<SEC-DOCUMENT>0001999371-25-015937.txt : 20251023
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<ACCEPTANCE-DATETIME>20251023153405
ACCESSION NUMBER:		0001999371-25-015937
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		28
FILED AS OF DATE:		20251023
DATE AS OF CHANGE:		20251023

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Total Return Securities Fund
		CENTRAL INDEX KEY:			0000813623
		ORGANIZATION NAME:           	
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05128
		FILM NUMBER:		251412908

	BUSINESS ADDRESS:	
		STREET 1:		C/O U.S. BANK GLOBAL FUND SERVICES
		STREET 2:		615 EAST MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		8007302932

	MAIL ADDRESS:	
		STREET 1:		C/O U.S. BANK GLOBAL FUND SERVICES
		STREET 2:		615 EAST MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SWISS HELVETIA FUND, INC.
		DATE OF NAME CHANGE:	20050712

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SWISS HELVETIA FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HELVETIA FUND INC
		DATE OF NAME CHANGE:	19900820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Total Return Securities Fund
		CENTRAL INDEX KEY:			0000813623
		ORGANIZATION NAME:           	
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-290708
		FILM NUMBER:		251412907

	BUSINESS ADDRESS:	
		STREET 1:		C/O U.S. BANK GLOBAL FUND SERVICES
		STREET 2:		615 EAST MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		8007302932

	MAIL ADDRESS:	
		STREET 1:		C/O U.S. BANK GLOBAL FUND SERVICES
		STREET 2:		615 EAST MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SWISS HELVETIA FUND, INC.
		DATE OF NAME CHANGE:	20050712

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SWISS HELVETIA FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HELVETIA FUND INC
		DATE OF NAME CHANGE:	19900820
<IS-FILER-A-NEW-REGISTRANT>N
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<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
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<DESCRIPTION>AMENDMENT TO FORM N-2
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 October 23, 2025</b></span></p>

<p style="font: 10pt Times New Roman, Times, 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1933
Act File No. <span id="xdx_907_edei--EntityFileNumber_c20251023__20251023_z03qc7ePWci9"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000010" name="dei:EntityFileNumber">333-290708</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1940
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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, Times, 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Check
appropriate box or boxes</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>REGISTRATION
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><span id="xdx_904_edei--PreEffectiveAmendment_c20251023__20251023_zkn7ff8XM5O2"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleantrue" id="Fact000015" name="dei:PreEffectiveAmendment">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Pre-Effective
    Amendment No. <span id="xdx_906_edei--PreEffectiveAmendmentNumber_c20251023__20251023_zdA6ENBtEMZk"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000016" name="dei:PreEffectiveAmendmentNumber">1</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Post-Effective
    Amendment No. __</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><span id="xdx_90E_edei--InvestmentCompanyActRegistration_c20251023__20251023_zOkt958wyo55"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleantrue" id="Fact000017" name="dei:InvestmentCompanyActRegistration">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>REGISTRATION
    STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span id="xdx_909_edei--InvestmentCompanyRegistrationAmendment_c20251023__20251023_z0MPwx6XtDxe" style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleantrue" id="Fact000018" name="dei:InvestmentCompanyRegistrationAmendment">&#9746;</ix:nonNumeric></span></td>
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    No. <span id="xdx_902_edei--InvestmentCompanyRegistrationAmendmentNumber_c20251023__20251023_zVTvfO9LJ1fc"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000020" name="dei:InvestmentCompanyRegistrationAmendmentNumber">15</ix:nonNumeric></span></ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 24pt Times New Roman, Times, Serif"><b><span id="xdx_903_edei--EntityRegistrantName_c20251023__20251023_zZADN4otRwpc"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000021" name="dei:EntityRegistrantName">Total Return Securities Fund</ix:nonNumeric></span></b></span></p>

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

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


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant
Exact Name as Specified in Charter)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityAddressAddressLine1_c20251023__20251023_zC4RbnEPMCFh"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000022" name="dei:EntityAddressAddressLine1">c/o
U.S. Bank Global Fund Services</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90A_edei--EntityAddressAddressLine2_c20251023__20251023_zWSGPmxW3d1h"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000023" name="dei:EntityAddressAddressLine2">615 East Michigan Street</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_900_edei--EntityAddressCityOrTown_c20251023__20251023_zZzDPqeJM4Vl"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000024" name="dei:EntityAddressCityOrTown">Milwaukee</ix:nonNumeric></span>, <span id="xdx_901_edei--EntityAddressStateOrProvince_c20251023__20251023_zUi3NYPpFaH8"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000025" name="dei:EntityAddressStateOrProvince">WI</ix:nonNumeric></span> <span id="xdx_907_edei--EntityAddressPostalZipCode_c20251023__20251023_zfPxGhuZZJib"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000026" name="dei:EntityAddressPostalZipCode">53202</ix:nonNumeric></span></b></span></p>

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

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


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

<p style="font: 10pt Times New Roman, Times, 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1-<span id="xdx_900_edei--CityAreaCode_c20251023__20251023_zDzrUYQ066gk"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000027" name="dei:CityAreaCode">800</ix:nonNumeric></span>-<span id="xdx_902_edei--LocalPhoneNumber_c20251023__20251023_z15ZcJrUzBO7"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000028" name="dei:LocalPhoneNumber">730-2932</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&#8217;s
Telephone Number, including Area Code)</span></p>

<p style="font: 10pt Times New Roman, Times, 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Name and Address
    of Agent for Service:</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Copies of Communications
    to<b>:</b></i></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--ContactPersonnelName_c20251023__20251023__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zvfZaAIfvbw9"><ix:nonNumeric contextRef="From2025-10-232025-10-23_dei_BusinessContactMember" id="Fact000029" name="dei:ContactPersonnelName">Andrew
    Dakos</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>William
    G. Farrar, Esq.</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityAddressAddressLine1_c20251023__20251023__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zG5mWMCO8huf"><ix:nonNumeric contextRef="From2025-10-232025-10-23_dei_BusinessContactMember" id="Fact000030" name="dei:EntityAddressAddressLine1">c/o Bulldog Investors,
    LLP</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sullivan &amp;
    Cromwell LLP</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressAddressLine2_c20251023__20251023__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zp7TD2EEN2c8"><ix:nonNumeric contextRef="From2025-10-232025-10-23_dei_BusinessContactMember" id="Fact000031" name="dei:EntityAddressAddressLine2">Park 80 West |
    250 Pehle Avenue, Suite 708</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>125 Broad Street</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressCityOrTown_c20251023__20251023__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zLvpFGBsagbc"><ix:nonNumeric contextRef="From2025-10-232025-10-23_dei_BusinessContactMember" id="Fact000032" name="dei:EntityAddressCityOrTown">Saddle Brook</ix:nonNumeric></span>,
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New York, NY 10004</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; 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_900_edei--ApproximateDateOfCommencementOfProposedSaleToThePublic_c20251023__20251023_zypx8Eq43vt6"><ix:nonNumeric contextRef="AsOf2025-10-23" id="Fact000035" name="dei:ApproximateDateOfCommencementOfProposedSaleToThePublic">As soon as practicable after the effective date of this Registration Statement.</ix:nonNumeric></span></span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 36px; text-align: justify"><span id="xdx_90B_edei--DividendOrInterestReinvestmentPlanOnly_c20251023__20251023_zL1lmtPA7K2l"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000036" name="dei:DividendOrInterestReinvestmentPlanOnly">&#9744;</ix:nonNumeric></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if the
    only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--DelayedOrContinuousOffering_c20251023__20251023_zthBHLhPnXtb"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000037" name="dei:DelayedOrContinuousOffering">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if any
    securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the
    Securities Act of 1933 (&#8220;Securities Act&#8221;), other than securities offered in connection with a dividend reinvestment
    plan.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecef--PrimaryShelfFlag_c20251023__20251023_zwUyAA8rMMP6"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000038" name="cef:PrimaryShelfFlag">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this
    Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--EffectiveUponFiling462e_c20251023__20251023_zXaXYzBx3Clk"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000039" name="dei:EffectiveUponFiling462e">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this
    Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become
    effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 36px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--AdditionalSecuritiesEffective413b_c20251023__20251023_zg3Zu1U2IoLd"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000040" name="dei:AdditionalSecuritiesEffective413b">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this
    Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional
    securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--EffectiveWhenDeclaredSection8c_c20251023__20251023_zYPq5flC9mB"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000041" name="dei:EffectiveWhenDeclaredSection8c">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">when
    declared effective pursuant to section 8(c) of the Securities Act</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 36px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--NewEffectiveDateForPreviousFiling_c20251023__20251023_zGtsPhLU27cj"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000042" name="dei:NewEffectiveDateForPreviousFiling">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This [post-effective]
    amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--AdditionalSecurities462b_c20251023__20251023_zgL6vS6xlAph"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000043" name="dei:AdditionalSecurities462b">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This form is filed
    to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act
    registration statement number of the earlier effective registration statement for the same offering is: _______.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--NoSubstantiveChanges462c_c20251023__20251023_z1kdExtVaR1g"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000044" name="dei:NoSubstantiveChanges462c">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This form is a post-effective
    amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of
    the earlier effective registration statement for the same offering is: ______.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--ExhibitsOnly462d_c20251023__20251023_ziAxnE8EmEFc"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000045" name="dei:ExhibitsOnly462d">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form is a post-effective
    amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of
    the earlier effective registration statement for the same offering is: ______.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 36px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecef--RegisteredClosedEndFundFlag_c20251023__20251023_zRTAugB3PWFb"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleantrue" id="Fact000046" name="cef:RegisteredClosedEndFundFlag">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered Closed-End
    Fund (closed-end company that is registered under the Investment Company Act of 1940 (the &#8220;Investment Company Act&#8221;)).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecef--BusinessDevelopmentCompanyFlag_c20251023__20251023_zy8rK8RsR6Jc"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000047" name="cef:BusinessDevelopmentCompanyFlag">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business 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>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecef--IntervalFundFlag_c20251023__20251023_zciNoMzGdOUi"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000048" name="cef:IntervalFundFlag">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interval Fund (Registered
    Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment
    Company Act).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecef--PrimaryShelfQualifiedFlag_c20251023__20251023_z0FUoa619P4l"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleantrue" id="Fact000049" name="cef:PrimaryShelfQualifiedFlag">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.2 Qualified (qualified
    to register securities pursuant to General Instruction A.2 of this Form).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--EntityWellKnownSeasonedIssuer_c20251023__20251023_zPZ31tHYkvag"><span style="-sec-ix-hidden: xdx2ixbrl0050">&#9744;</span></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Well-Known Seasoned
    Issuer (as defined by Rule 405 under the Securities Act).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--EntityEmergingGrowthCompany_c20251023__20251023_zjbBdDC70hue"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000051" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth
    Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an Emerging Growth
    Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
    any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecef--NewCefOrBdcRegistrantFlag_c20251023__20251023_zqPKyLW8xJh"><ix:nonNumeric contextRef="AsOf2025-10-23" format="ixt:booleanfalse" id="Fact000052" name="cef:NewCefOrBdcRegistrantFlag">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This registration statement shall hereafter
become effective in accordance with the provisions of section 8(a) of the Securities Act of 1933.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; color: red; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
information in this prospectus 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 prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">SUBJECT
    TO COMPLETION</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">October
    23, 2025</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>12,990,705 Rights for 12,990,705 Shares of Common
Stock </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p>

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

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




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Return Securities Fund (f/k/a The Swiss Helvetia Fund) (the &#8220;Fund&#8221;) is issuing non-transferable rights (&#8220;Rights&#8221;)
to its holders of record of shares of common stock (&#8220;Shares&#8221;) (such holders hereinafter referred to as &#8220;Shareholders&#8221;),
which Rights will allow Shareholders to subscribe for new Shares (the &#8220;Offering&#8221;). For each one (1) Right a Shareholder
receives, such Shareholder will be entitled to buy one (1) new Share. Each Shareholder will receive one (1) Right for each Share
it owns on November 14, 2025 (the &#8220;Record Date&#8221;). Fractional Rights will not be issued, and the number of Rights to
be issued to a Shareholder on the Record Date (a &#8220;Rights Holder&#8221;) will be rounded up to the nearest whole number of
Rights. Each Rights Holder may purchase Shares not acquired by other Rights Holders in this Offering (the &#8220;Unsubscribed
Shares&#8221;), subject to certain limitations discussed in this prospectus. To the extent that sufficient Unsubscribed Shares
are not available to honor all additional subscription requests, available Shares will be allocated to assure that the total number
of Unsubscribed Shares available are distributed on a pro-rata basis. See &#8220;The Offering&#8221; below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing allocation process may involve a series of allocations in order to assure that the total number of Unsubscribed Shares
available are distributed on a pro-rata basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Rights are non-transferable and may not be purchased or sold. As such, the Rights will not be listed for trading on any exchange. The
Rights will expire without residual value at the Expiration Date (defined below). The Shares to be issued pursuant to the Offering will
be listed for trading on the New York Stock Exchange (the &#8220;NYSE&#8221;), subject to the NYSE being officially notified of the issuance
of those Shares. On October 20, 2025, the last reported net asset value (&#8220;NAV&#8221;) per Share was <span id="xdx_90E_eus-gaap--NetAssetValuePerShare_iI_d0_c20251020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zxn96whSYJ2i">$<ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2025-10-20_us-gaap_CommonStockMember" id="Fact000053" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.11</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
and the last reported sales price per Share on the NYSE was $<span id="xdx_909_eus-gaap--SharePrice_iI_d0_c20251020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbJIR1kFuOC1"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2025-10-20_us-gaap_CommonStockMember" id="Fact000054" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.99</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which represents a <span id="xdx_909_ecef--LatestPremiumDiscountToNavPercent_iN_dpi0_c20251020__20251020__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z68XFOp4Gap5"><ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="From2025-10-202025-10-20_us-gaap_CommonStockMember" id="Fact000055" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">15.75</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
discount to the Fund&#8217;s NAV per Share. The subscription price per Share (the &#8220;Subscription Price&#8221;) will be 85% of the
NAV per Share on the Expiration Date.</span></p>

