fund&#8217;s Trustees, such voting right to continue until such notes shall have an
asset coverage of 110% or more on the last business day of each of three consecutive calendar months, or (ii) that, if on the last business
day of each of twenty-four consecutive calendar months such notes shall have an asset coverage of less than 100%, an event of default
shall be deemed to have occurred. It is expected that, unless otherwise stated in the related Prospectus Supplement, provision will be
made that, if on the last business day of each of twenty-four consecutive calendar months such notes shall have an asset coverage of
less than 100%, an event of default shall be deemed to have occurred. These 1940 Act requirements do not apply to any promissory note
or other evidence of indebtedness issued in consideration of any loan, extension, or renewal thereof, made by a bank or other person
and privately arranged, and not intended to be publicly distributed; however, any such borrowings may result in our being subject to
similar covenants in credit agreements. As reflected above, the Indenture relating to the notes may also grant to the note holders voting
rights relating to the acceleration of maturity upon the occurrence and continuance of an event of default, and any such rights would
be described in the related Prospectus Supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market</i>.
Our notes are not likely to be listed on an exchange or automated quotation system. The details on how to buy and sell such notes, along
with the other terms of the notes, will be described in a Prospectus Supplement. 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.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Book-Entry,
Delivery and Form</i>. Unless otherwise stated in the related Prospectus Supplement, the notes will be issued in book-entry form and
will be represented by one or more notes in registered global form. The global notes will be deposited with the trustee as custodian
for DTC and registered in the name of Cede &amp; Co., as nominee of DTC. DTC will maintain the notes in designated denominations through
its book-entry facilities.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Indenture, we and the trustee may treat the persons in whose names any notes, including the global notes, are registered
as the owners thereof for the purpose of receiving payments and for any and all other purposes whatsoever. Therefore, so long as DTC
or its nominee is the registered owner of the global notes, DTC or such nominee will be considered the sole holder of outstanding notes
under the Indenture. We or the trustee may give effect to any written certification, proxy or other authorization furnished by DTC or
its nominee.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"></p>



<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
global note may not be transferred except as a whole by DTC, its successors or their respective nominees. Interests of beneficial owners
in the global note may be transferred or exchanged for definitive securities in accordance with the rules and procedures of DTC. In addition,
a global note may be exchangeable for notes in definitive form if:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
                                            notifies us that it is unwilling or unable to continue as a depository and we do not appoint
                                            a successor within 60 days;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we,
                                            at our option, notify the trustee in writing that we elect to cause the issuance of notes
                                            in definitive form under the Indenture; or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            event of default has occurred and is continuing.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
each instance, upon surrender by DTC or its nominee of the global note, notes in definitive form will be issued to each person that DTC
or its nominee identifies as being the beneficial owner of the related notes.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Indenture, the holder of any global note may grant proxies and otherwise authorize any person, including its participants and persons
who may hold interests through DTC participants, to take any action which a holder is entitled to take under the Indenture.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trustee,
Transfer Agent, Registrar, Paying Agent and Redemption Agent</i>. Information regarding the trustee under the Indenture, which may also
act as transfer agent, registrar, paying agent and redemption agent with respect to our notes, will be set forth in the Prospectus Supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General.
</i>We may issue subscription rights to holders of our (i) common shares to purchase common and/or preferred shares or (ii) preferred
shares to purchase preferred shares (subject to applicable law). Subscription rights may be issued independently or together with any
other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection
with a subscription rights offering to holders of our common and/or preferred shares, we would distribute certificates evidencing the
subscription rights and a Prospectus Supplement to our common or preferred shareholders, as applicable, as of the record date that we
set for determining the shareholders eligible to receive subscription rights in such subscription rights offering.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
applicable Prospectus Supplement would describe the following terms of subscription rights in respect of which this Prospectus is being
delivered:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            period of time the offering would remain open (which will be open a minimum number of days
                                            such that all record holders would be eligible to participate in the offering and will not
                                            be open longer than 120 days);</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            title of such subscription rights;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            exercise price for such subscription rights (or method of calculation thereof);</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of such subscription rights issued in respect of each common share;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of rights required to purchase a single preferred share;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent to which such subscription rights are transferable and the market on which they may
                                            be traded if they are transferable;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            applicable, a discussion of the material U.S. federal income tax considerations applicable
                                            to the issuance or exercise of such subscription rights;</span></td></tr></table>

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

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



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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            date on which the right to exercise such subscription rights will commence, and the date
                                            on which such right will expire (subject to any extension);</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent to which such subscription rights include an over-subscription privilege with respect
                                            to unsubscribed securities and the terms of such over-subscription privilege;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            termination right we may have in connection with such subscription rights offering; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other terms of such subscription rights, including exercise, settlement and other procedures
                                            and limitations relating to the transfer and exercise of such subscription rights.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
of Subscription Rights</i>. Each subscription right would entitle the holder of the subscription right to purchase for cash such number
of shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the prospectus supplement relating
to the subscription rights offered thereby, Subscription rights would be exercisable at any time up to the close of business on the expiration
date for such subscription rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised
subscription rights would become void.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
rights would be exercisable as set forth in the prospectus supplement relating to the subscription rights offered thereby. Upon expiration
of the rights offering and the receipt of payment and the subscription rights certificate properly completed and duly executed at the
corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement we would issue, as
soon as practicable, the shares purchased as a result of such exercise. To the extent permissible under applicable law, we may determine
to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers
or through a combination of such methods, as set forth in the applicable prospectus supplement.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subscription
Rights to Purchase Common and Preferred Shares. </i>The Fund may issue subscription rights which would entitle holders to purchase both
common and preferred shares in a ratio to be set forth in the applicable Prospectus Supplement. In accordance with the 1940 Act, at least
three rights would be required to subscribe for one common share. It is expected that rights to purchase both common and preferred shares
would require holders to purchase an equal number of common and preferred shares, and would not permit holders to purchase an unequal
number of common or preferred shares, or purchase only common shares or only preferred shares. For example, such an offering might be
structured such that three rights would entitle an investor to purchase one common share and one preferred share, and such investor would
not be able to choose to purchase only a common share or only a preferred share upon the exercise of his, her or its rights.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common shares and preferred shares issued pursuant to the exercise of any such rights, however, would at all times be separately tradeable
securities. Such common and preferred shares would not be issued as a &#8220;unit&#8221; or &#8220;combination&#8221; and would not be
listed or traded as a &#8220;unit&#8221; or &#8220;combination&#8221; on a securities exchange, such as the NYSE, at any time. The applicable
Prospectus Supplement will set forth additional details regarding an offering of subscription rights to purchase common and preferred
shares.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">One
Corporate Center<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Rye<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">NY<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">10580-1422<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_CityAreaCode', window );">City Area Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">(914)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">921-5070<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">John
C. Ball<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_us-gaap_StatementClassOfStockAxis=gdl_CommonStocksMember', window );">Common Stocks [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.77<span></span>
</td>
<td class="nump">$ 7.81<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.78<span></span>
</td>
<td class="nump">8.01<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.06<span></span>
</td>
<td class="nump">10.08<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.25<span></span>
</td>
<td class="nump">$ 10.17<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(21.15%)<span></span>
</td>
<td class="num">(21.24%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(22.76%)<span></span>
</td>
<td class="num">(21.52%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.87<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">NAV Per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.17<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(22.62%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,783,440<span></span>
</td>
<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_us-gaap_StatementClassOfStockAxis=gdl_SeriesCCumulativePreferredStockMember', window );">Series C Cumulative Preferred Stock [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreference', window );">Preferred Stock Liquidating Preference</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 49.37<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">688,932<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>
</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_us-gaap_StatementClassOfStockAxis=gdl_SeriesECumulativePreferredStockMember', window );">Series E Cumulative Preferred Stock [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreference', window );">Preferred Stock Liquidating Preference</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,287,000<span></span>
</td>
<td class="nump">2,832,500<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_us-gaap_StatementClassOfStockAxis=gdl_PurchaseTransactionsMember', window );">Purchase Transactions [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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="th" style="border-bottom: 0px;"><sup></sup></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>
</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_us-gaap_StatementClassOfStockAxis=gdl_OneTtimeFeeForDepositOfShareCertificatesMember', window );">One-time Fee for Deposit of Share Certificates [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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="th" style="border-bottom: 0px;"><sup></sup></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>
</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_us-gaap_StatementClassOfStockAxis=gdl_PreferredStocksMember', window );">Preferred Stocks [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_SecurityDividendsTextBlock', window );">Security Dividends [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_846_ecef--SecurityDividendsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zNi4eM6yINeh" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Distributions</i>.
Holders of any fixed rate preferred shares are or will be entitled to receive, when, as and if declared by the Board, out of funds legally
available therefor, cumulative cash distributions, at an annual rate set forth in the applicable Statement of Preferences or Prospectus
Supplement, payable with such frequency as set forth in the applicable Statement of Preferences or Prospectus Supplement. Such distributions
will accumulate from the date on which such shares are issued.</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>
</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_SecurityVotingRightsTextBlock', window );">Security Voting Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_84C_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zSSq79Owhz06" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights. </i>Except as otherwise stated in this Prospectus, specified in the Governing Documents or resolved by the Board or as otherwise
required by applicable law, holders of preferred shares shall be entitled to one vote per share held on each matter submitted to a vote
of the shareholders of the Fund and will vote together with holders of common shares and of any other preferred shares then outstanding
as a single class.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the election of the Fund&#8217;s Trustees, holders of the outstanding preferred shares, voting together as a single class,
will be entitled at all times to elect two of the Fund&#8217;s Trustees, and the remaining Trustees will be elected by holders of common
shares and holders of preferred shares, voting together as a single class. In addition, if (i) at any time dividends and distributions
on outstanding preferred shares are unpaid in an amount equal to at least two full years&#8217; dividends and distributions thereon and
sufficient cash or specified securities have not been deposited with the applicable paying agent for the payment of such accumulated
dividends and distributions or (ii) at any time holders of any other series of preferred shares are entitled to elect a majority of the
Trustees of the Fund under the 1940 Act or the applicable Statement of Preferences creating such shares, then the number of Trustees
constituting the Board automatically will be increased by the smallest number that, when added to the two Trustees elected exclusively
by the holders of preferred shares as described above, would then constitute a simple majority of the Board as so increased by such smallest
number. Such additional Trustees will be elected by the holders of the outstanding preferred shares, voting together as a single class,
at a special meeting of shareholders which will be called as soon as practicable and will be held not less than ten nor more than twenty
days after the mailing date of the meeting notice. If the Fund fails to send such meeting notice or to call such a special meeting, the
meeting may be called by any preferred shareholder on like notice. The terms of office of the persons who are Trustees at the time of
that election will continue. If the Fund thereafter pays, or declares and sets apart for payment in full, all dividends and distributions
payable on all outstanding preferred shares for all past dividend periods or the holders of other series of preferred shares are no longer
entitled to elect such additional Trustees, the additional voting rights of the holders of the preferred shares as described above will
cease, and the terms of office of all of the additional Trustees elected by the holders of the preferred shares (but not of the Trustees
with respect to whose election the holders of common shares were entitled to vote or the two Trustees the holders of preferred shares
have the right to elect as a separate class in any event) will terminate automatically.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
1940 Act requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of
a majority of any outstanding preferred shares (as defined in the 1940 Act), voting separately as a class, would be required to (i) adopt
any plan of reorganization that would adversely affect the preferred shares, and (ii) take any action requiring a vote of security holders
under Section 13(a) of the 1940 Act, including, among other things, changes in the Fund&#8217;s classification as a closed-end investment
company to an open-end investment company or changes in its fundamental investment restrictions. As a result of these voting rights,
the Fund&#8217;s ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. Additionally,
the affirmative vote of the holders of a majority of the outstanding preferred shares (as defined in the 1940 Act), voting as a separate
class, will be required to amend, alter or repeal any of the provisions of the Statement of Preferences so as to in the aggregate adversely
affect the rights and preferences set forth in the Statement of Preferences. The class vote of holders of preferred shares described
above will in each case be in addition to any other vote required to authorize the action in question.</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing voting provisions will not apply to any preferred shares if, at or prior to the time when the act with respect to which such
vote otherwise would be required will be effected, such shares will have been redeemed or called for redemption and sufficient cash or
cash equivalents provided to the applicable paying agent to effect such redemption. The holders of preferred shares will have no preemptive
rights or rights to cumulative voting.</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>
</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_SecurityLiquidationRightsTextBlock', window );">Security Liquidation Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_849_ecef--SecurityLiquidationRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zmmhfGGrgl8h" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation
Rights</i>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of preferred
shares then outstanding will be entitled to receive a preferential liquidating distribution, which is expected to equal the original
purchase price per preferred share plus accumulated and unpaid dividends, whether or not declared, before any distribution of assets
is made to holders of common shares. After payment of the full amount of the liquidating distribution to which they are entitled, the
holders of preferred shares will not be entitled to any further participation in any distribution of assets by the Fund.</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>
</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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_84E_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zoysBKwK5Wd1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restrictions
on Dividends and Other Distributions for the Preferred Shares. </i>So long as any preferred shares are outstanding, the Fund may not
pay any dividend or distribution (other than a dividend or distribution paid in common shares or in options, warrants or rights to subscribe
for or purchase common shares) in respect of the common shares or call for redemption, redeem, purchase or otherwise acquire for consideration
any common shares (except by conversion into or exchange for shares of the Fund ranking junior to the preferred shares as to the payment
of dividends or distributions and the distribution of assets upon liquidation), unless:</span></p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund has declared and paid (or provided to the relevant dividend paying agent) all cumulative
                                            distributions on the Fund&#8217;s outstanding preferred shares due on or prior to the date
                                            of such common share dividend or distribution;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund has redeemed the full number of preferred shares to be redeemed pursuant to any mandatory
                                            redemption provision in the Fund&#8217;s Governing Documents; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,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: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after
                                            making the distribution, the Fund meets applicable asset coverage requirements described
                                            under &#8220;&#8212;Asset Maintenance Requirements.&#8221;</span></td></tr></table>