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><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"><b>will
dilute the voting power of Shareholders who do not fully exercise their Rights since they will own a smaller proportionate interest
in the Fund upon completion of the Offering;</b></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><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"><b>may
cause the discount below NAV at which the Fund&#8217;s Shares have recently traded to increase, especially if Rights holders exercising
the Rights attempt to sell sizable numbers of Shares shortly after such issuance; however, this possibility may be mitigated by
the Fund&#8217;s commitment to conduct the self-tender offer described in &#8220;Summary &#8211; The Offering&#8221; below.</b></span></td>
</tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RIGHTS
HOLDERS WHO CHOOSE TO EXERCISE THEIR RIGHTS WILL NOT KNOW THE PRECISE SUBSCRIPTION PRICE PER SHARE AT THE TIME THEY EXERCISE SUCH RIGHTS
BECAUSE THE OFFERING WILL EXPIRE PRIOR TO THE DETERMINATION OF THE SUBSCRIPTION PRICE. ONCE A RIGHTS HOLDER EXERCISES RIGHTS TO PURCHASE
SHARES AND THE FUND RECEIVES PAYMENT, SUCH DECISION IS IRREVOCABLE. THE OFFERING WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER
5, 2025 (THE &#8220;EXPIRATION DATE&#8221;), UNLESS EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is a closed-end management investment company. Bulldog&#160;Investors, LLP (&#8220;Bulldog&#8221;) is the Fund&#8217;s investment
adviser (the &#8220;Investment Adviser&#8221;). The Fund&#8217;s investment objective is long-term total return. There can be
no assurance that the Fund&#8217;s investment objective will be achieved.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in the Fund involves risks. See &#8220;Risk Factors&#8221; on page 24 of this prospectus.</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Estimated</b><br/>
    <b>Subscription</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Price<span style="font-size: 10pt"><sup>(1)</sup></span></b></p></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><b>Estimated</b><br/>
    <b>Sales Load</b></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><b>Estimated</b><br/>
    <b>Proceeds to</b><br/>
    <b>the Fund<span style="font-size: 10pt"><sup>(2)</sup></span></b></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center">&#160;</td></tr>
  <tr style="background-color: gainsboro">
    <td style="vertical-align: top; width: 55%">Per Share</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">$</td>
    <td style="vertical-align: bottom; text-align: right; width: 12%">6.04</td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 12%">None</td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">$</td>
    <td style="vertical-align: bottom; text-align: right; width: 12%">78,463,858</td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top">Total</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">$</td>
    <td style="vertical-align: bottom; text-align: right">6.04</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">None</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">$</td>
    <td style="vertical-align: bottom; text-align: right">78,463,858</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>




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

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
                                            the Subscription Price will not be determined until after printing and distribution of this
                                            prospectus, the &#8220;Estimated Subscription Price&#8221; above is an estimate of the Subscription
                                            Price based on the Fund&#8217;s per-Share NAV on October 20, 2025. See &#8220;The Offering
                                            <b>&#8211;</b> Subscription Price&#8221; and &#8220;The Offering <b>&#8211;</b> Payment for
                                            Shares.&#8221;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td><td style="text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
                                            to the Fund are estimated to be approximately $78,463,858 or approximately $6.04 per Share,
                                            if fully subscribed (including full utilization of the Additional Subscription Privilege,
                                            as defined and discussed herein). Proceeds to the Fund are before deduction of fees and expenses
                                            incurred by the Fund in connection with the Offering, which are estimated to be approximately
                                            $218,266 or approximately $0.0084 per Share, if fully subscribed. Funds received prior to
                                            the Expiration Date of this Offering will be deposited in a segregated account pending allocation
                                            and distribution of Shares. Interest, if any, on subscription monies will be paid to the
                                            Fund regardless of whether Shares are issued by the Fund; interest will not be used as credit
                                            toward the purchase of Shares</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Neither
the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities
or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this prospectus is <span>[&#9679;]</span>, 2025.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is managed by Bulldog. In February 2025, Shareholders approved replacement of the Fund&#8217;s investment objective with
a non-fundamental investment objective of long-term total return. Bulldog, in its capacity as the Fund&#8217;s investment adviser,
is responsible for implementing the Fund&#8217;s investment strategy.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus sets forth concisely the information about the Fund that you should know before deciding whether to invest in the Fund and
should be retained for future reference. A Statement of Additional Information, dated [&#9679;], 2025 (the &#8220;Statement of Additional
Information&#8221;), and other materials containing additional information about the Fund, have been filed with the U.S. Securities and
Exchange Commission (the &#8220;SEC&#8221;). The Statement of Additional Information is incorporated by reference in its entirety into
this prospectus, which means it is considered to be part of this prospectus. You may obtain a free copy of the Statement of Additional
Information, the table of contents of which is on page 44 of this prospectus, and other information filed with the SEC, or make any other
shareholder inquiries, by calling toll free 1-800-937-5449 or by visiting the Fund&#8217;s website at www.totalreturnsecuritiesfund.com.
The Fund files annual and semi-annual shareholder reports, proxy statements and other information with the SEC. You can obtain this information
or the Statement of Additional Information or any information regarding the Fund filed with the SEC from the SEC&#8217;s website at www.sec.gov.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured
depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (the &#8220;FDIC&#8221;), the
Federal Reserve Board or any governmental agency.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
should rely only on the information contained or incorporated by reference in this prospectus. The Fund has not authorized anyone
to provide you with different information. The information contained in this prospectus is accurate only as of the date of this
prospectus. The Fund will amend this prospectus if, during the period this prospectus is required to be delivered, there are any
material changes to the facts stated in this prospectus subsequent to the date of this prospectus.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
permitted by regulations adopted by the SEC, paper copies of the Fund&#8217;s shareholder reports are not sent by mail, unless
you specifically request paper copies of the reports from the Fund or from your financial intermediary (such as a broker-dealer
or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted
and provided with a website link to access the report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary (such
as a broker-dealer or bank) or, if you are a direct investor, by calling the Fund&#8217;s Transfer Agent, Equiniti Trust Company,
LLC, at 1-888-556-0425.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest
directly with the Fund, you can call the Fund&#8217;s Transfer Agent, Equiniti Trust Company, LLC, at 1-888-556-0425. Your election
to receive reports in paper form will apply to all funds held in your account with your financial intermediary.</span></p>

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a002"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a003"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL HIGHLIGHTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a006"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT OBJECTIVE AND INVESTMENT STRATEGIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LISTING OF SHARES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a010"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DETERMINATION OF NET ASSET VALUE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISTRIBUTION POLICY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><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; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN ADDITIONAL MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><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; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STRUCTURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a015"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORTS TO STOCKHOLDERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a017"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a018"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2a019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
</table>

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

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a001"></span>SUMMARY</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
summary does not contain all of the information that you should consider before investing in the Fund. You should review the more
detailed information contained or incorporated by reference in this prospectus and in the Statement of Additional Information,
particularly the information set forth under the heading &#8220;Risk Factors.&#8221;</i></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    Fund</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 80%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Fund was incorporated in Delaware on October 24, 1986 and is registered with the SEC
                                         as a closed-end investment company under the Investment Company Act of 1940, as amended
                                         (together with the rules promulgated thereunder, the &#8220;1940&#160;Act&#8221;). The
                                         Fund&#8217;s shares of common stock are listed and trade on the NYSE under the trading
                                         symbol &#8220;SWZ.&#8221;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
        February 21, 2025, Shareholders approved replacing the Fund&#8217;s investment objective with a non-fundamental investment
        objective of long-term total return. Also on that date Shareholders approved a new investment advisory agreement between
        the Fund and Bulldog as the Fund&#8217;s investment adviser. On March&#160;31,&#160;2025, Bulldog became the Fund&#8217;s
        investment adviser.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulldog
intends to achieve the Fund&#8217;s investment objective primarily by purchasing U.S. securities or other assets that, in the
opinion of Bulldog, are undervalued at the time of purchase and (1) have the potential for growth and/or (2) where the perceived
discount from their intrinsic value is likely to narrow over time. When advisable, Bulldog may seek to influence the management
of a portfolio company to take actions to increase the market price of the Fund&#8217;s investment in that company&#8217;s securities
(e.g., by such company repurchasing its securities, paying a special dividend, or by considering restructuring actions, such as
selling or liquidating the company). The Fund&#8217;s investments may also include the securities of companies undergoing a corporate
event such as mergers, liquidations, reorganizations, or spin-offs. Investments will not be restricted to any types of securities
(e.g., equity, fixed income) or their liquidity. At times, the portfolio may be highly concentrated. The Fund may invest in securities
of companies with any market capitalization and will not be required to be fully invested at any time. There will be no limitation
with respect to the portion of the Fund&#8217;s total assets held in cash and cash equivalents. The Fund may use leverage and
may hedge its investments.</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    Offering</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Fund is issuing non-transferable rights (&#8220;Rights&#8221;) to its Shareholders as of
                                            the close of business on November 14, 2025 (each such Shareholder, a &#8220;Rights Holder&#8221;),
                                            which Rights will allow Rights Holders to subscribe for an aggregate of 12,990,705 Shares
                                            (the &#8220;Offering&#8221;). Rights are non-transferable. A Rights Holder will not be able
                                            to trade Rights on the secondary market. For each one (1) Right a Rights Holder receives,
                                            such Rights Holder will be entitled to buy one (1) new Share at a subscription price that
                                            will be 85% of the NAV per Share on the Expiration Date. Each Shareholder will receive one
                                            (1) Right for each Share owned on the Record Date (the &#8220;Basic Subscription&#8221;).
                                            Fractional Shares will not be issued upon the exercise of Rights. Accordingly, the number
                                            of Rights to be issued to a Shareholder as of the Record Date will be rounded up to the nearest
                                            whole number of Rights. Rights Holders may purchase Shares not acquired by other Rights Holders
                                            as discussed in this prospectus. See &#8220;The Offering <b>&#8211; </b>Additional Subscription
                                            Privilege&#8221; below.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
will be issued as soon as practicable after the Expiration Date.</span></p></td></tr>
</table>

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

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purpose of the Offering</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 80%; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                               its meetings held on August 16, 2025 and September 12, 2025, the Board determined in good faith
                               that the proposed Offering is in the best interests of the Fund and its Shareholders and would
                               result in a net benefit to existing Shareholders. The primary reasons for the Offering are summarized
                               below.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;The Basic Subscription will provide existing Shareholders an opportunity to purchase additional Shares at a price that
        is below NAV and potentially below market price without incurring any commission or transaction charges.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Raising more cash may better position the Fund to take advantage of investment opportunities that exist or may arise.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Increasing Fund assets may lower the Fund&#8217;s expenses as a proportion of net assets as the Fund&#8217;s fixed costs
        would be spread over a larger asset base. There can be no assurance that by increasing the size of the Fund, the Fund&#8217;s
        expense ratio will be reduced.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Board considered alternatives to the Offering, such as a more limited/less dilutive non-transferable rights offering or
        a transferable rights offering which, pursuant to applicable SEC No-Action relief, would be limited in size to one-third
        of the Fund&#8217;s outstanding shares. The Board determined that the decreased size of such alternatives would hinder
        the ability of the Fund to pursue its investment objective.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Offering is expected to be moderately dilutive with respect to the NAV per share. In addition, all the costs of the Offering
        will be indirectly borne by all Shareholders whether or not they exercise their Rights. The Offering will dilute the voting
        power of those Shareholders electing not to participate in the Offering because they will own a smaller percentage of
        the total number of shares outstanding after the completion of the Offering.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
        the Offering will increase the number of the Fund&#8217;s outstanding Shares, it may increase the level of market interest
        in and visibility of the Fund and improve the trading liquidity of the Shares on the NYSE. Shareholders who choose not
        to exercise all their Rights will permit Shareholders who exercise the Additional Subscription Privilege to purchase additional
        Shares potentially at a discount to the market price without providing any compensation to the non-participating Shareholders
        for the dilution of their ownership percentage or voting power.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        following illustrates the dilutive impact of the Offering. The amounts in the table are based on the Fund&#8217;s per-share NAV
        on October 20, 2025 and Estimated Subscription Price of $6.04 per share (85% of $7.11).&#160;</span></p></td></tr>
</table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 4.5pt; padding-right: 4.5pt; padding-left: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; padding-top: 4.5pt; padding-right: 4.5pt; padding-left: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following table shows the impact assuming the Basic Subscription is fully subscribed: </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-left: Black 1pt solid; width: 20%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    <b><span style="text-decoration: underline">NAV Per<br/>
 Share</span></b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    <b><span style="text-decoration: underline">New NAV Per <br/>
Share</span></b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    <span><b><span style="text-decoration: underline">Percentage</span></b></span><br/>
    <span><b><span style="text-decoration: underline">Dilution</span></b></span></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Dollar
    Amt Per Share <br/>
Dilution</span></b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 4.5pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7.11</span></td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 4.5pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6.57</span></td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 4.5pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.55%</span></td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 4.5pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.54</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsequent
    Tender Offer</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    previously announced by the Fund, shortly after completion of the Offering, the Board intends to authorize a tender offer
    to purchase (1) 30% of the Fund&#8217;s outstanding Shares if at least eight (8) million shares are issued in the Offering,
    or (2) the greater of (a) 15% of the Fund&#8217;s outstanding Shares and (b) the number of Shares that would result in the
    Fund having approximately $90 million in net assets after completion of the tender offer if less than eight (8) million Shares
    are issued in the Offering, in either case at a price per Share of at least 98% of NAV per Share. <b>The foregoing does not
    constitute a tender offer or an offer to purchase the shares of any shareholder. Any such offer will be made pursuant to separate
    tender offer materials complying with the requirements of Section 13(e) of the Securities Exchange Act of 1934, as amended
    (the &#8220;Exchange Act&#8221;), and Rule 13e-4 thereunder.</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    Objective and Policies</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Fund&#8217;s investment objective is long-term total return.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no assurance that the Fund will achieve its investment objective. <b>Some of the Fund&#8217;s investment policies are considered
fundamental policies and may not be changed without Shareholder approval.</b> The Statement of Additional Information contains
a list of the fundamental and non-fundamental investment policies of the Fund under the heading &#8220;Investment Restrictions.&#8221;</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    Strategies</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Fund pursues its objective primarily by purchasing U.S. securities or other assets that,
                                         in the opinion of the Investment Adviser, are undervalued at the time of purchase and
                                         (1) have the potential for growth and/or (2) where the perceived discount from their
                                         intrinsic value is likely to narrow over time. When advisable, the Investment Adviser
                                         may seek to influence the management of a portfolio company to take actions to increase
                                         the market price of the Fund&#8217;s investment in that company&#8217;s securities (e.g.,
                                         by such company repurchasing its securities, paying a special dividend, or by considering
                                         restructuring actions, such as selling or liquidating the company). The Fund&#8217;s
                                         investments may also include the securities of companies undergoing a corporate event
                                         such as mergers, liquidations, reorganizations, or spin-offs.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
will not be restricted to any types of securities (e.g., equity, fixed income) or their liquidity. At times, the portfolio may
be highly concentrated. The Fund may invest in securities of companies with any market capitalization and is not required to be
fully invested at any time. There is no limitation with respect to the portion of the Fund&#8217;s total assets held in cash and
cash equivalents. The Fund may use leverage and may hedge its investments.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net
    assets in cash or cash equivalents.</span></p></td></tr>
</table>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    Adviser</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulldog,
                                         in consultation with the Board, is responsible for implementing the Fund&#8217;s investment
                                         strategy. As noted above, on March 31, 2025, Bulldog became the Fund&#8217;s investment
                                         adviser.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser is compensated by the Fund through a monthly advisory fee at an annual rate of 1.00% of the Fund&#8217;s average
weekly total assets, deducting all officer and director fees paid to those officers and directors of the Fund (other than the
Fund&#8217;s Chief Compliance Officer) affiliated with Bulldog.&#160;</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Administrator
    and Accounting Agent </b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect wholly-owned
    subsidiary of U.S. Bancorp, serves as administrator and accounting agent to the Fund. See &#8220;Management of the Fund.&#8221;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custodian
    </b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Bank, N.A. (&#8220;U.S. Bank&#8221;), an affiliate of Fund Services, serves as the Fund&#8217;s custodian. See &#8220;Management
    of the Fund.&#8221;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
    Agent</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equiniti
    Trust Company, LLC serves as the Fund&#8217;s transfer agent and registrar. See &#8220;Management of the Fund.&#8221;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Closed-End
    Fund Structure</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-end
                                         funds differ from open-end management investment companies (commonly referred to as mutual
                                         funds) in that closed-end funds do not redeem their shares at the option of the shareholder
                                         and generally list their shares for trading on a securities exchange. By comparison,
                                         mutual funds issue securities that are redeemable daily at NAV at the option of the shareholder
                                         and typically engage in a continuous offering of their shares. Mutual funds are subject
                                         to continuous asset in-flows and out-flows that can complicate portfolio management,
                                         whereas closed-end funds generally can stay more fully invested in securities consistent
                                         with the closed-end fund&#8217;s investment objectives and policies. In addition, in
                                         comparison to open-end funds, closed-end funds have greater flexibility in the employment
                                         of financial leverage and in the ability to make certain types of investments, including
                                         investments in illiquid securities.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of closed-end funds frequently trade at a discount from their NAV. In recognition of the possibility that the Shares might trade
at a discount to NAV and that any such discount may not be in the interest of Shareholders, the Fund&#8217;s Board may, from time
to time, review possible actions to reduce any such discount, including considering open market repurchases or tender offers for
the Fund&#8217;s Shares. There can be no assurance that the Board will decide to undertake any of these actions or that, if undertaken,
such actions would result in the Shares trading at a price equal to or close to NAV per Share.&#160;</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
    Factors</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
    in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may
    lose part or all of your investment. See &#8220;Risk Factors&#8221; beginning on page 24 and the other information included
    in this prospectus for a discussion of risks that you should carefully consider about the Fund and about this Offering.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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

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    <!-- Field: /Page -->

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td rowspan="4" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Important
    Dates</b></span></td>
    <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 56%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record
    Date</span></td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; width: 24%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    14, 2025</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
    Date</span></td>
    <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    14, 2025 &#8211; December 5, 2025*</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration
    Date/Deadline to Purchase Shares</span></td>
    <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    5, 2025*</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
    Unless the Offering is extended.</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a002"></span>SUMMARY
OF FUND EXPENSES</b></span></p>

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

<ix:nonNumeric contextRef="AsOf2025-10-23" continuedAt="ConU000058-01" escape="true" id="Fact000058" name="cef:ShareholderTransactionExpensesTableTextBlock"><p id="xdx_804_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-UHVB_zsXfM6kXSxDh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows Fund expenses that you as an investor in the Fund&#8217;s Shares will bear directly or indirectly.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder
    Transaction Expenses</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    load</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span id="xdx_905_ecef--SalesLoadPercent_dpn_c20251023__20251023_zX8rSDJ3pJad" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:SalesLoadPercent" contextRef="AsOf2025-10-23" id="Fact000059" format="ixt-sec:numwordsen" decimals="INF" scale="-2" unitRef="Ratio">None</ix:nonFraction></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
    expenses<sup>(1)</sup></span></td>
    <td id="xdx_982_ecef--UnderwritersCompensationPercent_dp_c20251023__20251023_fKDEp_ze5wIgQzImX4" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:UnderwritersCompensationPercent" contextRef="AsOf2025-10-23" id="Fact000060" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.28</ix:nonFraction>%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    Reinvestment and Cash Purchase Plan Fees<sup>(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90A_ecef--DividendReinvestmentAndCashPurchaseFees_pid_c20251023__20251023_fKDIp_zwRSx0GUu1Bb"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="AsOf2025-10-23" id="Fact000061" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">15.00</ix:nonFraction></span></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F08_zhtcPXPyZB2k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F11_zNsYWAdLCps9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000062" xml:lang="en-US">Assuming
    the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to
    be approximately $218,266 or approximately $0.0084 per Share.</ix:footnote></span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span id="xdx_F0A_zNtZJU70i0wj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F16_zTysSr1gckgg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000063" xml:lang="en-US">There
    will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever
    Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of
    brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent
    are subject to a fee of $15 plus a sales commission of $0.10 per Share.</ix:footnote></span></td></tr>
</table>
</ix:nonNumeric><div id="xdx_814_zbIy3dZ4QeG"></div>
<ix:nonNumeric contextRef="AsOf2025-10-23" continuedAt="ConU000067-01" escape="true" id="Fact000067" name="cef:AnnualExpensesTableTextBlock"><div id="xdx_80C_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-KPQ_z5NjsMHAmz0b"></div>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
    Expenses (as a percentage of net assets attributable to the Shares)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    fees<sup>(3)</sup></span></td>
    <td id="xdx_98E_ecef--ManagementFeesPercent_dp_c20251023__20251023_fKDMp_zurPatviGk3l" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:ManagementFeesPercent" contextRef="AsOf2025-10-23" id="Fact000068" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">1.00</ix:nonFraction>%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Payments on Borrowed Funds</span></td>
    <td id="xdx_987_ecef--InterestExpensesOnBorrowingsPercent_dp0_c20251023__20251023_zPLt5j1Rg5Mk" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 10pt 1.5pt 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:InterestExpensesOnBorrowingsPercent" contextRef="AsOf2025-10-23" id="Fact000069" format="ixt:zerodash" decimals="INF" scale="-2" unitRef="Ratio">&#8211;</ix:nonFraction></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    expenses<sup>(4)</sup></span></td>
    <td id="xdx_98E_ecef--OtherAnnualExpensesPercent_dp_c20251023__20251023_fKDQp_zMkNsteDtpFl" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:OtherAnnualExpensesPercent" contextRef="AsOf2025-10-23" id="Fact000070" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.61</ix:nonFraction>%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
    Fund fees and expenses<sup>(5)</sup></span></td>
    <td id="xdx_988_ecef--AcquiredFundFeesAndExpensesPercent_dp_c20251023__20251023_fKDUp_z72vGZAHZf83" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:AcquiredFundFeesAndExpensesPercent" contextRef="AsOf2025-10-23" id="Fact000071" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.01</ix:nonFraction>%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Annual Expenses</span></td>
    <td id="xdx_98E_ecef--TotalAnnualExpensesPercent_dp_c20251023__20251023_zG7mhwfaZbH" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" contextRef="AsOf2025-10-23" id="Fact000072" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">1.62</ix:nonFraction>%</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span id="xdx_F00_zQ7chfl58O1g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F11_zoXlycVdtWDd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000073" xml:lang="en-US">The
    Fund&#8217;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#8217;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#8217;s Chief Compliance Officer) affiliated
    with Bulldog.</ix:footnote></span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span id="xdx_F09_znInLyXr0Nw2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F1A_zxMPB8QMSfub" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000074" xml:lang="en-US">&#8220;Other
    Expenses&#8221; are based on estimated amounts for the current fiscal year.</ix:footnote></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt"><span id="xdx_F0F_z0ZW0YTNqrw3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F15_zppi0ZdT7gAl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000075" xml:lang="en-US">The
    Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
    indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund
    fees and expenses are based on estimated amounts for the current fiscal year.</ix:footnote></span></td></tr>
</table>
</ix:nonNumeric><p id="xdx_810_z3XLa0ZTSeAf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="AsOf2025-10-23" continuedAt="ConU000078-01" escape="true" id="Fact000078" name="cef:ExpenseExampleTableTextBlock"><p id="xdx_800_ecef--ExpenseExampleTableTextBlock_gL1EETTB-FIF_z6gTBJMNEwO2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Example</b><sup>(6)</sup></span></p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example illustrates the hypothetical
expenses (including estimated expenses with respect to year 1 of this Offering of approximately $218,266) that you would pay on a $1,000
investment in the Shares, assuming (i) annual expenses of 1.62% of net assets attributable to the Shares and (ii) a 5% annual return:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 33%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    Year</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    Years</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5
    Years</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10
    Years</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    would pay the following expenses on a $1,000 investment, assuming a 5% annual return</span></td>
    <td id="xdx_988_ecef--ExpenseExampleYear01_c20251023__20251023_fKDYp_zSswcNhvxSeb" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="AsOf2025-10-23" id="Fact000079" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecef--ExpenseExampleYears1to3_c20251023__20251023_fKDYp_zpIwnNemdGrd" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$<ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="AsOf2025-10-23" id="Fact000080" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecef--ExpenseExampleYears1to5_c20251023__20251023_fKDYp_zelFXzr0MULe" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="AsOf2025-10-23" id="Fact000081" format="ixt:numdotdecimal" decimals="0" unitRef="USD">91</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecef--ExpenseExampleYears1to10_c20251023__20251023_fKDYp_zx1T9MoWnAHc" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$<ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="AsOf2025-10-23" id="Fact000082" format="ixt:numdotdecimal" decimals="0" unitRef="USD">195</ix:nonFraction>
    </span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F04_zFbPLUhxn4Ri" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F15_z6ZAXE1LhUPe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000083" xml:lang="en-US">The
    example assumes that the estimated &#8220;Other Expenses&#8221; set forth in the Annual Expenses table remain the same each
    year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed.
    The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize
    any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund&#8217;s actual rate
    of return will vary and may be greater or less than the hypothetical 5% annual return.</ix:footnote></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_810_z8tApMn0Tl49" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%">&#160;</div></div><!-- Field: /Rule-Page -->
<div id="xdx_C0A_gL1STETTB-UHVB_zhsL6KxO3LLf"><ix:continuation id="ConU000058-01"><div></div>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
    the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to
    be approximately $218,266 or approximately $0.0084 per Share.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever
    Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of
    brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent
    are subject to a fee of $15 plus a sales commission of $0.10 per Share.</span></td></tr>
</table></ix:continuation></div>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>
<div id="xdx_C0E_gL1AETTB-KPQ_zScK4DzsY0Kg"><ix:continuation continuedAt="ConU000067-02" id="ConU000067-01"><div></div>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20251023__20251023_zxEnBPMH5GK1"><ix:nonNumeric contextRef="AsOf2025-10-23" escape="true" id="Fact000084" name="cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock">The
    Fund&#8217;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#8217;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#8217;s Chief Compliance Officer) affiliated
    with Bulldog.</ix:nonNumeric></span></span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecef--OtherExpensesNoteTextBlock_c20251023__20251023_zn8RluJII8K1"><ix:nonNumeric contextRef="AsOf2025-10-23" escape="true" id="Fact000085" name="cef:OtherExpensesNoteTextBlock">&#8220;Other
    Expenses&#8221; are based on estimated amounts for the current fiscal year.</ix:nonNumeric></span> </span></td></tr>
</table></ix:continuation></div>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<div id="xdx_C08_gL1AETTB-KPQ_zlot9Ydmrgae"><ix:continuation id="ConU000067-02"><div></div>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
    indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund
    fees and expenses are based on estimated amounts for the current fiscal year.</span></td></tr>
</table></ix:continuation></div>
<div id="xdx_C05_gL1EETTB-FIF_zZ61MxoDf1sh"><ix:continuation id="ConU000078-01"><div></div>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    example assumes that the estimated &#8220;Other Expenses&#8221; set forth in the Annual Expenses table remain the same each
    year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed.
    The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize
    any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund&#8217;s actual rate
    of return will vary and may be greater or less than the hypothetical 5% annual return.</span></td></tr>
</table></ix:continuation></div>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecef--PurposeOfFeeTableNoteTextBlock_c20251023__20251023_zAVuuQS7o5fe"><ix:nonNumeric contextRef="AsOf2025-10-23" escape="true" id="Fact000086" name="cef:PurposeOfFeeTableNoteTextBlock">The
purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly
or indirectly. <b>The example should not be considered a representation of actual future expenses. Actual expenses may be higher
or lower than those shown.</b></ix:nonNumeric></span></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a003"></span>THE
FUND</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is a non-diversified closed-end management investment company. The Fund was incorporated in Delaware on October 24, 1986.
The Fund&#8217;s principal office is located c/o U.S. Bancorp Fund Services, LLC at located at 615 East Michigan Street, Milwaukee,
WI 53202, and its telephone number is 1-800-937-5449.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a004"></span>THE
OFFERING</b></span></p>