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

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
complete distribution due for a particular dividend period will be declared or made on any series of preferred shares for any dividend
period, or part thereof, unless full cumulative distributions due through the most recent dividend payment dates therefor for all outstanding
series of preferred shares of the Fund ranking on a parity with such series as to distributions have been or contemporaneously are declared
and made. If full cumulative distributions due have not been made on all outstanding preferred shares of the Fund ranking on a parity
with such series of preferred shares as to the payment of distributions, any distributions being paid on the preferred shares will be
paid as nearly pro rata as possible in proportion to the respective amounts of distributions accumulated but unmade on each such series
of preferred shares on the relevant dividend payment date. The Fund&#8217;s obligation to make distributions on the preferred shares
will be subordinate to its obligations to pay interest and principal, when due, on any of the Fund&#8217;s senior securities representing
debt.</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>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span id="xdx_901_ecef--OtherTransactionFeesNoteTextBlock_c20240705__20240705_zDaVSQi1aT69">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>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">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.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span id="xdx_905_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20240705__20240705_z47kRbhkNODb">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>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">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;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Based on year ended December 31, 2023. 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 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.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top"><span id="xdx_90D_ecef--OtherExpensesNoteTextBlock_c20240705__20240705_zalaDn1RwoPf">&#8220;Other Expenses&#8221; are based on estimated amounts for the current year.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_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_BusinessDevelopmentCompanyFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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></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_BusinessDevelopmentCompanyFlag</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: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_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_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IncentiveFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_IncentiveFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InterestExpensesOnBorrowingsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InterestExpensesOnBorrowingsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IntervalFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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></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_IntervalFundFlag</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: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_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NewCefOrBdcRegistrantFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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></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_NewCefOrBdcRegistrantFlag</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: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_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 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_OtherSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionFeesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionFeesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_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_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_PrimaryShelfFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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></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_PrimaryShelfFlag</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: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_cef_PrimaryShelfQualifiedFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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></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_PrimaryShelfQualifiedFlag</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: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_cef_RegisteredClosedEndFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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></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_RegisteredClosedEndFundFlag</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: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_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_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_SecurityDividendsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 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_SecurityDividendsTextBlock</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_SecurityLiquidationRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 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_SecurityLiquidationRightsTextBlock</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_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_SeniorSecuritiesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Instruction 1<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 1<br> -Paragraph 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_SeniorSecuritiesNoteTextBlock</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_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecurities462b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Securities Act<br> -Number 230<br> -Section 462<br> -Subsection 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;">dei_AdditionalSecurities462b</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_AdditionalSecuritiesEffective413b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Securities Act<br> -Number 230<br> -Section 413<br> -Subsection 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;">dei_AdditionalSecuritiesEffective413b</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_AmendmentDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Description of changes contained within amended document.</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_AmendmentDescription</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>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_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_ApproximateDateOfCommencementOfProposedSaleToThePublic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 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.</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_ApproximateDateOfCommencementOfProposedSaleToThePublic</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:dateOrAsapItemType</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_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Area code of city</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_CityAreaCode</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_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Name of contact personnel</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_ContactPersonnelName</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_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_DelayedOrContinuousOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-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;">dei_DelayedOrContinuousOffering</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_DividendOrInterestReinvestmentPlanOnly">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-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;">dei_DividendOrInterestReinvestmentPlanOnly</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_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 only for a form used as a registration statement.</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></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_DocumentRegistrationStatement</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_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_EffectiveUponFiling462e">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Securities Act<br> -Number 230<br> -Section 462<br> -Subsection e<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_EffectiveUponFiling462e</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_EffectiveWhenDeclaredSection8c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Securities Act<br> -Section 8<br> -Subsection 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;">dei_EffectiveWhenDeclaredSection8c</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_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Address Line 1 such as Attn, Building Name, Street Name</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_EntityAddressAddressLine1</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_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Name of the City or Town</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_EntityAddressCityOrTown</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_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Code for the postal or zip code</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_EntityAddressPostalZipCode</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_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Name of the state or province.</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_EntityAddressStateOrProvince</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:stateOrProvinceItemType</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_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Indicate if registrant meets the emerging growth company criteria.</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_EntityEmergingGrowthCompany</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_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>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.</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_EntityFileNumber</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:fileNumberItemType</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_EntityInvCompanyType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>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).</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 Regulation S-T<br> -Number 232<br> -Section 313<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_EntityInvCompanyType</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:invCompanyType</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_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>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.</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 Securities Act<br> -Number 230<br> -Section 405<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_EntityWellKnownSeasonedIssuer</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:yesNoItemType</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_ExhibitsOnly462d">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Securities Act<br> -Number 230<br> -Section 462<br> -Subsection 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;">dei_ExhibitsOnly462d</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_InvestmentCompanyActFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-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;">dei_InvestmentCompanyActFileNumber</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:fileNumberItemType</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_InvestmentCompanyActRegistration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Investment Company Act<br> -Number 270<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_InvestmentCompanyActRegistration</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_InvestmentCompanyRegistrationAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Investment Company Act<br> -Number 270<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_InvestmentCompanyRegistrationAmendment</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_InvestmentCompanyRegistrationAmendmentNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Investment Company Act<br> -Number 270<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_InvestmentCompanyRegistrationAmendmentNumber</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:sequenceNumberItemType</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_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Local phone number for entity.</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_LocalPhoneNumber</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_dei_NewEffectiveDateForPreviousFiling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-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;">dei_NewEffectiveDateForPreviousFiling</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_NoSubstantiveChanges462c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Securities Act<br> -Number 230<br> -Section 462<br> -Subsection 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;">dei_NoSubstantiveChanges462c</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_PostEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Exchange Act<br> -Number 240<br> -Section 12<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_PostEffectiveAmendment</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_PreEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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 Exchange Act<br> -Number 240<br> -Section 12<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_PreEffectiveAmendment</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_PreEffectiveAmendmentNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>Amendment number to registration statement under the Securities Act of 1933 before the registration becomes effective.</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></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_PreEffectiveAmendmentNumber</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:sequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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    &lt;td style="font-weight: bold; font-style: italic"&gt;Shareholder Transaction Expenses&lt;/td&gt;&lt;td style="font-size: 12pt"&gt;&#160;&lt;/td&gt;
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    &lt;td style="color: #1D1D1B; text-align: left; text-indent: -9pt; padding-left: 9.25pt"&gt;Sales Load (as a percentage of offering price)&lt;/td&gt;&lt;td style="color: #1D1D1B"&gt;&#160;&lt;/td&gt;
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    &lt;td style="text-align: left; color: #1D1D1B"&gt;Offering Expenses Borne by the Fund (as a percentage of offering price)&lt;/td&gt;&lt;td style="color: #1D1D1B"&gt;&#160;&lt;/td&gt;
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    &lt;td style="padding-left: 20pt; color: #1D1D1B; text-align: left"&gt;One-time Fee for Deposit of Share Certificates&lt;/td&gt;&lt;td style="color: #1D1D1B"&gt;&#160;&lt;/td&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