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



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Terms of the Offering</span></b>. The Fund
is issuing to Record Date Shareholders (<i>i.e.</i>, Shareholders who hold Shares on the Record Date) non-transferable Rights to subscribe
for Shares. Each Record Date Shareholder is being issued one (1) non-transferable Right for each Share owned on the Record Date. The
Rights entitle a Record Date Shareholder (or Rights Holder) to acquire one (1) Share at the Subscription Price for every Right held.
Fractional Shares will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to a Record Date
Shareholder on the Record Date will be rounded up to the nearest whole number. Rights may be exercised at any time during the Subscription
Period, which commences on or about November 14, 2025 and ends at 5:00 p.m., New York City time, on December 5, 2025, unless extended
by the Fund. See &#8220;Expiration of the Offering.&#8221; The right to acquire one (1) additional Share for every Right held at the
Subscription Price is hereinafter referred to as the &#8220;Basic Subscription.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the Basic Subscription, Rights Holders who exercise all of their Rights are entitled to subscribe for Unsubscribed
Shares that were not otherwise subscribed for by others in the Basic Subscription (the &#8220;Additional Subscription Privilege&#8221;),
with such Shares subject to the same terms and conditions of the Offering. To the extent that sufficient Unsubscribed Shares are
not available to honor all additional subscription requests, available Shares will be allocated to assure that the total number
of Unsubscribed Shares available are distributed on a pro-rata basis. See &#8220;&#8211; Additional Subscription Privilege&#8221;
below. For purposes of determining the maximum number of Shares a Rights Holder may acquire pursuant to the Offering, broker-dealers
whose Rights are held of record by any Nominee will be deemed to be the holders of the Rights that are issued to such Nominee
on their behalf. The term &#8220;Nominee&#8221; shall mean, collectively, Cede &amp; Company (&#8220;Cede&#8221;), as nominee
for the Depository Trust Company (&#8220;DTC&#8221;), or any other depository or nominee. Shares acquired pursuant to the Additional
Subscription Privilege are subject to allotment and will be distributed on a pro rata basis if allotment does not exist to fulfill
all requests, which is more fully discussed below under &#8220;&#8211; Additional Subscription Privilege.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
WILL BE ISSUED AS SOON AS PRACTICABLE AFTER THE EXPIRATION DATE.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Rights
will be Evidenced by Subscription Certificates</span></b>. The number of Rights issued to each Rights Holder will be stated on the
Subscription Certificates delivered to the Rights Holder. The method by which Rights may be exercised and Shares paid for is set
forth below in &#8220;Method of Exercising Rights&#8221; and &#8220;Payment for Shares.&#8221; A RIGHTS HOLDER WILL HAVE NO RIGHT
TO RESCIND A PURCHASE AFTER THE SUBSCRIPTION AGENT (DEFINED BELOW) HAS RECEIVED PAYMENT. See &#8220;Payment for Shares&#8221;
below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Rights are non-transferable and may not be purchased or sold. Rights will expire without residual value at the Expiration Date.
The Rights will not be listed for trading on the NYSE, and there will not be any market for trading Rights. The Shares to be issued
pursuant to the Offering will be listed for trading on the NYSE, subject to the NYSE being officially notified of the issuance
of those Shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Purpose
of the Offering</span></b>. At meetings held on August 16, 2025 and <span>September 12, 2025</span>,
the Board determined that the current Offering is in the best interests of the Fund and its existing Shareholders to increase
the assets of the Fund so that the Fund may be in a better position to take advantage of investment opportunities that exist or
may arise. Such opportunities may include acquiring shares of closed-end funds at a discount to NAV and shares of operating companies
selling at market prices below perceived intrinsic value. In both cases, increased assets may enable the Fund to acquire larger
positions which may enhance its ability to influence management of a portfolio company to take actions to increase the market
price of the Fund&#8217;s investment. Proceeds will be invested in accordance with the Fund&#8217;s investment objective and policies
as stated herein. See &#8220;Business of the Fund.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Board
Considerations in Approving the Offering</span></b>. At meetings held on August 16, 2025 and <span>September&#160;12,
2025</span>, the Board considered the approval of the Offering. In considering whether or not to approve the Offering, the Board
relied on materials and information prepared and presented by the Fund&#8217;s management and Investment Adviser at such meeting
and discussions at that time. Based on such materials and their deliberations at this meeting, the Board determined that it would
be in the best interests of the Fund and its Shareholders to conduct the Offering in order to increase the assets of the Fund
available for current and future investment opportunities. In making its determination, the Board considered the various factors
set forth in &#8220;The Offering &#8211; Purpose of the Offering&#8221;. The Board also considered a number of other factors,
including the ability of the Fund to invest the proceeds of the Offering. As a result of these considerations, the Board determined
that it is appropriate and in the best interest of the Fund and its Shareholders to proceed with the Offering.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
<span>September 12, 2025</span>, the Board approved the final terms of the Offering. Two (2) of
the Fund&#8217;s Directors who voted to authorize the Offering may be considered &#8220;interested persons&#8221; of the Fund
within the meaning of the 1940 Act. The other three (3) Directors are not &#8220;interested persons&#8221; of the Fund within
the meaning of the 1940&#160;Act.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future, the Fund may choose to make additional rights offerings from time to time for a number of Shares and on terms that
may or may not be similar to the Offering. Any such future rights offerings will be made in accordance with the then applicable
requirements of the 1940 Act and the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Notice
of NAV Decline</span></b>. If the Shares begin to trade at a significant discount, the Board may make a determination whether to
discontinue the Offering, provided that the Fund, as required by the SEC&#8217;s registration form, will suspend the Offering
until it amends this prospectus if, subsequent to the date of this prospectus, the Fund&#8217;s NAV declines more than 10% from
its NAV as of that date. Accordingly, the Expiration Date would be extended and the Fund would notify Rights Holders of the decline
and permit Rights Holders to cancel their exercise of Rights.</span></p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">The Subscription Price</span></b>. The Subscription
Price for the Shares to be issued under the Offering will be 85% of the NAV per Share on the Expiration Date. For example, if the Offering
were held using the &#8220;Estimated Subscription Price&#8221; (<i>i.e.</i>, an estimate of the Subscription Price based on the Fund&#8217;s
per-share NAV on October 20, 2025), the Subscription Price would be $6.04 per share (85% of $7.11).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Additional
Subscription Privilege</span></b>. If all of the Rights initially issued are not exercised, any Shares for which subscriptions have
not been received will be offered, by means of the Additional Subscription Privilege, to Rights Holders who have exercised all
of the Rights initially issued to them and who wish to acquire more than the number of Shares for which the Rights held by them
are exercisable. Rights Holders who exercise all of their Rights will have the opportunity to indicate on the Subscription Certificate
how many unsubscribed Shares they are willing to acquire pursuant to the Additional Subscription Privilege.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
enough Unsubscribed Shares remain after the Basic Subscriptions have been exercised, all additional subscription requests will
be honored in full, with such Shares subject to the same terms and conditions of the Offering. In the event that the Subscription
Price is less than the Estimated Subscription Price, Unsubscribed Shares may be used by the Fund to fulfill any Shares subscribed
for under the Basic Subscription. The method by which any Unsubscribed Shares will be distributed and allocated pursuant to the
Additional Subscription Privilege is as follows:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: justify"/><td style="width: 0.5in; text-align: justify"><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">If
there are sufficient Unsubscribed Shares to satisfy all additional subscriptions by Rights Holders exercising their rights under
the Additional Subscription Privilege, each such Rights Holder shall be allotted the number of Shares requested.</span></td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; 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, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the aggregate number of Shares subscribed for under the Additional Subscription Privilege exceeds the number of Unsubscribed
    Shares, the Unsubscribed Shares will be allocated to Rights Holders who have exercised all of their Rights in accordance with
    their Additional Subscription Privilege request.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; 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, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    there are not enough Unsubscribed Shares to fully satisfy all Additional Subscription Privilege requests by Rights Holders
    pursuant to paragraph (ii) above, the Unsubscribed Shares will be allocated among Rights Holders who have exercised all of
    their Rights in proportion, not to the number of Shares requested pursuant to the Additional Subscription Privilege, but to
    the number of Rights exercised by them under their Basic Subscription Rights; provided, however, that no Rights Holder shall
    be allocated a greater number of Unsubscribed Shares than such Rights Holder paid for. The formula to be used in allocating
    the Unsubscribed Shares under this paragraph is as follows: (Rights Exercised by additional subscribing Rights Holder divided
    by Total Rights Exercised by all additional subscribing Rights Holders) multiplied by Unsubscribed Shares Remaining.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
percentage of Unsubscribed Shares each Rights Holder may acquire will be rounded up to result in delivery of whole Shares (fractional
Shares will not be issued).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing allocation process may involve a series of allocations in order to assure that the total number of Unsubscribed Shares
available are distributed on a pro-rata basis. The Fund will not offer or sell any Shares which are not subscribed for under the
Basic Subscription or the Additional Subscription Privilege. The Additional Subscription Privilege may result in additional dilution
of a Shareholder&#8217;s ownership percentage and voting power.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Expiration
of the Offering</span></b>. The Offering will expire at 5:00 p.m., New York City time, on the Expiration Date (December 5, 2025), unless
extended by the Fund (the &#8220;Extended Expiration Date&#8221;). Rights will expire on the Expiration Date or Extended Expiration Date,
as the case may be, and thereafter may not be exercised.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Method
of Exercising Rights</span></b>. Rights may be exercised by filling in and signing the reverse side of the Subscription Certificate
and mailing it in the envelope provided, or otherwise delivering the completed and signed Subscription Certificate to the Subscription
Agent, together with payment for the Shares as described below under &#8220;Payment for Shares.&#8221; Rights may also be exercised
through a Rights Holder&#8217;s broker, who may charge the Rights Holder a servicing fee in connection with such exercise.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Estimated Subscription Price is more than the Subscription Price on the Expiration Date, any resulting excess
amount paid by a Rights Holder towards the purchase of Shares in the Offering will be applied by the Fund towards the purchase
of additional Shares under the Basic Subscription or, if such Rights Holder has exercised all of the Rights initially issued to
such Rights Holder under the Basic Subscription, towards the purchase of an additional number of Shares pursuant to the Additional
Subscription Privilege. Any Rights Holder who desires that such excess not be treated by the Fund as a request by the Rights Holder
to acquire additional Shares in the Offering and that such excess be refunded to the Rights Holder must so indicate in the space
provided on the Subscription Certificate.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completed
Subscription Certificates must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the Expiration
Date (or Extended Expiration Date, as the case may be). The Subscription Certificate and payment should be delivered to the Subscription
Agent at the following address:</span></p>

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



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span style="text-decoration: underline">If by mail</span></b><span style="text-decoration: underline">:</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Equiniti Trust Company, LLC</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Operations Center</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: Onbase &#8211; Reorganization Depart.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">1110 Centre Pointe Curve, Suite # 101</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Mendota Heights, MN 55120</p></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span style="text-decoration: underline">If by express mail, courier or other expedited service:</span></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Equiniti Trust Company, LLC</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">1110 Centre Pointe Curve, Suite # 101</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Mendota Heights, MN 55120</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: Onbase &#8211; Reorganization Depart.</p></td></tr>
  </table>

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



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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Subscription Agent</span></b>. The Subscription
Agent is Equiniti Trust Company, LLC with an address at 1100 Centre Pointe Curve, Suite # 101, Mendota Heights, MN 55120. The Subscription
Agent will receive from the Fund an amount estimated to be $40,000, comprised of the fee for its services and the reimbursement for certain
expenses related to the Offering. INQUIRIES BY ALL RIGHTS HOLDERS SHOULD BE DIRECTED TO THE SUBSCRIPTION AGENT, EQUINITI TRUST COMPANY,
LLC; RIGHTS HOLDERS MAY ALSO CONSULT THEIR BROKERS OR NOMINEES.</p>


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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Payment for Shares</span></b>. Payment for
Shares shall be calculated by multiplying the Estimated Subscription Price by the sum of (i) the number of Shares intended to be purchased
in the Basic Subscription, plus (ii) the number of additional Shares intended to be subscribed for under the Additional Subscription
Privilege. For example, based on the Estimated Subscription Price of $6.04 per Share, if a Shareholder receives 1,000 Rights and wishes
to subscribe for 1,000 Shares in the Basic Subscription, and also wishes to subscribe for 100 additional Shares under the Additional
Subscription Privilege, such Shareholder would remit payment in the amount of $6,644 ($6,040 plus $604).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
Holders who wish to acquire Shares in the Basic Subscription or pursuant to the Additional Subscription Privilege must, together
with the properly completed and executed Subscription Certificate, send payment for the Shares acquired in the Basic Subscription
and any additional Shares subscribed for pursuant to the Additional Subscription Privilege, to the Subscription Agent based on
the Estimated Subscription Price of $6.04 per Share. To be accepted, such payment,
together with the Subscription Certificate, must be received by the Subscription Agent prior to 5:00 p.m., New York City time,
on the Expiration Date (or Extended Expiration Date as the case may be).</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><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"><b>If
the Estimated Subscription Price is greater than the actual per Share purchase price, the excess payment will be applied toward
the purchase of unsubscribed Shares to the extent that there remain sufficient unsubscribed Shares available after the Basic Subscription
and Additional Subscription Privilege allocations are completed.</b></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><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"><b>To
the extent that sufficient unsubscribed Shares are not available to apply all of the excess payment toward the purchase of unsubscribed
Shares, available Shares will be allocated in the manner consistent with that described in the section entitled &#8220;</b>&#8211;
<b>Additional Subscription Privilege&#8221; above.</b></span></td>
</tr></table>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
five (5) business days following the Expiration Date (or Extended Expiration Date as the case may be), a confirmation will be sent by
the Subscription Agent to each Rights Holder (or, if the Shares on the Record Date are held by Cede or any other depository or nominee,
to Cede or such other depository or nominee). The date of the confirmation is referred to as the &#8220;Confirmation Date.&#8221; The
confirmation will show (i) the number of Shares acquired pursuant to the Basic Subscription; (ii) the number of Shares, if any, acquired
pursuant to the Additional Subscription Privilege; (iii) the per Share and total purchase price for the Shares; and (iv) any additional
amount payable by such Rights Holder to the Fund (<i>i.e.,</i> if the Estimated Subscription Price was less than the Subscription Price
on the Expiration Date) or any excess to be refunded by the Fund to such Rights Holder (<i>i.e</i>., if the Estimated Subscription Price
was more than the Subscription Price on the Expiration Date and the Rights Holder indicated on the Subscription Certificate that such
excess not be treated by the Fund as a request by the Rights Holder to acquire additional Shares in the Offering). Any additional payment
required from a Rights Holder must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the date specified
as the deadline for final payment for Shares, and any excess payment to be refunded by the Fund to such Rights Holder will be mailed
by the Subscription Agent within ten (10) business days after the Confirmation Date. All payments by a Rights Holder must be made in
United States Dollars (i) by money order or by checks drawn on banks located in the continental United States payable to &#8220;Equiniti
Trust Company, LLC as Subscription Agent&#8221; or (ii) by wire transfer of immediately available funds to the following account: </span></p>