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    &lt;td style="border-bottom: black 1pt solid; text-align: center; width: 78%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;&lt;b&gt;Annual Expenses&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
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    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;Base Management Fee&lt;/span&gt;&lt;/td&gt;
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    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;Performance Fee&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;span style="font-size: 10pt; color: #1D1D1B"&gt;0.77&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap"&gt;&lt;span id="xdx_F46_z4nrkDXJpgLj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;%(d)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;Interest Expense&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;span style="font-size: 10pt; color: #1D1D1B"&gt;2.34&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap"&gt;&lt;span id="xdx_F4A_zhz5QP2ntUMf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;%(e)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;span style="font-size: 10pt; color: #1D1D1B"&gt;0.81&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; white-space: nowrap"&gt;&lt;span id="xdx_F47_zXMsOq9KdJMi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;%(f)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecef--TotalAnnualExpensesPercent_i01T_dp_zRG57BkTjt04" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;Total Annual Expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif"&gt;&#160;&lt;span style="font-size: 10pt; color: #1D1D1B"&gt;4.70&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1B"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 0in"&gt;&lt;/td&gt;
    &lt;td style="width: 0.25in"&gt;&lt;span id="xdx_F0C_zxpre9RL2rJ4" style="font-size: 10pt; color: #1D1D1B"&gt;(c)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span id="xdx_F11_zr2153fmPEZi" style="font-size: 10pt; color: #1D1D1B"&gt;&lt;span id="xdx_905_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20240705__20240705_z47kRbhkNODb"&gt;The base fee rate charged by the Investment Adviser is an annual rate of 0.50% of the Fund&#x2019;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&#x2019;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.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 0in"&gt;&lt;/td&gt;
    &lt;td style="width: 0.25in"&gt;&lt;span id="xdx_F0D_zz6utXb9ZaU2" style="font-size: 10pt"&gt;(d)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span id="xdx_F1D_zr61gPCMHTY1" style="font-size: 10pt"&gt;Based on year ended December 31, 2023. 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 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 &#x201c;T-Bill Index&#x201d;) during the same period. If the Fund&#x2019;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&#x2019;s average weekly managed assets during the calendar year measurement period for the Fund&#x2019;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&#x2019;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&#x2019;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&#x2019;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&#x2019;s average weekly managed assets.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 0in"&gt;&lt;/td&gt;
    &lt;td style="width: 0.25in"&gt;&lt;span id="xdx_F01_zpEkQMfoe1O" style="font-size: 10pt; color: #1D1D1B"&gt;(e)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 1pt; text-align: justify"&gt;&lt;span id="xdx_F10_zQgs7JHZ4bB4" style="font-size: 10pt; color: #1D1D1B"&gt;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 &#x201c;Interest Expense.&#x201d;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 0in"&gt;&lt;/td&gt;
    &lt;td style="width: 0.25in"&gt;&lt;span id="xdx_F01_zazjzBxlle36" style="font-size: 10pt; color: #1D1D1B"&gt;(f)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;span id="xdx_F12_zXwfs8hupuva" style="font-size: 10pt; color: #1D1D1B"&gt;&lt;span id="xdx_90D_ecef--OtherExpensesNoteTextBlock_c20240705__20240705_zalaDn1RwoPf"&gt;&#x201c;Other Expenses&#x201d; are based on estimated amounts for the current year.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;</cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="AsOf2024-07-05"
      decimals="INF"
      id="Fact000078"
      unitRef="Ratio">0.0078</cef:ManagementFeesPercent>
    <cef:IncentiveFeesPercent
      contextRef="AsOf2024-07-05"
      decimals="INF"
      id="Fact000080"
      unitRef="Ratio">0.0077</cef:IncentiveFeesPercent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="AsOf2024-07-05"
      decimals="INF"
      id="Fact000082"
      unitRef="Ratio">0.0234</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="AsOf2024-07-05"
      decimals="INF"
      id="Fact000084"
      unitRef="Ratio">0.0081</cef:OtherAnnualExpensesPercent>
    <cef:TotalAnnualExpensesPercent
      contextRef="AsOf2024-07-05"
      decimals="INF"
      id="Fact000086"
      unitRef="Ratio">0.0470</cef:TotalAnnualExpensesPercent>
    <cef:OtherTransactionFeesNoteTextBlock contextRef="AsOf2024-07-05" id="Fact000088">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.</cef:OtherTransactionFeesNoteTextBlock>
    <cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock contextRef="AsOf2024-07-05" id="Fact000091">The base fee rate charged by the Investment Adviser is an annual rate of 0.50% of the Fund&#x2019;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&#x2019;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.</cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock>
    <cef:OtherExpensesNoteTextBlock contextRef="AsOf2024-07-05" id="Fact000095">&#x201c;Other Expenses&#x201d; are based on estimated amounts for the current year.</cef:OtherExpensesNoteTextBlock>
    <cef:ExpenseExampleTableTextBlock contextRef="AsOf2024-07-05" id="Fact000097">&lt;p id="xdx_802_ecef--ExpenseExampleTableTextBlock_dU_zKpDdvDRJKq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify; color: #1D1D1B"&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;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1pt 0 0; text-align: justify; color: #1D1D1B"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-size: 12pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_481_ecef--ExpenseExampleYear01_z56V47rB8qg3" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"&gt;1 Year&lt;/td&gt;&lt;td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_48E_ecef--ExpenseExampleYears1to3_zMMXmR0WD64" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"&gt;3 Year&lt;/td&gt;&lt;td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_484_ecef--ExpenseExampleYears1to5_z7g4vzUKj071" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"&gt;5 Year&lt;/td&gt;&lt;td style="color: #1D1D1B; font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_484_ecef--ExpenseExampleYears1to10_zPv3fo2lGkH2" style="border-bottom: Black 1pt solid; color: #1D1D1B; font-weight: bold; text-align: center"&gt;10 Year&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_411_20240705__20240705_zb0qxRLZnTBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 40%; color: #1D1D1B; text-align: left"&gt;Total Expenses Incurred&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; color: #1D1D1B; text-align: right"&gt;47&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; color: #1D1D1B; text-align: right"&gt;142&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; color: #1D1D1B; text-align: right"&gt;237&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; color: #1D1D1B; text-align: right"&gt;477&lt;/td&gt;&lt;td style="width: 1%; color: #1D1D1B; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 0%"&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;span style="font-size: 10pt; color: #1D1D1B"&gt;*&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; width: 98%"&gt;&lt;span style="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;
</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="AsOf2024-07-05"
      decimals="0"
      id="Fact000098"
      unitRef="USD">47</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="AsOf2024-07-05"
      decimals="0"
      id="Fact000099"
      unitRef="USD">142</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="AsOf2024-07-05"
      decimals="0"
      id="Fact000100"
      unitRef="USD">237</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="AsOf2024-07-05"
      decimals="0"
      id="Fact000101"
      unitRef="USD">477</cef:ExpenseExampleYears1to10>
    <cef:SharePriceTableTextBlock contextRef="AsOf2024-07-05" id="Fact000103">&lt;p id="xdx_805_ecef--SharePriceTableTextBlock_dU_zqxpaOeasMgi" style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0in"&gt;The information contained under
the heading &#x201c;Additional Fund Information&#x2014;Summary of Fund Expenses&#x201d; in the &lt;a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001378701/000182912624001446/gdl_ncsr.htm"&gt;Annual Report&lt;/a&gt;
is incorporated herein by reference. The following table sets forth for the quarters indicated, the high and low sale prices on the NYSE
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. &#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-size: 12pt"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_481_ecef--HighestPriceOrBid_d0_hus-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zAFBd8YS8m5l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_487_ecef--LowestPriceOrBid_d0_hus-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_z5W46GXsP8Hb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_48A_ecef--HighestPriceOrBidNav_d0_hus-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zppSTNlq00El" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_488_ecef--LowestPriceOrBidNav_d0_hus-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_z8RZi3VN8I83" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_483_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp0_hus-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zKv9wJoXqq62" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="5" id="xdx_483_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp0_hus-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zNiK4ZzWRIkg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-size: 12pt"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Market&#160;Price&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Corresponding&#160;Net&#160;Asset&lt;br/&gt; Value&#160;(&#x201c;NAV&#x201d;)&#160;Per&#160;Share&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Corresponding&#160;Premium&#160;or&lt;br/&gt; Discount&#160;as&#160;a&#160;%&#160;of&#160;NAV&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Quarter Ended&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;High&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Low&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;High&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Low&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;High&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Low&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41B_20240101__20240331_zY9oRVeQjIpa" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 33%; text-indent: -12pt; padding-left: 12pt"&gt;March 31, 2024&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 1%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;8.01&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 1%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;7.81&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 1%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;10.17&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 1%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;10.08&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;(21.24)&lt;/td&gt;&lt;td style="width: 1%"&gt;%&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;(21.52)&lt;/td&gt;
    &lt;td style="width: 1%"&gt;%&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41B_20240401__20240630_zVWcBpmmYbBg" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -12pt; padding-left: 12pt"&gt;June 30, 2024&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;7.78&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;7.77&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;10.25&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;10.06&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(21.15)&lt;/td&gt;&lt;td&gt;%&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(22.76)&lt;/td&gt;
    &lt;td&gt;%&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0in"&gt;The last reported price for
our common shares on July 2, 2024 was $&lt;span id="xdx_903_eus-gaap--SharePrice_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zwlvkuU5lJ7h"&gt;7.87&lt;/span&gt; per share. As of July 2, 2024, the net asset value per share of the Fund&#x2019;s common
shares was $&lt;span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_d0_c20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_zsPMmsish7v3"&gt;10.17&lt;/span&gt;. Accordingly, the Fund&#x2019;s common shares traded at a discount to net asset value of (&lt;span id="xdx_900_ecef--LatestPremiumDiscountToNavPercent_iN_dpi0_c20240702__20240702__us-gaap--StatementClassOfStockAxis__custom--CommonStocksMember_z5UaoUh8BX4f"&gt;22.62&lt;/span&gt;)% on July 2, 2024.&lt;/p&gt;

</cef:SharePriceTableTextBlock>
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      contextRef="From2024-01-012024-03-31_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000104"
      unitRef="USDPShares">8.01</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2024-01-012024-03-31_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000105"
      unitRef="USDPShares">7.81</cef:LowestPriceOrBid>
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      contextRef="From2024-01-012024-03-31_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000106"
      unitRef="USDPShares">10.17</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2024-01-012024-03-31_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000107"
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    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-01-012024-03-31_custom_CommonStocksMember"
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      id="Fact000108"
      unitRef="Ratio">-0.2124</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-01-012024-03-31_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000109"
      unitRef="Ratio">-0.2152</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2024-04-012024-06-30_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000110"
      unitRef="USDPShares">7.78</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2024-04-012024-06-30_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000111"
      unitRef="USDPShares">7.77</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2024-04-012024-06-30_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000112"
      unitRef="USDPShares">10.25</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2024-04-012024-06-30_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000113"
      unitRef="USDPShares">10.06</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-04-012024-06-30_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000114"
      unitRef="Ratio">-0.2115</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-04-012024-06-30_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000115"
      unitRef="Ratio">-0.2276</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <us-gaap:SharePrice
      contextRef="AsOf2024-07-02_custom_CommonStocksMember"
      decimals="INF"
      id="Fact000116"
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    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2024-07-02_custom_CommonStocksMember"
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      id="Fact000117"
      unitRef="USDPShares">10.17</us-gaap:NetAssetValuePerShare>
    <cef:LatestPremiumDiscountToNavPercent
      contextRef="From2024-07-022024-07-02_custom_CommonStocksMember"
      decimals="INF"
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    <cef:SeniorSecuritiesNoteTextBlock contextRef="AsOf2024-07-05" id="Fact000120">&lt;p id="xdx_80F_ecef--SeniorSecuritiesNoteTextBlock_dU_zNHc3X8zn2m9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"&gt;&lt;span style="text-transform: uppercase"&gt;&lt;b&gt;&lt;span id="e_003"&gt;&lt;/span&gt;SENIOR
SECURITIES&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"&gt;&lt;span style="text-transform: uppercase"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;The information contained
under the headings &#x201c;Financial Highlights&#x201d; and &#x201c;Additional Fund Information&#x2014;Summary of Fund Expenses&#x2014;Selected
data for a common share outstanding throughout each year&#x201d; in the Annual Report is incorporated herein by reference. The information
contained under such headings in the Annual Report concerning the Fund&#x2019;s outstanding senior securities for the fiscal years ended
December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019 is derived from the Fund&#x2019;s financial
statements audited by Ernst &amp;amp; Young, independent registered public accounting firm for the Fund, whose report on such financial statements,
together with the financial statements of the Fund, are included in the Annual Report and are incorporated by reference herein.&#160;&lt;/p&gt;