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







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Routing number: 021000021</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Swift code: CHASUS33</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Bank: JP Morgan Chase Bank</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">55 Water Street</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify">New York, NY 10005</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Beneficiary Account Name: Equiniti Trust
Company, LLC</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Account Number: 530-354616</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">FBO: Total Return Securities Fund</p>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Subscription Agent will deposit all checks received by it prior to the final due date into a segregated account pending distribution
of the Shares from the Offering. Any interest earned on such account will accrue to the benefit of the Fund, and investors will
not earn interest on payments submitted nor will interest be credited toward the purchase of Shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Rights Holder who acquires Shares pursuant to the Basic Subscription or the Additional Subscription Privilege does not make
payment of any amounts due, the Fund reserves the right to take any or all of the following actions: (i) find other purchasers
for such subscribed-for and unpaid-for Shares; (ii) apply any payment actually received by it toward the purchase of the greatest
whole number of Shares, which could be acquired by such holder upon exercise of the Basic Subscription or the Additional Subscription
Privilege; (iii) sell all or a portion of the Shares actually purchased by the holder in the open market, and apply the proceeds
to the amounts owed; or (iv) exercise any and all other rights or remedies to which it may be entitled, including, without limitation,
the right to set off against payments actually received by it with respect to such subscribed Shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
who hold Rights for the account of others, such as brokers, trustees, or depositaries for securities, should notify the respective
beneficial owners of the Rights as soon as possible to ascertain the beneficial owners&#8217; intentions and to obtain instructions
with respect to the Rights. If the beneficial owner so instructs, the record holder of the Rights should complete Subscription
Certificates and submit them to the Subscription Agent with the proper payment. In addition, beneficial owners of Shares or Rights
held through such a holder should contact the holder and request the holder to effect transactions in accordance with the beneficial
owner&#8217;s instructions.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
method of delivery of Subscription Certificates and payment of the Subscription Price to the Subscription Agent will be at the
election and risk of the Rights Holders, but if sent by mail it is recommended that the certificates and payments be sent by registered
mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the
Subscription Agent and clearance of payment prior to 5:00 p.m., New York City time, on the Expiration Date. Because uncertified
personal checks may take at least five (5) business days to clear, each Rights Holder participating in the Offering is strongly
urged to pay, or arrange for payment, by means of a certified or cashier&#8217;s check or money order.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
questions concerning the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund,
whose determinations will be final and binding. The Fund in its sole discretion may waive any defect or irregularity, or permit
a defect or irregularity to be corrected within such time as it may determine, or reject the purported exercise of any Right.
If the Fund elects in its sole discretion to waive any defect or irregularity, it may do so on a case-by-case basis which means
that not all defects or irregularities may be waived, if at all, or waived in the same manner as with other defects or irregularities.
Subscriptions will not be deemed to have been received or accepted until all irregularities have been waived or cured within such
time as the Fund determines in its sole discretion. Neither the Fund nor the Subscription Agent will be under any duty to give
notification of any defect or irregularity in connection with the submission of Subscription Certificates or incur any liability
for failure to give such notification.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Delivery
of the Shares</span></b>. The Shares purchased pursuant to the Basic Subscription will be delivered to Rights Holders in book-entry
form as soon as practicable, which the Fund expects to be no later than fifteen (15) days after the Expiration Date and after
the corresponding Rights have been validly exercised and full payment for the Shares has been received and cleared. The Shares
purchased pursuant to the Additional Subscription Privilege will be delivered to Rights Holders in book-entry form as soon as
practicable, which the Fund expects to be no later than fifteen (15) days after the Expiration Date and after all allocations
have been conducted.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">U.S.
Federal Income Tax Consequences Associated with the Offering</span></b>. The following is a general summary of the material U.S.
federal income tax consequences of the receipt of Rights by a Record Date Shareholder and a subsequent lapse or exercise of such
Rights. The discussion is based upon applicable provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
the Treasury Regulations promulgated thereunder, and other authorities currently in effect but does not address any state, local,
or foreign tax consequences of the Offering. Each Shareholder should consult its own tax advisor regarding specific questions
as to U.S. federal, state, local, or foreign taxes. Each Shareholder should also review the discussion of certain U.S. federal
income tax considerations affecting it and the Fund set forth under &#8220;Certain Additional Material United States Federal Income
Tax Considerations&#8221; and should also see the Fund&#8217;s Statement of Additional Information under the heading &#8220;Certain
Material United States Federal Income Tax Consequences.&#8221;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Receipt
of the Rights</i>. The Fund believes that a Record Date Shareholder&#8217;s receipt of the Rights pursuant to the Offering should
not be treated as a taxable distribution with respect to their existing Shares for U.S. federal income tax purposes. Section 305(a)
of the Code states that a stockholder&#8217;s taxable income does not include in-kind stock dividends, including distributions
of stock rights; however, the general non-recognition rule in Section 305(a) of the Code is subject to exceptions described in
Section 305(b) of the Code, which include &#8220;disproportionate distributions.&#8221; A disproportionate distribution is a distribution
or a series of distributions, including deemed distributions, that has the effect of the receipt of cash or other property by
some stockholders or holders of debt instruments convertible into stock and an increase in the proportionate interest of other
stockholders in a corporation&#8217;s assets or earnings and profits. The Fund believes that the receipt of the Rights pursuant
to the Offering should not be treated as a disproportionate distribution for these purposes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s position regarding the tax-free treatment of the Rights distribution is not binding on the Internal Revenue Service
(the &#8220;IRS&#8221;) or the courts. If this position is finally determined by the IRS or a court to be incorrect, whether on
the basis that the issuance of the Rights is a &#8220;disproportionate distribution&#8221; or otherwise, the fair market value
of the Rights would be taxable to Record Date Shareholders as a dividend to the extent of the Record Date Shareholder&#8217;s
pro rata share of the Fund&#8217;s current and accumulated earnings and profits, if any, with any excess being treated as a return
of capital to the extent thereof and then as capital gain. If the Fund&#8217;s position is incorrect, the tax consequences applicable
to the holders may also be materially different than as described below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is based upon the treatment of the Rights issuance as a non-taxable distribution with respect to a Record
Date Shareholder&#8217;s existing Shares for U.S. federal income tax purposes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax
Basis in the Rights</i>. If the fair market value of the Rights a Record Date Shareholder receives is less than 15% of the fair
market value of the Record Date Shareholder&#8217;s existing Shares (with respect to which the Rights are distributed) on the
date the Record Date Shareholder receives the Rights, the Rights will be allocated a zero tax basis for U.S. federal income tax
purposes, unless the Record Date Shareholder elects to allocate its tax basis in its existing Shares between its existing Shares
and the Rights in proportion to the relative fair market values of the existing Shares and the Rights determined on the date of
receipt of the Rights. If a Record Date Shareholder chooses to allocate tax basis between its existing Shares and the Rights,
the Record Date Shareholder must make this election on a statement included with its timely filed tax return (including extensions)
for the taxable year in which the Record Date Shareholder receives the Rights. Such an election is irrevocable. However, if the
fair market value of the Rights a Record Date Shareholder receives is 15% or more of the fair market value of their existing Shares
on the date the Record Date Shareholder receives the Rights, then the Record Date Shareholder must allocate its tax basis in its
existing Shares between those Shares and the Rights the Record Date Shareholder receives in proportion to their fair market values
determined on the date the Record Date Shareholder receives the Rights. Please refer to the discussion below regarding the U.S.
tax treatment of a Record Date Shareholder that, at the time of the receipt of the Rights, no longer holds the Shares with respect
to which the Rights were distributed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair market value of the Rights on the date that the Rights are distributed is uncertain, and we have not obtained, and do not
intend to obtain, an appraisal of the fair market value of the Rights on that date. In determining the fair market value of the
Rights, Record Date Shareholders should consider all relevant facts and circumstances, including any difference between the Subscription
Price of the Rights and the trading price of the Shares on the date that the Rights are distributed, the fair market value of
the Shares, the length of the period during which the Rights may be exercised and the fact that the Rights are non-transferable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
of the Rights</i>. Generally, a Record Date Shareholder will not recognize gain or loss upon the exercise of a Right in the Offering.
A Record Date Shareholder&#8217;s adjusted tax basis in the Shares acquired upon exercise of a Right will equal the sum of the
Subscription Price and its basis, if any, in the Right. The holding period of the Shares acquired upon exercise of a Right will
begin on the date of exercise.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
at the time of the receipt or exercise of the Rights, the Record Date Shareholder no longer holds the Shares with respect to which
the Rights were distributed, then certain aspects of the tax treatment of the receipt and exercise of the Rights are unclear,
including (1) the allocation of the tax basis between the Shares previously sold and the Rights, (2) the impact of such allocation
on the amount and timing of gain or loss recognized with respect to the Shares previously sold and (3) the impact of such allocation
on the tax basis of the Shares acquired upon exercise of the Rights. If a Record Date Shareholder exercises a Right received in
the Offering after disposing of the Shares with respect to which the Rights are received, the Record Date Shareholder should consult
its tax advisor.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expiration
of the Rights</i>. If a Record Date Shareholder allows the Rights received in the Offering to expire, the Record Date Shareholder
should not recognize any gain or loss for U.S. federal income tax purposes, and the Record Date Shareholder should re-allocate
any portion of the tax basis in its existing Shares previously allocated to the Rights that have expired to the existing Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Employee
Plan Considerations</span></b>. Record Date Shareholders that are employee benefit plans subject to the Employee Retirement Income
Security Act of 1974, as amended (&#8220;ERISA&#8221;), including corporate savings and 401(k) plans, Keogh Plans of self-employed
individuals and Individual Retirement Accounts (&#8220;IRA&#8221;) (each a &#8220;Benefit Plan&#8221; and collectively, &#8220;Benefit
Plans&#8221;), should be aware that additional contributions of cash in order to exercise Rights may be treated as Benefit Plan
contributions and, when taken together with contributions previously made, may subject a Benefit Plan to excise taxes for excess
or nondeductible contributions. In the case of Benefit Plans qualified under Section 401(a) of the Code, additional cash contributions
could cause the maximum contribution limitations of Section 415 of the Code or other qualification rules to be violated. Benefit
Plans contemplating making additional cash contributions to exercise Rights should consult with their counsel prior to making
such contributions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefit
Plans and other tax-exempt entities, including governmental plans, should also be aware that if they borrow in order to finance
their exercise of Rights, they may become subject to the tax on unrelated business taxable income (&#8220;UBTI&#8221;) under Section
511 of the Code. If any portion of an IRA is used as security for a loan, the portion so used is also treated as distributed to
the IRA depositor.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA
contains prudence and diversification requirements and ERISA and the Code contain prohibited transaction rules that may impact
the exercise of Rights. Among the prohibited transaction exemptions issued by the Department of Labor that may exempt a Benefit
Plan&#8217;s exercise of Rights are Prohibited Transaction Exemption 84-24 (governing purchases of shares in investment companies)
and Prohibited Transaction Exemption 75-1 (covering sales of securities).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the complexity of these rules and the penalties for noncompliance, Benefit Plans should consult with their counsel regarding
the consequences of their exercise of Rights under ERISA and the Code.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, in the future and at its discretion, choose to make additional rights offerings from time to time for a number of Shares
and on terms which may or may not be similar to the Offering. Any such future rights offerings will be made in accordance with
the 1940 Act and the Securities Act. Under the laws of <span>Delaware</span>, the state in which
the Fund is incorporated, under certain circumstances, the Board is authorized to approve rights offerings without obtaining Shareholder
approval. The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a rights offering at a price
below the then current NAV so long as certain conditions are met, including a good faith determination by the Board that such
offering would result in a net benefit to the Fund&#8217;s existing shareholders.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a005"></span>FINANCIAL
HIGHLIGHTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is, for each period indicated, per share operating performance data for one share of common stock of the Fund (&#8220;Share&#8221;),
total investment return, ratios to average net assets and other supplemental data. This information has been derived from the
financial statements and market price data for the Fund&#8217;s Shares. The information in the table below for the fiscal years
ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020 is derived from the Fund&#8217;s
financial statements for the fiscal year ended December 31, 2024 which have been audited by Tait, Weller &amp; Baker LLP, the
Fund&#8217;s independent registered public accounting firm, whose report on such financial statements is contained in the Fund&#8217;s
December 31, 2024 Annual Report. Information shown in the table below for the six-month period ending June 30, 2025 is derived
from the unaudited financial statements for the Fund for the six-month period ended June 30, 2025 included in the Fund&#8217;s
June 30, 2025 Semi-Annual Report. The audited financial statements and notes thereto for the fiscal year ended December&#160;31,
2024 (together with the report thereon of the Fund&#8217;s independent registered public accounting firm) and the unaudited financial
statements and notes thereto for the six-month period ended June 30, 2025, are incorporated by reference in the Statement of Additional
Information and are available without charge by visiting the Fund&#8217;s website at <span>www.totalreturnsecuritiesfund.com</span>,
by calling toll free 1-800-937-5449 or by writing to the Fund at <span>615 East Michigan Street,
Milwaukee, WI 53202</span>.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td id="xdx_492_20250101__20250630_znttBgMSba7h" style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td id="xdx_499_20240101__20241231_ztDZQikSt2th" style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td id="xdx_49B_20230101__20231231_zHda0xn7yMW" style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td id="xdx_494_20220101__20221231_zJrMOG6TXw77" style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td id="xdx_49D_20210101__20211231_zwlk7ShHOQL8" style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td id="xdx_49D_20200101__20201231_zdtxLGWsv4sl" style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td></tr>
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    <td colspan="2" style="color: black; text-align: center; vertical-align: bottom"><b>For the Six<br/>
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    <td colspan="18" style="border-bottom: Black 1pt solid; color: black; text-align: center; vertical-align: bottom"><b>For the Years
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    <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.25in"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; color: black; text-align: center; vertical-align: bottom"><b>&#160;</b></td>
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<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Per Share Operating Performance:</b></td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 39%; color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Net asset
    value at the beginning of period/year</td><td style="width: 1%; color: black; padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; width: 1%; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 7%; color: black; text-align: right"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" id="Fact000092" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.45</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="width: 1%; color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; color: black; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 7%; color: black; text-align: right"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2019-12-31_us-gaap_CommonStockMember" id="Fact000093" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.71</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1pt; color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Income from Investment Operations:</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Net investment income<sup>1</sup></span></td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.11</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.10</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.07</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.07</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.05</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.05</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Net realized and unrealized</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Net realized and unrealized gain (loss) on investments<sup>2</sup></span></td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(1.39</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.39</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">1.36</td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(2.15</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">1.58</td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">1.24</td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Total from investment activities</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(1.28</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.29</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">1.43</td><td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(2.08</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">1.63</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">1.29</td><td style="color: black; text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Anti-dilutive effect of common share repurchase program</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.03</td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">&#8212;</td><td style="padding-bottom: 2pt; color: black; text-align: left"><sup>4</sup>&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">0.01</td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><b>Less Distributions:</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Net investment income</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(011</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.11</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.17</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.06</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.06</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.08</td><td style="color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Net realized gains</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.28</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.16</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(0.09</td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#8212;</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Return of Capital</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.42</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.42</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.05</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.40</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.43</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.48</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Total distributions</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.53</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.53</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.50</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.62</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.58</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(0.56</td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td></tr>
<tr id="xdx_40A_eus-gaap--NetAssetValuePerShare_iE_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zHCnsKXtxr6e" style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.25in">Net asset value at end of period/year</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2025-06-30_us-gaap_CommonStockMember" id="Fact000095" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.13</ix:nonFraction></td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2024-12-31_us-gaap_CommonStockMember" id="Fact000096" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.94</ix:nonFraction></td><td style="color: black; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="color: black; padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1.66</td><td style="text-align: left">%<sup>7</sup></td><td style="color: black">&#160;</td>
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    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">1.40</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Gross expenses</td><td style="color: black">&#160;</td>
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    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">1.66</td><td style="color: black; text-align: left">%<sup>7</sup></td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">1.68</td><td style="color: black; text-align: left">%<sup>7</sup></td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">1.40</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">1.80</td><td style="color: black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Net investment income</td><td style="color: black">&#160;</td>
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    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">1.05</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.73</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.74</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.48</td><td style="color: black; text-align: left">%</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">0.48</td><td style="color: black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Net assets at end of period/year (000&#8217;s)</td><td style="color: black">&#160;</td>
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    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">116,169</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">126,831</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">116,174</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">151,912</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">138,040</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">125,526</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">123,139</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">123,684</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">144,019</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">$</td><td style="color: black; text-align: right">125,666</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Portfolio turnover rate</td><td style="border-bottom: Black 1pt solid; color: black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">50</td><td style="border-bottom: Black 1pt solid; color: black; text-align: left">%</td><td style="border-bottom: Black 1pt solid; color: black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">9</td><td style="border-bottom: Black 1pt solid; color: black; text-align: left">%</td><td style="border-bottom: Black 1pt solid; color: black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">14</td><td style="border-bottom: Black 1pt solid; color: black; text-align: left">%</td><td style="border-bottom: Black 1pt solid; color: black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">15</td><td style="border-bottom: Black 1pt solid; color: black; text-align: left">%</td><td style="border-bottom: Black 1pt solid; color: black">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">12</td><td style="border-bottom: Black 1pt solid; color: black; text-align: left">%</td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">1 Calculated
using the average shares method.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">2 Includes
net realized and unrealized currency gains and losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">3 Total
investment return based on market value differs from total investments return based on net asset value due to changes in the relationship
between the market value of the Fund&#8217;s shares and its NAV per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">4 Less
than 0.5 cents per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">5 Not
annualized for periods less than one year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">6 Annualized
for periods less than one year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">7 If interest expense and commitment fees had been excluded, the expense ratios would have been lower
by 0.05% for the years ended December 31, 2022 and December 31, 2023.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a006"></span>USE
OF PROCEEDS</b></span></p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If fully-subscribed, including full utilization
of the Additional Subscription Privilege, the net proceeds of the Offering will be approximately $78,463,858 or approximately $6.04 per
Share. The Fund intends to use the net proceeds of the Offering to invest in accordance with the Fund&#8217;s investment objective and
policies (as stated below) as soon as practicable after completion of the Offering. The Fund currently anticipates being able to invest
the net proceeds within six (6) months after the completion of the Offering. Pending investment of the net proceeds in accordance with
the Fund&#8217;s investment objective and policies, the Fund will invest in money market securities or money market mutual funds. Investors
should expect, therefore, that before the Fund has fully invested the proceeds of the Offering in accordance with its investment objective
and policies, the Fund&#8217;s NAV would earn interest income at a modest rate.</p>


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

<ix:nonNumeric contextRef="AsOf2025-10-23" escape="true" id="Fact000109" name="cef:InvestmentObjectivesAndPracticesTextBlock"><p id="xdx_807_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zQYrViOYScM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a007"></span>INVESTMENT
OBJECTIVE AND INVESTMENT STRATEGIES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
disclosure below describes the Fund&#8217;s current Investment Objective and Investment Strategies. As noted earlier, at a special
meeting on February 21, 2025, the Shareholders approved an investment advisory agreement (the &#8220;Advisory Agreement&#8221;)
between the Fund and Bulldog whereby Bulldog will provide investment management services to the Fund. At the February 21, 2025
special meeting, the Shareholders also approved replacing the Fund&#8217;s fundamental investment objective of capital appreciation
by investing in equity and equity-linked securities of Swiss companies with a non-fundamental investment objective of providing
long-term total return and changes to the Fund&#8217;s fundamental investment restrictions in order to expand the types of investments
the Fund can make to meet its new investment objective (the &#8220;Investment Changes&#8221;).</i></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s current investment objective is to seek to provide long-term total return. There can be no assurance that the Fund&#8217;s
objective will be achieved.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser currently manages the Fund&#8217;s assets with a primary focus on purchasing U.S. securities or other assets
that, in its opinion, are undervalued at the time of purchase and (1) have the potential for growth and/or (2) where the perceived
discount from their intrinsic value is likely to narrow over time. When advisable, the Investment Adviser may seek to influence
the management of a portfolio company to take actions to increase the market price of the Fund&#8217;s investment in that company&#8217;s
securities (e.g., by such company repurchasing its securities, paying a special dividend, or by considering restructuring actions,
such as selling or liquidating the company).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s investments may also include the securities of companies undergoing a corporate event such as mergers, liquidations,
reorganizations, or spin-offs. Investments are not restricted to any types of securities (e.g., equity, fixed income) or their
liquidity. At times, the portfolio may be highly concentrated. The Fund may invest in securities of companies with any market
capitalization and is not required to be fully invested at any time. There is no limitation with respect to the portion of the
Fund&#8217;s total assets held in cash and cash equivalents. The Fund may use leverage and may hedge its investments.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund&#8217;s principal investment
strategies in attempting to respond to adverse market, economic, political or other conditions. During such times, the Fund may
temporarily invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial
paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities.
In these and in other cases, the Fund may not achieve its investment objective.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser may invest the Fund&#8217;s cash balances in any investments it deems appropriate, subject to the restrictions
set forth in the Fund&#8217;s Statement of Additional Information under the heading &#8220;Investment Restrictions &#8211; Fundamental
Policies&#8221; and as permitted under the 1940 Act, including investments in repurchase agreements, money market funds, additional
repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such
investments will ordinarily be reinvested by the Fund in accordance with its investment program. Many of the considerations entering
into the Investment Adviser&#8217;s recommendations and decisions are subjective.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will invest in the securities of other closed-end investment companies. To the extent the Fund invests a portion of its assets
in investment company securities, those assets will be subject to the risks of the purchased investment company&#8217;s portfolio
securities, and a stockholder of the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly,
the expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
higher or lower than the NAV of such closed-end investment company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Section 12(d)(1)(F) of the 1940 Act, the Fund will be limited by provisions of the 1940&#160;Act that limit the
amount the Fund can invest in other investment companies to 3% of any other investment company&#8217;s total outstanding stock.
As a result, the Fund may hold a smaller position in a closed-end investment company than if it were not subject to this restriction.
To comply with provisions of the 1940 Act, on any matter upon which stockholders of a closed-end investment company in which the
Fund has invested are solicited to vote, the Fund&#8217;s Investment Adviser will vote such shares in the same general proportion
as shares held by other stockholders of such closed-end investment company or seek instructions from the Fund&#8217;s stockholders
with regard to the voting on such matter. Compliance with such provisions regarding its voting of proxies may cause the Fund to
incur additional costs. In addition, if the Fund votes its proxies in the same general proportion as shares held by other stockholders,
the Fund may, in such instances, not vote in the Fund&#8217;s best interests in light of its investment objective and strategy.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies (&#8220;SPACs&#8221;)</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in stock, warrants, and other securities of SPACs. Unless and until an acquisition meeting the SPAC&#8217;s requirements
is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money
market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed within a pre-established
period of time, the invested funds are returned to the entity&#8217;s stockholders. Because SPACs and similar entities have no
operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent
on the ability of the SPAC&#8217;s management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions
only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which
are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale and/or
may trade at a discount.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will invest in common stocks. Common stocks represent an ownership interest in a company. The Fund may also invest in securities
that can be exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity
securities are more volatile and riskier than some other forms of investment. Therefore, the value of your investment in the Fund
may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including adverse events such as unfavorable
earnings reports, changes in investors&#8217; perceptions of the financial condition of an issuer, the general condition of the
relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices may be
sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase for issuers. Because convertible
securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying
equity securities increase or decrease. The common stocks in which the Fund will invest are structurally subordinated to preferred
securities, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and
assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exchange
Traded Funds (&#8220;ETFs&#8221;)</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in exchange-traded funds, which are investment companies that, in general, aim to track or replicate a desired
index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent, actively managed, and their shares
are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their shares in large
blocks known as &#8220;creation units.&#8221; The investor purchasing a creation unit may sell the individual shares on a secondary
market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that an ETF&#8217;s
investment objective will be achieved, as ETFs based on an index may not replicate and maintain exactly the composition and relative
weightings of securities in the index. ETFs are subject to the risks of investing in the underlying securities. The Fund, as a
holder of the securities of the ETF, will bear its pro rata portion of the ETF&#8217;s expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fixed
Income Securities, Including Non-Investment Grade Securities</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in fixed income securities, also referred to as debt securities. Fixed income securities are subject to credit
risk and market risk. Credit risk is the risk of the issuer&#8217;s inability to meet its principal and interest payment obligations.
Market risk is the risk of price volatility due to such factors such as interest rate sensitivity, market perception of the creditworthiness
of the issuer and general market liquidity. There is no limitation on the maturities or duration of fixed income securities in
which the Fund invests. Securities having longer maturities generally involve greater risk of fluctuations in value resulting
from changes in interest rates. The Fund&#8217;s credit quality policy with respect to investments in fixed income securities
does not require the Fund to dispose of any debt securities owned in the event that such security&#8217;s rating declines to below
investment grade, commonly referred to as &#8220;junk bonds.&#8221; Although lower quality debt typically pays a higher yield,
such investments involve substantial risk of loss. Junk bonds are considered predominantly speculative with respect to the issuer&#8217;s
ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business
developments. The market values for junk bonds tend to be very volatile, and those securities are less liquid than investment
grade debt securities. Moreover, junk bonds pose a greater risk that exercise of any of their redemption or call provisions in
a declining market may result in their replacement by lower-yielding bonds. In addition, bonds in the lowest two (2) investment
grade categories, despite being of higher credit rating than junk bonds, have speculative characteristics with respect to the
issuer&#8217;s ability to pay interest and principal and their susceptibility to default or decline in market value.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in corporate bonds, debentures and other debt securities. Debt securities in which the Fund may invest may pay
fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations and other issuers to
borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount
borrowed on or before maturity. Certain debt securities are &#8220;perpetual&#8221; in that they have no maturity date.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These
securities may be U.S. dollar-denominated or non-U.S. dollar-denominated and include: (a) debt obligations issued or guaranteed
by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of supranational entities. Government debt securities include: debt securities issued or guaranteed by
governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owned,
controlled or sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment
characteristics issued by the above noted issuers; or debt securities issued by supranational entities such as the World
Bank or the European Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging
market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated
and considered to be of comparable quality to lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental
authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the
Fund may have limited resources in the event of a default. Some of these risks do not apply to issuers in large, more developed
countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly
in one country.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in foreign securities, including direct investments in securities of foreign issuers that are traded on a U.S.
securities exchange or over the counter and investments in depository receipts (such as American Depositary Receipts (&#8220;ADRs&#8221;)),
ETFs, and other closed-end investment companies that represent indirect interests in securities of foreign issuers. The Fund is
not limited in the amount of assets it may invest in such foreign securities. These investments involve certain risks not generally
associated with investments in the securities of U.S. issuers, including the risk of fluctuations in foreign currency exchange
rates, unreliable and untimely information about the issuers and political and economic instability. These risks could result
in the Fund&#8217;s Investment Adviser misjudging the value of certain securities or in a significant loss in the value of those
securities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding and confiscatory
taxes), government policies (in this country or abroad), relations between nations and trading, settlement, custodial and other
operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign securities
markets may be less liquid, more volatile and less subject to governmental supervision than markets in the U.S. As an alternative
to holding foreign traded securities, the Fund may invest in dollar-denominated securities of foreign companies that trade on
U.S. exchanges or in the U.S. over-the-counter market (including depositary receipts as described below, which evidence ownership
in underlying foreign securities, and ETFs as described above).</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements
comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than
about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of
some foreign companies are less liquid and more volatile than securities of comparable U.S. companies. There is generally less
government supervision and regulation of securities exchanges, broker dealers and listed companies than in the United States.
Mail service between the United States and foreign countries may be slower or less reliable than within the United States, thus
increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment
for securities before delivery may be required. In addition, with respect to certain foreign countries, including those with emerging
markets, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments
which could affect investments in those countries. For example, prior governmental approval for foreign investments may be required
in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries.
Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of
gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Foreign
securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States,
and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile
than securities of comparable U.S. companies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may purchase ADRs, international depositary receipts (&#8220;IDRs&#8221;) and global depository receipts (&#8220;GDRs&#8221;),
which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying
foreign securities in their national markets and currencies. However, such depository receipts continue to be subject to many
of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the
political and economic risks associated with the underlying issuer&#8217;s country. ADRs, IDRs and GDRs may be sponsored or unsponsored.
Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses,
they may not pass-through voting or other stockholder rights, and they may be less liquid. Less information is normally available
on unsponsored receipts.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid on foreign securities may not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under
the Code. As a result, there can be no assurance as to what portion of the Fund&#8217;s distributions attributable to foreign
securities will be designated as qualified dividend income.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest up to 5% of its net assets in emerging market securities, although through its investments in ETFs, other investment
companies or depositary receipts that invest in emerging market securities, up to 20% of the Fund&#8217;s assets may be invested
indirectly in issuers located in emerging markets. The risks of foreign investments described above apply to an even greater extent
to investments in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid,
and more volatile than the securities markets of the United States and developed foreign markets. Disclosure and regulatory standards
in many respects are less stringent than in the United States and developed foreign markets. There also may be a lower level of
monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and
enforcement of existing regulations has been extremely limited. Many emerging countries have experienced substantial, and in some
periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may
continue to have very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging
markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely
by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed
or negotiated by the countries with which they trade. The economies of these countries also have been and may continue to be adversely
affected by economic conditions in the countries in which they trade. The economies of countries with emerging markets may also
be predominantly based on only a few industries or dependent on revenues from particular commodities. In addition, custodial services
and other costs relating to investment in foreign markets may be more expensive in emerging markets than in many developed foreign
markets, which could reduce the Fund&#8217;s income from such securities. In many cases, governments of emerging countries continue
to exercise significant control over their economies, and government actions relative to the economy, as well as economic developments
generally, may affect the Fund&#8217;s investments in those countries. In addition, there is a heightened possibility of expropriation
or confiscatory taxation, imposition of withholding taxes on interest payments, or other similar developments that could affect
investments in those countries. There can be no assurance that adverse political changes will not cause the Fund to suffer a loss
of any or all of its investments. Dividends paid by issuers in emerging market countries will generally not qualify for the reduced
U.S. federal income tax rates applicable to qualified dividends under the Code.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership in an issuer. Generally,
preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common
stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock.
Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like debt, their promised
income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or collection
activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#8217;s
capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any
legal claims to specific assets or cash flows.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination
and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its
discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the
board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#8217;s board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Fund&#8217;s Investment Adviser would consider, among other factors, their
noncumulative nature in making any decision to purchase or sell such securities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market
values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers&#8217; industries or sectors,
including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may
also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated
changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received
deduction for corporate taxpayers or the lower rates applicable to certain dividends.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the claim on an issuer&#8217;s earnings represented by preferred stock may become onerous when interest rates fall below the rate
payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection
in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of
higher dividend paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates
with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates
of return.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in convertible securities. Convertible securities include fixed income securities that may be exchanged or converted
into a predetermined number of shares of the issuer&#8217;s underlying common stock at the option of the holder during a specified
period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting
of &#8220;usable&#8221; bonds and warrants or a combination of the features of several of these securities. The investment characteristics
of each convertible security vary widely, which allows convertible securities to be employed for a variety of investment strategies.
The Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Fund&#8217;s
Investment Adviser, the investment characteristics of the underlying common shares will assist the Fund in achieving its investment
objective. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Fund&#8217;s
Investment Adviser evaluates the investment characteristics of the convertible security as a fixed income instrument, and the
investment potential of the underlying equity security for capital appreciation. In evaluating these matters with respect to a
particular convertible security, the Fund&#8217;s Investment Adviser considers numerous factors, including the economic and political
outlook, the value of the security relative to other investment alternatives, trends in the determinants of the issuer&#8217;s
profits, and the issuer&#8217;s management capability and practices.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a convertible security, including, for example, a warrant, is a function of its &#8220;investment value&#8221; (determined
by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion
privilege) and its &#8220;conversion value&#8221; (the security&#8217;s worth, at market value, if converted into the underlying
common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
may also have an effect on the convertible security&#8217;s investment value. The conversion value of a convertible security is
determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases
as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds
the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible
security generally will sell at a premium over its conversion value by the extent to which investors place value on the right
to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. If a convertible
security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#8217;s
ability to achieve its investment objective.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in real estate investment trusts (&#8220;REITs&#8221;). REITs are financial vehicles that pool investors&#8217;
capital to purchase or finance real estate. Investments in REITs will subject the Fund to various risks. REIT share prices may
decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values
can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of
different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged properties.
Returns from REITs, which typically are small or medium capitalization stocks, may trail returns from the overall stock market.
In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing
investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualification
as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance
that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An
entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends
paid to its stockholders and would not pass through to its stockholders the character of income earned by the entity. If the Fund
were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund&#8217;s yield on
that investment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REITs
can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental
income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be
affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs
invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged
properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid
REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be
diversified and are subject to the risks of financing projects.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under
the Code.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s investments in REITs may include an additional risk to stockholders. Some or all of a REIT&#8217;s annual distributions
to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund&#8217;s
basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund&#8217;s
basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return
of capital, Fund distributions to stockholders may also include a nontaxable return of capital. Stockholders that receive such
a distribution will also reduce their tax basis in their common shares of the Fund, but not below zero. To the extent the distribution
exceeds a stockholder&#8217;s basis in the Fund&#8217;s common shares, such stockholder will generally recognize a capital gain.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund does not have any investment restrictions with respect to investments in REITs other than its concentration policy, which
limits its investments in REITs to no more than 25% of its assets.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2025-10-23" escape="true" id="Fact000111" name="cef:RiskFactorsTableTextBlock"><p id="xdx_803_ecef--RiskFactorsTableTextBlock_dU_zZZkLbtGKaL8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a008"></span>RISK
FACTORS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed
or guaranteed by the FDIC or any other government agency; and is subject to investment risks. The value of the Fund&#8217;s investments
will increase or decrease based on changes in the prices of the investments it holds. You could lose money by investing in the
Fund. By itself, the Fund does not constitute a balanced investment program. You should consider carefully the following principal
and non-principal risks before investing in the Fund. There may be additional risks that the Fund does not currently foresee or
consider material. You may wish to consult with your legal or tax advisors before deciding whether to invest in the Fund. This
section describes the risk factors associated with investment in the Fund specifically, as well as those factors generally associated
with investment in an investment company with investment objectives, investment policies, capital structure or trading markets
similar to the Fund&#8217;s. Each risk summarized below is a risk of investing in the Fund, and different risks may be more significant
at different times depending upon market conditions or other factors.</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Fund may invest in securities of other investment companies (&#8220;underlying funds&#8221;). The Fund may be subject to the risks
of the securities and other instruments described below through its own direct investments and indirectly through investments
in the underlying funds.</i></span></p>