</cef:SeniorSecuritiesNoteTextBlock>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="AsOf2024-07-05" id="Fact000122">&lt;p id="xdx_800_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zZlZRvQPetPl" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="gdln2pro005"&gt;&lt;/span&gt;INVESTMENT
OBJECTIVE AND POLICIES&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investment
Objective and Policies&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, 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 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, 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 and in the SAI 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, 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: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
information contained under the headings &#x201c;Additional Fund Information&#x2014;Investment Objectives and Policies&#x201d; in the Fund&#x2019;s
Annual Report is incorporated herein by reference.&lt;/span&gt;&lt;/p&gt;

</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskFactorsTableTextBlock contextRef="AsOf2024-07-05" id="Fact000124">&lt;p id="xdx_80D_ecef--RiskFactorsTableTextBlock_dU_zz65LRLn12Ek" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="gdln2pro006"&gt;&lt;/span&gt;RISK
FACTORS AND SPECIAL CONSIDERATIONS&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
information contained under the heading &#x201c;Additional Fund Information&#x2014;Risk Factors and Special Considerations&#x201d; in the
Fund&#x2019;s Annual Report is incorporated herein by reference.&lt;/span&gt;&lt;/p&gt;

</cef:RiskFactorsTableTextBlock>
    <cef:CapitalStockTableTextBlock contextRef="AsOf2024-07-05" id="Fact000126">&lt;p id="xdx_80B_ecef--CapitalStockTableTextBlock_dU_z1Sym628Kqbl" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Common
Shares&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund is an unincorporated statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust dated as of October
17, 2006. The Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.001 per share. Each
common share has one vote and, when issued and paid for in accordance with the terms of the applicable offering, will be fully paid and
non-assessable. Though the Fund expects to pay distributions quarterly on the common shares, it is not obligated to do so. All common
shares are equal as to distributions, assets and voting privileges and have no conversion, preemptive or other subscription rights. The
Fund will send annual and semiannual reports, including financial statements, to all holders of its shares. In the event of liquidation,
each of the Fund&#x2019;s common shares is entitled to its proportion of the Fund&#x2019;s assets after payment of debts and expenses and
the amounts payable to holders of the Fund&#x2019;s preferred shares ranking senior to the Fund&#x2019;s common shares as described below.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Offerings
of shares require approval by the Board. Any additional offering of common shares will be subject to the requirements of the 1940 Act,
which provides that common shares may not be issued at a price below the then current net asset value, exclusive of sales load, except
in connection with an offering to existing holders of common shares or with the consent of a majority of the Fund&#x2019;s common shareholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s outstanding common shares have been listed and traded on the NYSE under the symbol &#x201c;GDL&#x201d; since January 29, 2007.
The Fund&#x2019;s common shares have historically traded at a discount to the Fund&#x2019;s net asset value. Since the Fund commenced trading
on the NYSE, the Fund&#x2019;s common shares have traded at a discount to net asset value as low as (32.86)% and a premium as high as
9.74%. The average weekly trading volume of the common shares on the NYSE during the period from January 1, 2023 through December 31,
2023 was 79,606 shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unlike
open-end funds, closed-end funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder
determines to buy additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the
NYSE or otherwise.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shares
of closed-end investment companies often trade on an exchange at prices lower than net asset value. Because the market value of the common
shares may be influenced by such factors as dividend and distribution levels (which are in turn affected by expenses), dividend and distribution
stability, net asset value, market liquidity, relative demand for and supply of such shares in the market, unrealized gains, general
market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure you that common shares will trade
at a price equal to or higher than net asset value in the future. The common shares are designed primarily for long term investors and
you should not purchase the common shares if you intend to sell them soon after purchase.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Subject
to the rights of the outstanding preferred shares, the Fund&#x2019;s common shareholders vote as a single class to elect the Board and
on additional matters with respect to which the 1940 Act, Delaware law, the Governing Documents or resolutions adopted by the Trustees
provide for a vote of the Fund&#x2019;s common shareholders. See &#x201c;Anti-Takeover Provisions of the Fund&#x2019;s Governing Documents.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund is a diversified, closed-end management investment company and as such its shareholders do not, and will not, have the right to
require the Fund to repurchase their shares. The Fund, however, may repurchase its common shares from time to time as and when it deems
such a repurchase advisable, subject to maintaining required asset coverage for each series of outstanding preferred shares. The Board
has authorized such repurchases to be made when the Fund&#x2019;s common shares are trading at a discount from net asset value of 7.5%
or more (or such other percentage as the Board may determine from time to time). Through December 31, 2023, the Fund has repurchased
966,858 common shares under this authorization. Pursuant to the 1940 Act, the Fund may repurchase its common shares on a securities exchange
(provided that the Fund has informed its shareholders within the preceding six months of its intention to repurchase such shares) or
pursuant to tenders and may also repurchase shares privately if the Fund meets certain conditions regarding, among other things, distribution
of net income for the preceding fiscal year, status of the seller, price paid, brokerage commissions, prior notice to shareholders of
an intention to repurchase shares and purchasing in a manner and on a basis that does not discriminate unfairly against the other shareholders
through their interest in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;When
the Fund repurchases its common shares for a price below net asset value, the net asset value of the common shares that remain outstanding
will be enhanced, but this does not necessarily mean that the market price of the outstanding common shares will be affected, either
positively or negatively. The repurchase of common shares will reduce the total assets of the Fund available for investment and may increase
the Fund&#x2019;s expense ratio. In total through December 31, 2023, the Fund repurchased and retired 9,348,125 common shares in the open
market at an average investment of $9.36 and at an average discount of approximately 17.2% from the Fund&#x2019;s net asset value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Book
Entry. &lt;/i&gt;The common shares will initially be held in the name of Cede &amp;amp; Co. as nominee for the Depository Trust Company (&#x201c;DTC&#x201d;).
The Fund will treat Cede &amp;amp; Co. as the holder of record of the common shares for all purposes. In accordance with the procedures of
DTC, however, purchasers of common shares will be deemed the beneficial owners of shares purchased for purposes of distributions, voting
and liquidation rights.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Preferred
Shares&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Agreement and Declaration of Trust provides that the Board may authorize and issue senior securities with rights as determined by the
Board, by action of the Board without the approval of the holders of the common shares. Holders of common shares have no preemptive right
to purchase any senior securities that might be issued.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Currently
an unlimited number of the Fund&#x2019;s shares have been classified by the Board as preferred shares, par value $0.001 per share. The
terms of such preferred shares may be fixed by the Board and would materially limit and/or qualify the rights of the holders of the Fund&#x2019;s
common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December 31, 2023, the Fund had outstanding &lt;span id="xdx_905_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesCCumulativePreferredStockMember_zF7cg7HM5xzd"&gt;688,932&lt;/span&gt; Series C Preferred Shares, which are senior securities of the Fund. On March 26,
2020, 1,935,093 Series C Preferred Shares were put back to the Fund at the liquidation value of $96,754,650, plus accumulated and unpaid
dividends. Distributions on the Series C Preferred Shares, which are fixed rate preferred shares, currently accumulate at an annual rate
of 4.00% of the liquidation preference of $50 per share, are cumulative from the date of original issuance thereof, and are payable quarterly
on March 26, June 26, September 26 and December 26 of each year (each, a &#x201c;Dividend Payment Date&#x201d;). As used herein, each period
beginning on and including a Dividend Payment Date and ending on but excluding the next succeeding Dividend Payment Date is referred
to as a &#x201c;Dividend Period.&#x201d; The Dividend Period beginning on the date of original issue, which constitutes the first Dividend
Period, together with the next three Dividend Periods, are referred to herein as &#x201c;Year 1,&#x201d; the next four Dividend Periods
are referred to as &#x201c;Year 2,&#x201d; and so on. The Series C Preferred Shares paid distributions at an annualized rate of 4.00% 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 Board announced a reset fixed dividend rate of 4.00% that will apply for the next eight quarterly dividend periods (Year
2 and Year 3). On March 1, 2021, the Board continued the 4.00% dividend rate for Series C Preferred Shares through the mandatory redemption
date of March 26, 2025. The Series C Preferred Shares are not rated by any rating agency.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may redeem all or any part of the Series C Preferred, upon not less than 30 nor more than 60 days&#x2019; prior notice, at the liquidation
preference of $50 per share, plus any accumulated and unpaid dividends if such redemption is necessary, in the judgment of the Board,
to maintain the Fund&#x2019;s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended
(the &#x201c;Code&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of December 31, 2023, the Fund had outstanding &lt;span id="xdx_904_ecef--OutstandingSecurityNotHeldShares_c20231231__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesECumulativePreferredStockMember_zlAqGLM5Yzel"&gt;2,832,500&lt;/span&gt; Series E Preferred Shares, which are senior securities of the Fund. On March
26, 2023, 667,500 shares of Series E Preferred were put back to the Fund at their liquidation preference of $10 per share, plus accrued
and unpaid dividends. Distributions on the Series E Preferred Shares, which are fixed rate preferred shares, currently accumulate at
an annual rate of 5.20% of the liquidation preference of $10 per share, are cumulative from the date of original issuance thereof, and
are payable quarterly on each Dividend Payment Date. The Series E Preferred Shares paid distributions at an annualized rate of 4.00%
on the $10 per share liquidation preference for the quarterly dividend periods ended on or prior to March 26, 2023 (Year 1). Notwithstanding
the foregoing, effective January 19, 2023, the Board increased the dividend rate on the Series E Preferred Shares to an annual rate of
5.20% based on the liquidation preference of the Series E Preferred Shares. The Series E Preferred Shares have a mandatory redemption
date of March 26, 2025.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Series E Preferred Shares may be subject to optional redemption by the Fund if such redemption is necessary, in the judgment of the Board,
to maintain the Fund&#x2019;s status as a regulated investment company under Subchapter M of the Code.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Series C Preferred Shares are listed and traded on the NYSE under the symbol &#x201c;GDL Pr C.&#x201d; The Series E Preferred Shares are
not listed on an exchange.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the Fund publicly issues additional preferred shares, it will pay dividends to the holders of the preferred shares at a fixed rate, as
described in a Prospectus Supplement accompanying each preferred share offering.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Upon
a liquidation, each holder of the preferred shares will be entitled to receive out of the assets of the Fund available for distribution
to shareholders (after payment of claims of the Fund&#x2019;s creditors but before any distributions with respect to the Fund&#x2019;s
common shares or any other shares of the Fund ranking junior to the preferred shares as to liquidation payments) an amount per share
equal to such share&#x2019;s liquidation preference plus any accumulated but unpaid distributions (whether or not earned or declared,
excluding interest thereon) to the date of distribution, and such shareholders shall be entitled to no further participation in any distribution
or payment in connection with such liquidation. Each series of the preferred shares will rank on a parity with any other series of preferred
shares of the Fund as to the payment of distributions and the distribution of assets upon liquidation, and will be junior to the Fund&#x2019;s
obligations with respect to any outstanding senior securities representing debt. The preferred shares carry one vote per share on all
matters on which such shares are entitled to vote. The preferred shares will, upon issuance, be fully paid and nonassessable and will
have no preemptive, exchange or conversion rights. The Board may by resolution classify or reclassify any authorized but unissued capital
shares of the Fund from time to time by setting or changing the preferences, conversion or other rights, voting powers, restrictions,
limitations as to distributions or terms or conditions of redemption. The Fund will not issue any class of shares senior to the preferred
shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Redemption,
Purchase and Sale of Preferred Shares By the Fund. &lt;/i&gt;The terms of any preferred shares are expected to provide that (i) they are redeemable
by the Fund at any time (either after the date of initial issuance, or after some period of time following initial issuance) in whole
or in part at the original purchase price per share plus accumulated dividends per share, (ii) the Fund may tender for or purchase preferred
shares and (iii) the Fund may subsequently resell any shares so tendered for or purchased. Any redemption or purchase of preferred shares
by the Fund will reduce the leverage applicable to the common shares, while any resale of preferred shares by the Fund will increase
that leverage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Rating
Agency Guidelines. &lt;/i&gt;The Series C Preferred Shares and Series E Preferred Shares are not rated by Moody&#x2019;s and/or Fitch Ratings
Inc. (&#x201c;Fitch&#x201d;) (or any other rating agency). Upon issuance, any new publicly issued series of preferred shares may be rated
by Moody&#x2019;s or Fitch, in which case the following description of rating agency guidelines would become applicable.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund expects that it would be required under any applicable rating agency guidelines to maintain assets having in the aggregate a discounted
value at least equal to a Basic Maintenance Amount (as defined in the applicable Statement of Preferences and summarized below), for
its outstanding preferred shares, including the Series C Preferred Shares and Series E Preferred Shares. To the extent any particular
portfolio holding does not satisfy the applicable rating agency&#x2019;s guidelines, all or a portion of such holding&#x2019;s value will
not be included in the calculation of discounted value (as defined by such rating agency). The Moody&#x2019;s and Fitch guidelines would
also impose certain diversification requirements and industry concentration limitations on the Fund&#x2019;s overall portfolio, and apply
specified discounts to securities held by the Fund (except certain money market securities).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
&#x201c;Basic Maintenance Amount&#x201d; is generally equal to (a) the sum of (i) the aggregate liquidation preference of any preferred
shares then outstanding plus (to the extent not included in the liquidation preference of such preferred shares) an amount equal to the
aggregate accumulated but unpaid distributions (whether or not earned or declared) in respect of such preferred shares, (ii) the Fund&#x2019;s
other liabilities (excluding dividends and other distributions payable on the Fund&#x2019;s common shares), (iii) any other current liabilities
of the Fund (including amounts due and payable by the Fund pursuant to reverse repurchase agreements and payables for assets purchased)
less (b) the value of the Fund&#x2019;s assets if such assets are either cash or evidences of indebtedness which mature prior to or on
the date of redemption or repurchase of preferred shares or payment of another liability and are either U.S. government securities or
evidences of indebtedness rated at least &#x201c;Aaa,&#x201d; &#x201c;P-1&#x201d;, &#x201c;VMIG-1&#x201d; or &#x201c;MIG-1&#x201d; by Moody&#x2019;s
or &#x201c;AAA&#x201d;, &#x201c;SP-1+&#x201d; or &#x201c;A-1+&#x201d; by S&amp;amp;P and are held by the Fund for distributions, the redemption
or repurchase of preferred shares or the Fund&#x2019;s liabilities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the Fund does not cure in a timely manner a failure to maintain a discounted value of its portfolio equal to the Basic Maintenance Amount
in accordance with the requirements of any applicable rating agency or agencies then rating the preferred shares at the request of the
Fund, the Fund may, and in certain circumstances would be required to, mandatorily redeem preferred shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may, but would not be required to, adopt any modifications to the rating agency guidelines that may be established by Moody&#x2019;s
and Fitch (or such other rating agency then rating the preferred shares at the request of the Fund) following the issuance of any such
rated preferred shares. Failure to adopt any such modifications, however, may result in a change in the relevant rating agency&#x2019;s
ratings or a withdrawal of such ratings altogether. In addition, any rating agency providing a rating for the preferred shares at the
request of the Fund may, at any time, change or withdraw any such rating. The Board, without further action by shareholders, would be
expected to be able to amend, alter, add to or repeal any provision of a Statement of Preferences adopted pursuant to rating agency guidelines
if the Board determines that such amendments or modifications are necessary to prevent a reduction in, or the withdrawal of, a rating
of the preferred shares and are in the aggregate in the best interests of the holders of the preferred shares. Additionally, the Board,
without further action by the shareholders, would be expected to be able to amend, alter, add to or repeal any provision of a Statement
of Preferences adopted pursuant to rating agency guidelines if the Board determines that such amendments or modifications will not in
the aggregate adversely affect the rights and preferences of the holders of any series of the preferred shares, provided that the Fund
has received advice from each applicable rating agency that such amendment or modification is not expected to adversely affect such rating
agency&#x2019;s then-current rating of such series of the Fund&#x2019;s preferred shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
described by Moody&#x2019;s and Fitch, any ratings assigned to the preferred shares are assessments of the capacity and willingness of
the Fund to pay the obligations of each series of the preferred shares. Any ratings on the preferred shares are not recommendations to
purchase, hold or sell shares of any series, inasmuch as the ratings do not comment as to market price or suitability for a particular
investor. The rating agency guidelines also do not address the likelihood that an owner of preferred shares will be able to sell such
shares on an exchange, in an auction or otherwise. Any ratings would be based on current information furnished to Moody&#x2019;s and Fitch
by the Fund and the Investment Adviser and information obtained from other sources. Any ratings may be changed, suspended or withdrawn
as a result of changes in, or the unavailability of, such information.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
rating agency guidelines would apply to the preferred shares, as the case may be, only so long as such rating agency is rating such shares
at the request of the Fund. The Fund expects that it would pay fees to Moody&#x2019;s and Fitch for rating any preferred shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Asset
Maintenance Requirements&lt;/i&gt;. In addition to the requirements summarized under &#x201c;&#x2014;Rating Agency Guidelines&#x201d; above, the
Fund must satisfy asset maintenance requirements under the 1940 Act with respect to its preferred shares. Under the 1940 Act, debt or
additional preferred shares may be issued only if immediately after such issuance the value of the Fund&#x2019;s total assets (less ordinary
course liabilities) is at least 300% of the amount of any debt outstanding and at least 200% of the amount of any preferred shares and
debt outstanding.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund is and likely will be required under the Statement of Preferences of each series of preferred shares to determine whether it has,
as of the last business day of each March, June, September and December of each year, an &#x201c;asset coverage&#x201d; (as defined in
the 1940 Act) of at least 200% (or such higher or lower percentage as may be required at the time under the 1940 Act) with respect to
all outstanding senior securities of the Fund that are debt or stock, including any outstanding preferred shares. If the Fund fails to
maintain the asset coverage required under the 1940 Act on such dates and such failure is not cured by a specific time (generally within
60 calendar days or 49 calendar days), the Fund may, and in certain circumstances will be required to, mandatorily redeem preferred shares
sufficient to satisfy such asset coverage. See &#x201c;&#x2014;Redemption Procedures&#x201d; below.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--SecurityDividendsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zNi4eM6yINeh" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Distributions&lt;/i&gt;.
Holders of any fixed rate preferred shares are or will be entitled to receive, when, as and if declared by the Board, out of funds legally
available therefor, cumulative cash distributions, at an annual rate set forth in the applicable Statement of Preferences or Prospectus
Supplement, payable with such frequency as set forth in the applicable Statement of Preferences or Prospectus Supplement. Such distributions
will accumulate from the date on which such shares are issued.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_855_zK7YeDrc7rv1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zoysBKwK5Wd1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Restrictions
on Dividends and Other Distributions for the Preferred Shares. &lt;/i&gt;So long as any preferred shares are outstanding, the Fund may not
pay any dividend or distribution (other than a dividend or distribution paid in common shares or in options, warrants or rights to subscribe
for or purchase common shares) in respect of the common shares or call for redemption, redeem, purchase or otherwise acquire for consideration
any common shares (except by conversion into or exchange for shares of the Fund ranking junior to the preferred shares as to the payment
of dividends or distributions and the distribution of assets upon liquidation), unless:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            Fund has declared and paid (or provided to the relevant dividend paying agent) all cumulative
                                            distributions on the Fund&#x2019;s outstanding preferred shares due on or prior to the date
                                            of such common share dividend or distribution;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            Fund has redeemed the full number of preferred shares to be redeemed pursuant to any mandatory
                                            redemption provision in the Fund&#x2019;s Governing Documents; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;after
                                            making the distribution, the Fund meets applicable asset coverage requirements described
                                            under &#x201c;&#x2014;Asset Maintenance Requirements.&#x201d;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;No
complete distribution due for a particular dividend period will be declared or made on any series of preferred shares for any dividend
period, or part thereof, unless full cumulative distributions due through the most recent dividend payment dates therefor for all outstanding
series of preferred shares of the Fund ranking on a parity with such series as to distributions have been or contemporaneously are declared
and made. If full cumulative distributions due have not been made on all outstanding preferred shares of the Fund ranking on a parity
with such series of preferred shares as to the payment of distributions, any distributions being paid on the preferred shares will be
paid as nearly pro rata as possible in proportion to the respective amounts of distributions accumulated but unmade on each such series
of preferred shares on the relevant dividend payment date. The Fund&#x2019;s obligation to make distributions on the preferred shares
will be subordinate to its obligations to pay interest and principal, when due, on any of the Fund&#x2019;s senior securities representing
debt.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_856_zVwUV2RLj3Da" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Mandatory
Redemption Relating to Asset Coverage Requirements&lt;/i&gt;. The Fund may, at its option, consistent with its Governing Documents and the
1940 Act, and in certain circumstances will be required to, mandatorily redeem preferred shares in the event that:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            Fund fails to maintain the asset coverage requirements specified under the 1940 Act on a
                                            quarterly valuation date(generally the last business day of March, June, September and December)
                                            and such failure is not cured on or before a specified period of time, following such failure
                                            (60 calendar days in the case of the Series C Preferred Shares and Series E Preferred Shares);
                                            or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            Fund fails to maintain the asset coverage requirements as calculated in accordance with any
                                            applicable rating agency guidelines as of any monthly valuation date, and such failure is
                                            not cured on or before a specified period of time after such valuation date (typically 10
                                            business days).&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
redemption price for preferred shares subject to mandatory redemption will generally be the liquidation preference, as stated in the
Statement of Preferences of each existing series of preferred shares or the Prospectus Supplement accompanying the issuance of any series
of preferred shares, plus an amount equal to any accumulated but unpaid distributions (whether or not earned or declared) to the date
fixed for redemption, plus any applicable redemption premium determined by the Board and included in the Statement of Preferences.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
number of preferred shares that will be redeemed in the case of a mandatory redemption will equal the minimum number of outstanding preferred
shares, the redemption of which, if such redemption had occurred immediately prior to the opening of business on the applicable cure
date, would have resulted in the relevant asset coverage requirement having been met or, if the required asset coverage cannot be so
restored, all of the preferred shares. In the event that preferred shares are redeemed due to a failure to satisfy the 1940 Act asset
coverage requirements, the Fund may, but is not required to, redeem a sufficient number of preferred shares so that the Fund&#x2019;s
assets exceed the asset coverage requirements under the 1940 Act after the redemption by 10% (that is, 220% asset coverage) or some other
amount specified in the Statement of Preferences. In the event that preferred shares are redeemed due to a failure to satisfy applicable
rating agency guidelines (if any), the Fund may, but is not required to, redeem a sufficient number of preferred shares so that the Fund&#x2019;s
discounted portfolio value (as determined in accordance with the applicable rating agency guidelines) after redemption exceeds the asset
coverage requirements of each applicable rating agency by up to 10% (that is, 110% rating agency asset coverage) or some other amount
specified in the Statement of Preferences.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the Fund does not have funds legally available for the redemption of, or is otherwise unable to redeem, all the preferred shares to be
redeemed on any redemption date, the Fund will redeem on such redemption date that number of shares for which it has legally available
funds, or is otherwise able to redeem, from the holders whose shares are to be redeemed ratably on the basis of the redemption price
of such shares, and the remainder of those shares to be redeemed will be redeemed on the earliest practicable date on which the Fund
will have funds legally available for the redemption of, or is otherwise able to redeem, such shares upon written notice of redemption.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
fewer than all of the Fund&#x2019;s outstanding preferred shares are to be redeemed, the Fund, at its discretion and subject to the limitations
of its Governing Documents, the 1940 Act, and applicable law, will select the one or more series of preferred shares from which shares
will be redeemed and the amount of preferred shares to be redeemed from each such series. If fewer than all preferred shares of a series
are to be redeemed, such redemption will be made as among the holders of that series pro rata in accordance with the respective number
of shares of such series held by each such holder on the record date for such redemption (or by such other equitable method as the Fund
may determine). If fewer than all the preferred shares held by any holder are to be redeemed, the notice of redemption mailed to such
holder will specify the number of shares to be redeemed from such holder, which may be expressed as a percentage of shares held on the
applicable record date.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Optional
Redemption&lt;/i&gt;. Fixed rate preferred shares are not subject to optional redemption by the Fund until the date, if any, specified in the
applicable Prospectus or Prospectus Supplement, unless such redemption is necessary, in the judgment of the Fund, to maintain the Fund&#x2019;s
status as a RIC under the Code. Commencing on such date and thereafter, the Fund may at any time redeem such fixed rate preferred shares
in whole or in part for cash at a redemption price per share equal to the liquidation preference per share plus accumulated and unpaid
distributions (whether or not earned or declared) to the redemption date plus any premium specified in or pursuant to the Statement of
Preferences. Such redemptions are subject to the notice requirements set forth under &#x201c;&#x2014;Redemption Procedures&#x201d; below
and the limitations of the Governing Documents, the 1940 Act and applicable law.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Redemption
Procedures&lt;/i&gt;. If the Fund determines or is required to redeem preferred shares, it will mail a notice of redemption to holders of the
shares to be redeemed. Each notice of redemption will state (i) the redemption date, (ii) the number or percentage of preferred shares
to be redeemed (which may be expressed as a percentage of such shares outstanding), (iii) the CUSIP number(s) of such shares, (iv) the
redemption price (specifying the amount of accumulated distributions to be included therein), (v) the place or places where such shares
are to be redeemed, (vi) that dividends or distributions on the shares to be redeemed will cease to accumulate on such redemption date,
(vii) the provision of the Statement of Preferences under which the redemption is being made and (viii) in the case of an optional redemption,
any conditions precedent to such redemption. No defect in the notice of redemption or in the mailing thereof will affect the validity
of the redemption proceedings, except as required by applicable law.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
redemption date with respect to fixed rate preferred shares will not be fewer than 30 days nor more than 60 days (subject to NYSE requirements)
after the date of the applicable notice of redemption. Preferred shareholders may receive shorter notice in the event of a mandatory
redemption.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
holders of preferred shares will not have the right to redeem any of their shares at their option except to the extent specified in the
Statement of Preferences.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--SecurityLiquidationRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zmmhfGGrgl8h" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Liquidation
Rights&lt;/i&gt;. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of preferred
shares then outstanding will be entitled to receive a preferential liquidating distribution, which is expected to equal the original
purchase price per preferred share plus accumulated and unpaid dividends, whether or not declared, before any distribution of assets
is made to holders of common shares. After payment of the full amount of the liquidating distribution to which they are entitled, the
holders of preferred shares will not be entitled to any further participation in any distribution of assets by the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85A_zz1osWnR36Bi" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zSSq79Owhz06" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Voting
Rights. &lt;/i&gt;Except as otherwise stated in this Prospectus, specified in the Governing Documents or resolved by the Board or as otherwise
required by applicable law, holders of preferred shares shall be entitled to one vote per share held on each matter submitted to a vote
of the shareholders of the Fund and will vote together with holders of common shares and of any other preferred shares then outstanding
as a single class.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
connection with the election of the Fund&#x2019;s Trustees, holders of the outstanding preferred shares, voting together as a single class,
will be entitled at all times to elect two of the Fund&#x2019;s Trustees, and the remaining Trustees will be elected by holders of common
shares and holders of preferred shares, voting together as a single class. In addition, if (i) at any time dividends and distributions
on outstanding preferred shares are unpaid in an amount equal to at least two full years&#x2019; dividends and distributions thereon and
sufficient cash or specified securities have not been deposited with the applicable paying agent for the payment of such accumulated
dividends and distributions or (ii) at any time holders of any other series of preferred shares are entitled to elect a majority of the
Trustees of the Fund under the 1940 Act or the applicable Statement of Preferences creating such shares, then the number of Trustees
constituting the Board automatically will be increased by the smallest number that, when added to the two Trustees elected exclusively
by the holders of preferred shares as described above, would then constitute a simple majority of the Board as so increased by such smallest
number. Such additional Trustees will be elected by the holders of the outstanding preferred shares, voting together as a single class,
at a special meeting of shareholders which will be called as soon as practicable and will be held not less than ten nor more than twenty
days after the mailing date of the meeting notice. If the Fund fails to send such meeting notice or to call such a special meeting, the
meeting may be called by any preferred shareholder on like notice. The terms of office of the persons who are Trustees at the time of
that election will continue. If the Fund thereafter pays, or declares and sets apart for payment in full, all dividends and distributions
payable on all outstanding preferred shares for all past dividend periods or the holders of other series of preferred shares are no longer
entitled to elect such additional Trustees, the additional voting rights of the holders of the preferred shares as described above will
cease, and the terms of office of all of the additional Trustees elected by the holders of the preferred shares (but not of the Trustees
with respect to whose election the holders of common shares were entitled to vote or the two Trustees the holders of preferred shares
have the right to elect as a separate class in any event) will terminate automatically.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
1940 Act requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of
a majority of any outstanding preferred shares (as defined in the 1940 Act), voting separately as a class, would be required to (i) adopt
any plan of reorganization that would adversely affect the preferred shares, and (ii) take any action requiring a vote of security holders
under Section 13(a) of the 1940 Act, including, among other things, changes in the Fund&#x2019;s classification as a closed-end investment
company to an open-end investment company or changes in its fundamental investment restrictions. As a result of these voting rights,
the Fund&#x2019;s ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. Additionally,
the affirmative vote of the holders of a majority of the outstanding preferred shares (as defined in the 1940 Act), voting as a separate
class, will be required to amend, alter or repeal any of the provisions of the Statement of Preferences so as to in the aggregate adversely
affect the rights and preferences set forth in the Statement of Preferences. The class vote of holders of preferred shares described
above will in each case be in addition to any other vote required to authorize the action in question.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
foregoing voting provisions will not apply to any preferred shares if, at or prior to the time when the act with respect to which such
vote otherwise would be required will be effected, such shares will have been redeemed or called for redemption and sufficient cash or
cash equivalents provided to the applicable paying agent to effect such redemption. The holders of preferred shares will have no preemptive
rights or rights to cumulative voting.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85B_zFpzxsTMgHRa" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Limitation
on Issuance of Preferred Shares. &lt;/i&gt;So long as the Fund has preferred shares outstanding, subject to receipt of approval from the rating
agencies of each series of preferred shares outstanding, and subject to compliance with the Fund&#x2019;s investment objective, policies
and restrictions, the Fund may issue and sell shares of one or more other series of additional preferred shares provided that the Fund
will, immediately after giving effect to the issuance of such additional preferred shares and to its receipt and application of the proceeds
thereof (including, without limitation, to the redemption of preferred shares to be redeemed out of such proceeds), have an &#x201c;asset
coverage&#x201d; for all senior securities of the Fund which are stock, as defined in the 1940 Act, of at least 200% of the sum of the
liquidation preference of the preferred shares of the Fund then outstanding and all indebtedness of the Fund constituting senior securities
and no such additional preferred shares will have any preference or priority over any other preferred shares of the Fund upon the distribution
of the assets of the Fund or in respect of the payment of dividends or distributions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund will consider from time to time whether to offer additional preferred shares or securities representing indebtedness and may issue
such additional securities if the Board concludes that such an offering would be consistent with the Fund&#x2019;s Governing Documents
and applicable law, and in the best interest of existing common shareholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Tenders
and Repurchases&lt;/i&gt;. In addition to the redemption provisions described herein, the Fund may also tender for or purchase preferred shares
(whether in private transactions or on the NYSE) and the Fund may subsequently resell any shares so tendered for or purchased, subject
to the provisions of the Fund&#x2019;s Governing Documents and the 1940 Act.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Book
Entry&lt;/i&gt;. Preferred shares may be held in the name of Cede &amp;amp; Co. as nominee for DTC. The Fund will treat Cede &amp;amp; Co. as the holder
of record of any preferred shares issued for all purposes in this circumstance. In accordance with the procedures of DTC, however, purchasers
of preferred shares whose preferred shares are held in the name of Cede &amp;amp; Co. as nominee for the DTC will be deemed the beneficial
owners of stock purchased for purposes of distributions, voting and liquidation rights.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:CapitalStockTableTextBlock>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2023-12-312023-12-31_custom_SeriesCCumulativePreferredStockMember"
      decimals="INF"
      id="Fact000127"
      unitRef="Shares">688932</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2023-12-312023-12-31_custom_SeriesECumulativePreferredStockMember"
      decimals="INF"
      id="Fact000128"
      unitRef="Shares">2832500</cef:OutstandingSecurityNotHeldShares>
    <cef:SecurityDividendsTextBlock
      contextRef="From2024-07-052024-07-05_custom_PreferredStocksMember"
      id="Fact000130">&lt;p id="xdx_846_ecef--SecurityDividendsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zNi4eM6yINeh" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Distributions&lt;/i&gt;.
Holders of any fixed rate preferred shares are or will be entitled to receive, when, as and if declared by the Board, out of funds legally
available therefor, cumulative cash distributions, at an annual rate set forth in the applicable Statement of Preferences or Prospectus
Supplement, payable with such frequency as set forth in the applicable Statement of Preferences or Prospectus Supplement. Such distributions
will accumulate from the date on which such shares are issued.&lt;/span&gt;&lt;/p&gt;

</cef:SecurityDividendsTextBlock>
    <cef:PreferredStockRestrictionsOtherTextBlock
      contextRef="From2024-07-052024-07-05_custom_PreferredStocksMember"
      id="Fact000132">&lt;p id="xdx_84E_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zoysBKwK5Wd1" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Restrictions
on Dividends and Other Distributions for the Preferred Shares. &lt;/i&gt;So long as any preferred shares are outstanding, the Fund may not
pay any dividend or distribution (other than a dividend or distribution paid in common shares or in options, warrants or rights to subscribe
for or purchase common shares) in respect of the common shares or call for redemption, redeem, purchase or otherwise acquire for consideration
any common shares (except by conversion into or exchange for shares of the Fund ranking junior to the preferred shares as to the payment
of dividends or distributions and the distribution of assets upon liquidation), unless:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            Fund has declared and paid (or provided to the relevant dividend paying agent) all cumulative
                                            distributions on the Fund&#x2019;s outstanding preferred shares due on or prior to the date
                                            of such common share dividend or distribution;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            Fund has redeemed the full number of preferred shares to be redeemed pursuant to any mandatory
                                            redemption provision in the Fund&#x2019;s Governing Documents; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;after
                                            making the distribution, the Fund meets applicable asset coverage requirements described
                                            under &#x201c;&#x2014;Asset Maintenance Requirements.&#x201d;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;No
complete distribution due for a particular dividend period will be declared or made on any series of preferred shares for any dividend
period, or part thereof, unless full cumulative distributions due through the most recent dividend payment dates therefor for all outstanding
series of preferred shares of the Fund ranking on a parity with such series as to distributions have been or contemporaneously are declared
and made. If full cumulative distributions due have not been made on all outstanding preferred shares of the Fund ranking on a parity
with such series of preferred shares as to the payment of distributions, any distributions being paid on the preferred shares will be
paid as nearly pro rata as possible in proportion to the respective amounts of distributions accumulated but unmade on each such series
of preferred shares on the relevant dividend payment date. The Fund&#x2019;s obligation to make distributions on the preferred shares
will be subordinate to its obligations to pay interest and principal, when due, on any of the Fund&#x2019;s senior securities representing
debt.&lt;/span&gt;&lt;/p&gt;

</cef:PreferredStockRestrictionsOtherTextBlock>
    <cef:SecurityLiquidationRightsTextBlock
      contextRef="From2024-07-052024-07-05_custom_PreferredStocksMember"
      id="Fact000134">&lt;p id="xdx_849_ecef--SecurityLiquidationRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zmmhfGGrgl8h" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Liquidation
Rights&lt;/i&gt;. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of preferred
shares then outstanding will be entitled to receive a preferential liquidating distribution, which is expected to equal the original
purchase price per preferred share plus accumulated and unpaid dividends, whether or not declared, before any distribution of assets
is made to holders of common shares. After payment of the full amount of the liquidating distribution to which they are entitled, the
holders of preferred shares will not be entitled to any further participation in any distribution of assets by the Fund.&lt;/span&gt;&lt;/p&gt;

</cef:SecurityLiquidationRightsTextBlock>
    <cef:SecurityVotingRightsTextBlock
      contextRef="From2024-07-052024-07-05_custom_PreferredStocksMember"
      id="Fact000136">&lt;p id="xdx_84C_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__custom--PreferredStocksMember_dU_zSSq79Owhz06" style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Voting
Rights. &lt;/i&gt;Except as otherwise stated in this Prospectus, specified in the Governing Documents or resolved by the Board or as otherwise
required by applicable law, holders of preferred shares shall be entitled to one vote per share held on each matter submitted to a vote
of the shareholders of the Fund and will vote together with holders of common shares and of any other preferred shares then outstanding
as a single class.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
connection with the election of the Fund&#x2019;s Trustees, holders of the outstanding preferred shares, voting together as a single class,
will be entitled at all times to elect two of the Fund&#x2019;s Trustees, and the remaining Trustees will be elected by holders of common
shares and holders of preferred shares, voting together as a single class. In addition, if (i) at any time dividends and distributions
on outstanding preferred shares are unpaid in an amount equal to at least two full years&#x2019; dividends and distributions thereon and
sufficient cash or specified securities have not been deposited with the applicable paying agent for the payment of such accumulated
dividends and distributions or (ii) at any time holders of any other series of preferred shares are entitled to elect a majority of the
Trustees of the Fund under the 1940 Act or the applicable Statement of Preferences creating such shares, then the number of Trustees
constituting the Board automatically will be increased by the smallest number that, when added to the two Trustees elected exclusively
by the holders of preferred shares as described above, would then constitute a simple majority of the Board as so increased by such smallest
number. Such additional Trustees will be elected by the holders of the outstanding preferred shares, voting together as a single class,
at a special meeting of shareholders which will be called as soon as practicable and will be held not less than ten nor more than twenty
days after the mailing date of the meeting notice. If the Fund fails to send such meeting notice or to call such a special meeting, the
meeting may be called by any preferred shareholder on like notice. The terms of office of the persons who are Trustees at the time of
that election will continue. If the Fund thereafter pays, or declares and sets apart for payment in full, all dividends and distributions
payable on all outstanding preferred shares for all past dividend periods or the holders of other series of preferred shares are no longer
entitled to elect such additional Trustees, the additional voting rights of the holders of the preferred shares as described above will
cease, and the terms of office of all of the additional Trustees elected by the holders of the preferred shares (but not of the Trustees
with respect to whose election the holders of common shares were entitled to vote or the two Trustees the holders of preferred shares
have the right to elect as a separate class in any event) will terminate automatically.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
1940 Act requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of
a majority of any outstanding preferred shares (as defined in the 1940 Act), voting separately as a class, would be required to (i) adopt
any plan of reorganization that would adversely affect the preferred shares, and (ii) take any action requiring a vote of security holders
under Section 13(a) of the 1940 Act, including, among other things, changes in the Fund&#x2019;s classification as a closed-end investment
company to an open-end investment company or changes in its fundamental investment restrictions. As a result of these voting rights,
the Fund&#x2019;s ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. Additionally,
the affirmative vote of the holders of a majority of the outstanding preferred shares (as defined in the 1940 Act), voting as a separate
class, will be required to amend, alter or repeal any of the provisions of the Statement of Preferences so as to in the aggregate adversely
affect the rights and preferences set forth in the Statement of Preferences. The class vote of holders of preferred shares described
above will in each case be in addition to any other vote required to authorize the action in question.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
foregoing voting provisions will not apply to any preferred shares if, at or prior to the time when the act with respect to which such
vote otherwise would be required will be effected, such shares will have been redeemed or called for redemption and sufficient cash or
cash equivalents provided to the applicable paying agent to effect such redemption. The holders of preferred shares will have no preemptive
rights or rights to cumulative voting.&lt;/span&gt;&lt;/p&gt;

</cef:SecurityVotingRightsTextBlock>
    <cef:OtherSecuritiesTableTextBlock contextRef="AsOf2024-07-05" id="Fact000138">&lt;p id="xdx_805_ecef--OtherSecuritiesTableTextBlock_dU_zvYZaM5vKrLi" style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Notes&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;General&lt;/i&gt;.
Under applicable state law and our Agreement and Declaration of Trust, we may borrow money without prior approval of holders of common
and preferred shares. We may also issue debt securities, including notes, or other evidence of indebtedness and may secure any such notes
or borrowings by mortgaging, pledging or otherwise subjecting as security our assets to the extent permitted by the 1940 Act or rating
agency guidelines. Any borrowings, including without limitation any notes, will rank senior to the preferred shares and the common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the 1940 Act, we may only issue one class of senior securities representing indebtedness, which in the aggregate must have asset coverage
immediately after the time of issuance of at least 300%. So long as notes are outstanding, additional debt securities must rank on a
parity with notes with respect to the payment of interest and upon the distribution of our assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
Prospectus Supplement relating to any notes will include specific terms relating to the offering. The terms to be stated in a Prospectus
Supplement will include the following:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            form and title of the security;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            aggregate principal amount of the securities;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            interest rate of the securities;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;whether
                                            the interest rate for the securities will be determined by auction or remarketing;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            maturity dates on which the principal of the securities will be payable;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            frequency with which auctions or remarketings, if any, will be held;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;any
                                            changes to or additional events of default or covenants;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;any
                                            minimum period prior to which the securities may not be called;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;any
                                            optional or mandatory call or redemption provisions;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            credit rating of the notes;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;if
                                            applicable, a discussion of the material U.S. federal income tax considerations applicable
                                            to the issuance of the notes; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;



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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;any
                                            other terms of the securities.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Interest&lt;/i&gt;.
The Prospectus Supplement will describe the interest payment provisions relating to notes. Interest on notes will be payable when due
as described in the related Prospectus Supplement. If we do not pay interest when due, it will trigger an event of default and we will
be restricted from declaring dividends and making other distributions with respect to our common shares and preferred shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Limitations&lt;/i&gt;.
Under the requirements of the 1940 Act, immediately after issuing any notes the value of our total assets, less certain ordinary course
liabilities, must equal or exceed 300% of the amount of the notes outstanding. Other types of borrowings also may result in our being
subject to similar covenants in credit agreements.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additionally,
the 1940 Act requires that we prohibit the declaration of any dividend or distribution (other than a dividend or distribution paid in
Fund common or preferred shares or in options, warrants or rights to subscribe for or purchase Fund common or preferred shares) in respect
of Fund common or preferred shares, or call for redemption, redeem, purchase or otherwise acquire for consideration any such fund common
or preferred shares, unless the Fund&#x2019;s notes have asset coverage of at least 300% (200% in the case of a dividend or distribution
on preferred shares) after deducting the amount of such dividend, distribution, or acquisition price, as the case may be. These 1940
Act requirements do not apply to any promissory note or other evidence of indebtedness issued in consideration of any loan, extension,
or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed; however, any
such borrowings may result in our being subject to similar covenants in credit agreements. Moreover, the Indenture related to the notes
could contain provisions more restrictive than those required by the 1940 Act, and any such provisions would be described in the related
Prospectus Supplement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Events
of Default and Acceleration of Maturity of Notes. &lt;/i&gt;Unless stated otherwise in the related Prospectus Supplement, any one of the following
events will constitute an &#x201c;event of default&#x201d; for that series under the Indenture relating to the notes:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;default
                                            in the payment of any interest upon a series of notes when it becomes due and payable and
                                            the continuance of such default for 30 days;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;default
                                            in the payment of the principal of, or premium on, a series of notes at its stated maturity;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;default
                                            in the performance, or breach, of any covenant or warranty of ours in the Indenture, and
                                            continuance of such default or breach for a period of 90 days after written notice has been
                                            given to us by the trustee;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;certain
                                            voluntary or involuntary proceedings involving us and relating to bankruptcy, insolvency
                                            or other similar laws;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;if,
                                            on the last business day of each of twenty-four consecutive calendar months, the notes have
                                            a 1940 Act asset coverage of less than 100%; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;any
                                            other &#x201c;event of default&#x201d; provided with respect to a series, including a default
                                            in the payment of any redemption price payable on the redemption date.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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
us. A default that relates only to one series of notes does not affect any other series and the holders of such other series of notes
will not be entitled to receive notice of such a default under the Indenture. Upon an event of default relating to bankruptcy, insolvency
or other similar laws, acceleration of maturity will occur automatically with respect to all series. At any time after a declaration
of acceleration with respect to a series of notes has been made, and before a judgment or decree for payment of the money due has been
obtained, the holders of a majority in principal amount of the outstanding notes of that series, by written notice to us and the trustee,
may rescind and annul the declaration of acceleration and its consequences if all events of default with respect to that series of notes,
other than the non-payment of the principal of that series of notes which has become due solely by such declaration of acceleration,
have been cured or waived and other conditions have been met.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Liquidation
Rights&lt;/i&gt;. In the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or
other similar case or proceeding in connection therewith, relative to us or to our creditors, as such, or to our assets, or (b) any liquidation,
dissolution or other winding up of us, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c)
any assignment for the benefit of creditors or any other marshalling of assets and liabilities of ours, then (after any payments with
respect to any secured creditor of ours outstanding at such time) and in any such event the holders of notes shall be entitled to receive
payment in full of all amounts due or to become due on or in respect of all notes (including any interest accruing thereon after the
commencement of any such case or proceeding), or provision shall be made for such payment in cash or cash equivalents or otherwise in
a manner satisfactory to the holders of the notes, before the holders of any of our common or preferred shares are entitled to receive
any payment on account of any redemption proceeds, liquidation preference or dividends from such shares. The holders of notes shall be
entitled to receive, for application to the payment thereof, any payment or distribution of any kind or character, whether in cash, property
or securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness
of ours being subordinated to the payment of the notes, which may be payable or deliverable in respect of the notes in any such case,
proceeding, dissolution, liquidation or other winding up event.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unsecured
creditors of ours may include, without limitation, service providers including the Investment Adviser, Custodian, administrator, auction
agent, broker-dealers and the trustee, pursuant to the terms of various contracts with us. Secured creditors of ours may include without
limitation parties entering into any interest rate swap, floor or cap transactions, or other similar transactions with us that create
liens, pledges, charges, security interests, security agreements or other encumbrances on our assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
consolidation, reorganization or merger of us with or into any other company, or a sale, lease or exchange of all or substantially all
of our assets in consideration for the issuance of equity securities of another company shall not be deemed to be a liquidation, dissolution
or winding up of us.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Voting
Rights&lt;/i&gt;. The notes have no voting rights, except as mentioned below and to the extent required by law or as otherwise provided in
the Indenture relating to the acceleration of maturity upon the occurrence and continuance of an event of default. In connection with
the notes or certain other borrowings (if any), the 1940 Act does in certain circumstances grant to the note holders or lenders certain
voting rights. The 1940 Act requires that provision is made either (i) that, if on the last business day of each of twelve consecutive
calendar months such notes shall have an asset coverage of less than 100%, the holders of such notes voting as a class shall be entitled
to elect at least a majority of the members of the Fund&#x2019;s Trustees, such voting right to continue until such notes shall have an
asset coverage of 110% or more on the last business day of each of three consecutive calendar months, or (ii) that, if on the last business
day of each of twenty-four consecutive calendar months such notes shall have an asset coverage of less than 100%, an event of default
shall be deemed to have occurred. It is expected that, unless otherwise stated in the related Prospectus Supplement, provision will be
made that, if on the last business day of each of twenty-four consecutive calendar months such notes shall have an asset coverage of
less than 100%, an event of default shall be deemed to have occurred. These 1940 Act requirements do not apply to any promissory note
or other evidence of indebtedness issued in consideration of any loan, extension, or renewal thereof, made by a bank or other person
and privately arranged, and not intended to be publicly distributed; however, any such borrowings may result in our being subject to
similar covenants in credit agreements. As reflected above, the Indenture relating to the notes may also grant to the note holders voting
rights relating to the acceleration of maturity upon the occurrence and continuance of an event of default, and any such rights would
be described in the related Prospectus Supplement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Market&lt;/i&gt;.
Our notes are not likely to be listed on an exchange or automated quotation system. The details on how to buy and sell such notes, along
with the other terms of the notes, will be described in a Prospectus Supplement. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Book-Entry,
Delivery and Form&lt;/i&gt;. Unless otherwise stated in the related Prospectus Supplement, the notes will be issued in book-entry form and
will be represented by one or more notes in registered global form. The global notes will be deposited with the trustee as custodian
for DTC and registered in the name of Cede &amp;amp; Co., as nominee of DTC. DTC will maintain the notes in designated denominations through
its book-entry facilities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the terms of the Indenture, we and the trustee may treat the persons in whose names any notes, including the global notes, are registered
as the owners thereof for the purpose of receiving payments and for any and all other purposes whatsoever. Therefore, so long as DTC
or its nominee is the registered owner of the global notes, DTC or such nominee will be considered the sole holder of outstanding notes
under the Indenture. We or the trustee may give effect to any written certification, proxy or other authorization furnished by DTC or
its nominee.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
global note may not be transferred except as a whole by DTC, its successors or their respective nominees. Interests of beneficial owners
in the global note may be transferred or exchanged for definitive securities in accordance with the rules and procedures of DTC. In addition,
a global note may be exchangeable for notes in definitive form if:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;DTC
                                            notifies us that it is unwilling or unable to continue as a depository and we do not appoint
                                            a successor within 60 days;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;we,
                                            at our option, notify the trustee in writing that we elect to cause the issuance of notes
                                            in definitive form under the Indenture; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;an
                                            event of default has occurred and is continuing.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
each instance, upon surrender by DTC or its nominee of the global note, notes in definitive form will be issued to each person that DTC
or its nominee identifies as being the beneficial owner of the related notes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the Indenture, the holder of any global note may grant proxies and otherwise authorize any person, including its participants and persons
who may hold interests through DTC participants, to take any action which a holder is entitled to take under the Indenture.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Trustee,
Transfer Agent, Registrar, Paying Agent and Redemption Agent&lt;/i&gt;. Information regarding the trustee under the Indenture, which may also
act as transfer agent, registrar, paying agent and redemption agent with respect to our notes, will be set forth in the Prospectus Supplement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Subscription
Rights&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;General.
&lt;/i&gt;We may issue subscription rights to holders of our (i) common shares to purchase common and/or preferred shares or (ii) preferred
shares to purchase preferred shares (subject to applicable law). Subscription rights may be issued independently or together with any
other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection
with a subscription rights offering to holders of our common and/or preferred shares, we would distribute certificates evidencing the
subscription rights and a Prospectus Supplement to our common or preferred shareholders, as applicable, as of the record date that we
set for determining the shareholders eligible to receive subscription rights in such subscription rights offering.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
applicable Prospectus Supplement would describe the following terms of subscription rights in respect of which this Prospectus is being
delivered:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            period of time the offering would remain open (which will be open a minimum number of days
                                            such that all record holders would be eligible to participate in the offering and will not
                                            be open longer than 120 days);&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            title of such subscription rights;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            exercise price for such subscription rights (or method of calculation thereof);&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            number of such subscription rights issued in respect of each common share;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            number of rights required to purchase a single preferred share;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            extent to which such subscription rights are transferable and the market on which they may
                                            be traded if they are transferable;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;if
                                            applicable, a discussion of the material U.S. federal income tax considerations applicable
                                            to the issuance or exercise of such subscription rights;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;



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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            date on which the right to exercise such subscription rights will commence, and the date
                                            on which such right will expire (subject to any extension);&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                            extent to which such subscription rights include an over-subscription privilege with respect
                                            to unsubscribed securities and the terms of such over-subscription privilege;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;any
                                            termination right we may have in connection with such subscription rights offering; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman,serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;any
                                            other terms of such subscription rights, including exercise, settlement and other procedures
                                            and limitations relating to the transfer and exercise of such subscription rights.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Exercise
of Subscription Rights&lt;/i&gt;. Each subscription right would entitle the holder of the subscription right to purchase for cash such number
of shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the prospectus supplement relating
to the subscription rights offered thereby, Subscription rights would be exercisable at any time up to the close of business on the expiration
date for such subscription rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised
subscription rights would become void.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Subscription
rights would be exercisable as set forth in the prospectus supplement relating to the subscription rights offered thereby. Upon expiration
of the rights offering and the receipt of payment and the subscription rights certificate properly completed and duly executed at the
corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement we would issue, as
soon as practicable, the shares purchased as a result of such exercise. To the extent permissible under applicable law, we may determine
to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers
or through a combination of such methods, as set forth in the applicable prospectus supplement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Subscription
Rights to Purchase Common and Preferred Shares. &lt;/i&gt;The Fund may issue subscription rights which would entitle holders to purchase both
common and preferred shares in a ratio to be set forth in the applicable Prospectus Supplement. In accordance with the 1940 Act, at least
three rights would be required to subscribe for one common share. It is expected that rights to purchase both common and preferred shares
would require holders to purchase an equal number of common and preferred shares, and would not permit holders to purchase an unequal
number of common or preferred shares, or purchase only common shares or only preferred shares. For example, such an offering might be
structured such that three rights would entitle an investor to purchase one common share and one preferred share, and such investor would
not be able to choose to purchase only a common share or only a preferred share upon the exercise of his, her or its rights.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
common shares and preferred shares issued pursuant to the exercise of any such rights, however, would at all times be separately tradeable
securities. Such common and preferred shares would not be issued as a &#x201c;unit&#x201d; or &#x201c;combination&#x201d; and would not be
listed or traded as a &#x201c;unit&#x201d; or &#x201c;combination&#x201d; on a securities exchange, such as the NYSE, at any time. The applicable
Prospectus Supplement will set forth additional details regarding an offering of subscription rights to purchase common and preferred
shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

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        <link:footnote id="Footnote000087" xlink:label="Footnote000087" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span id="xdx_901_ecef--OtherTransactionFeesNoteTextBlock_c20240705__20240705_zDaVSQi1aT69">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.</xhtml:span></link:footnote>
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        <link:footnote id="Footnote000089" xlink:label="Footnote000089" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Shareholders participating in the Fund&#x2019;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.</link:footnote>
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        <link:footnote id="Footnote000092" xlink:label="Footnote000092" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Based on year ended December 31, 2023. 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 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 &#x201c;T-Bill Index&#x201d;) during the same period. If the Fund&#x2019;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&#x2019;s average weekly managed assets during the calendar year measurement period for the Fund&#x2019;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&#x2019;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&#x2019;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&#x2019;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&#x2019;s average weekly managed assets.</link:footnote>
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