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

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

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<ix:exclude><p id="xdx_235_zidnjtLnv753" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p></ix:exclude>

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

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

<ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_DeclineInTradingPriceMember" escape="true" id="Fact000114" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_zUyYJ7RIQq7i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Decline
in Trading Price: </i></b>If the Fund&#8217;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_ValueVersusSubscriptionPriceMember" escape="true" id="Fact000116" name="cef:RiskTextBlock"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zT0zszzZWfU8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Value
versus Subscription Price. </i></b>The Subscription Price was not determined based on established criteria for valuation, such
as expected future performance, cash flows or financial condition. You should not rely on the Subscription Price to bear a relationship
to those criteria or to be a guaranty of the value of the Fund.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_TerminationOfOfferingMember" escape="true" id="Fact000118" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zqzE7kurFkF9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Termination
                                            of Offering. </i></b>The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund has
                                            no obligation to you except to return, without interest, your subscription payments.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_RejectionOfExerciseOfSubscriptionRightsMember" escape="true" id="Fact000120" name="cef:RiskTextBlock"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zssa3WGxZ3ii" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rejection
of Exercise of Subscription Rights. </i></b>Rights Holders who desire to purchase Shares in the Offering must act promptly to ensure
that all required forms and payments are actually received by the Subscription Agent before the Expiration Date of the Offering, unless
extended. If you are a beneficial owner of shares of common stock, you must act promptly to ensure that your broker, custodian bank or
other nominee acts for you and that all required forms and payments are actually received by the Subscription Agent before the Expiration
Date. The Fund will not be responsible if your broker, custodian or nominee fails to ensure that all required forms and payments are
actually received by the Subscription Agent before the Expiration Date. If you fail to complete and sign the required subscription forms,
send an incorrect payment amount or otherwise fail to follow the subscription procedures that apply to your exercise in the Offering,
the Subscription Agent may, depending on the circumstances, reject your subscription or accept it only to the extent of the payment received.
Neither the Fund nor the Subscription Agent undertakes to contact you concerning an incomplete or incorrect subscription form or payment,
nor is the Fund under any obligation to correct such forms or payments. The Fund has the sole discretion to determine whether a subscription
exercise properly follows the subscription procedures.</span></p>

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



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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_DiscountToNetAssetValueNavMember" escape="true" id="Fact000122" name="cef:RiskTextBlock"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueNavMember_dU_zJgPxuPZLLug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Discount to Net Asset Value (NAV)</i></b>.
The Fund&#8217;s shares of common stock have historically traded on the NYSE at a discount to the Fund&#8217;s NAV per share. On October
20, 2025, the last reported NAV per Share was $7.11 and the last reported sales price per Share on the NYSE was $5.99, which represents
a 15.75% discount to the Fund&#8217;s NAV per Share. There is no assurance that this Offering will not have an effect on the discount
to NAV experienced by the Fund.</p>


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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_DilutionOfwnershipMember" escape="true" id="Fact000124" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfwnershipMember_dU_z5RsAvCeByD1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b><i>Dilution
of Ownership</i></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></b><span style="font: 10pt Times New Roman, Times, Serif">
As a result of the terms of this Offering, Shareholders who do not fully exercise their Rights will own, upon completion of this
Offering, a smaller proportional interest in the Fund than they owned prior to the Offering.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_DilutionToNavMember" escape="true" id="Fact000126" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNavMember_dU_zYsbkBO4TKEa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dilution
to NAV</i></b>. Shareholders would experience an immediate moderate dilution of the NAV of their Shares as a result of the completion
of the Offering because (i) the Subscription Price per share will be less than the Fund&#8217;s NAV per share, and (ii) the Fund
will incur expenses in connection with the Offering. This dilution would affect Record Date Shareholders to a great extent if
they do not exercise their Rights in full.</span></p>

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

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

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<ix:exclude><p id="xdx_237_zQTxSce5KQ6c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p></ix:exclude>

</ix:nonNumeric><p id="xdx_85C_z69eEsDaN6Fe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Principal
Risks</span></i></b></span></p>

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

<ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_ClosedEndInvestmentCompanyRiskMember" escape="true" id="Fact000129" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zqtZVjhGwK24" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Closed-End
Investment Company Risk. </i></b>The Fund invests in the securities of other closed-end investment companies. Investing in other
closed-end investment companies involves substantially the same risks as investing directly in the underlying instruments, but
the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such
other closed-end investment companies, including advisory fees. There can be no assurance that the investment objective of any
investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its
pro rata portion of the closed-end investment company&#8217;s expenses, including advisory fees. These expenses are in addition
to the direct expenses of the Fund&#8217;s own operations. To the extent the Fund invests a portion of its assets in investment
company securities, those assets will be subject to the risks of the purchased investment company&#8217;s portfolio securities,
and a shareholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the
expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
higher or lower than the NAV of such closed-end investment company. In accordance with Section 12(d)(1)(F) of the 1940 Act, the
Fund will be limited by provisions of the 1940 Act that limit the amount the Fund, together with its affiliated persons, can invest
in other investment companies to 3% of any other investment company&#8217;s total outstanding stock. As a result, the Fund may
hold a smaller position in a closed-end investment company than if it were not subject to this restriction.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_SpecialPurposeAcquisitionCompaniesSpacsRiskMember" escape="true" id="Fact000131" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesSpacsRiskMember_dU_zILvRstgsY99" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies (SPACs) Risk.</i></b> The Fund may invest in stock, warrants, and other securities of SPACs. Unless
and until an acquisition meeting the SPAC&#8217;s requirements is completed, a SPAC generally invests its assets (less a portion
retained to cover expenses) in U.S. Government securities, money market securities and cash. If an acquisition that meets the
requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity&#8217;s
shareholders. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions,
the value of their securities is particularly dependent on the ability of the entity&#8217;s management to identify and complete
a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the
volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered
illiquid, be subject to restrictions on resale, and/or may trade at a discount.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_MarketRiskMember" escape="true" id="Fact000133" name="cef:RiskTextBlock"><p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zquAr5SG2srh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk.</i></b> Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject
to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions
and other factors, which may negatively affect the Fund&#8217;s performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events affect the securities markets. Securities
markets also may experience long periods of decline in value. When the value of the Fund&#8217;s investments goes down, your investment
in the Fund decreases in value and you could lose money.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases
to the Fund&#8217;s NAV. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government
shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related
events and governments&#8217; reactions to such events have led, and in the future may lead, to economic uncertainty, decreased
economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events
may have significant adverse direct or indirect effects on the Fund and its investments. For example, ongoing armed conflicts
between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could
continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the
United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact
on certain Fund investments, as well as Fund performance. In addition, a widespread health crisis such as a global pandemic could
cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and
affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. The increasing
interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country
or region or events affecting a single or small number of issuers.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption
of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings,
supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other
infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire
global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of
infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember" escape="true" id="Fact000136" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_dU_z6MbNA44FCd9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. </i></b>The Fund may invest in fixed income securities,
also referred to as debt securities. Fixed income securities are subject to credit risk and market risk. Credit risk is the risk
of the issuer&#8217;s inability to meet its principal and interest payment obligations. Market risk is the risk of price volatility
due to such factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market
liquidity. There is no limitation on the maturities or duration of fixed income securities in which the Fund invests. Securities
having longer maturities generally involve greater risk of fluctuations in value resulting from changes in interest rates. The
Fund&#8217;s credit quality policy with respect to investments in fixed income securities does not require the Fund to dispose
of any debt securities owned in the event that such security&#8217;s rating declines to below investment grade, commonly referred
to as &#8220;junk bonds.&#8221; Although lower quality debt typically pays a higher yield, such investments involve substantial
risk of loss. Junk bonds are considered predominantly speculative with respect to the issuer&#8217;s ability to pay interest and
principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market
values for junk bonds tend to be very volatile, and those securities are less liquid than investment grade debt securities. Moreover,
junk bonds pose a greater risk that exercise of any of their redemption or call provisions in a declining market may result in
their replacement by lower-yielding bonds. In addition, bonds in the lowest two (2) investment grade categories, despite being
of higher credit rating than junk bonds, have speculative characteristics with respect to the issuer&#8217;s ability to pay interest
and principal and their susceptibility to default or decline in market value. The Fund&#8217;s investments in securities of stressed,
distressed or bankrupt issuers, including securities or obligations that are in default, generally trade significantly below par
and are considered speculative. There is even a potential risk of loss by the Fund of its entire investment in such securities.
There are a number of significant risks inherent in the bankruptcy process. A bankruptcy filing by an issuer may adversely and
permanently affect the market position and operations of the issuer. If an issuer of securities held by the Fund declares bankruptcy
or otherwise fails to pay principal or interest on such securities, the Fund would experience a decrease in income and a decline
in the market value of its investments.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_us-gaap_InterestRateRiskMember" escape="true" id="Fact000138" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_zX0xQyzlnETk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk.</i></b> Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a
debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage
securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for
the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the
security&#8217;s price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the
same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react
to changes in long-term interest rates.</span></p>

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

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<ix:exclude><p id="xdx_23E_zIyIXc41xen3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_MarketDiscountFromNetAssetValueNavRiskMember" escape="true" id="Fact000141" name="cef:RiskTextBlock"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueNavRiskMember_dU_zobDZ0VDaCB3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Discount from Net Asset Value (NAV) Risk.</i></b> Shares of closed-end investment companies frequently trade at a discount from
their NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#8217;s NAV could decrease as a result
of its investment activities and may be greater for investors expecting to sell their Shares in a relatively short period following
completion of the Offering. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering likely being lower than NAV and (ii) the payment of certain
costs of the Offering. Whether investors will realize gains or losses upon the sale of the Shares will depend not upon the Fund&#8217;s
NAV but entirely upon whether the market price of the Shares at the time of sale is above or below the investor&#8217;s purchase
price for the Shares. Because the market price of the Shares will be determined by factors such as relative supply of and demand
for the Shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund
cannot predict whether the Shares will trade at, below or above NAV.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_LeverageRiskMember" escape="true" id="Fact000143" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z9evCV2gDgzg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leverage
Risk</i>.</b> Transactions by underlying funds may give rise to a form of economic leverage. These transactions may include, among
others, derivatives, and may expose the underlying fund to greater risk and increase its costs. The use of leverage by underlying
funds may cause such funds to liquidate their portfolio positions when it may not be advantageous to do so to satisfy its obligations
or to meet any required asset segregation requirements. Increases and decreases in the value of an underlying fund&#8217;s portfolio
will be magnified when it uses leverage. Leverage, including borrowing, may cause an underlying fund to be more volatile than
if such fund had not been leveraged.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_DefensivePositionRiskMember" escape="true" id="Fact000145" name="cef:RiskTextBlock"><p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zURPzSkc14Hg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defensive
Position Risk. </i></b>During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial
portion of its net assets in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances
and could miss favorable market developments.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_OptionsAndFuturesRiskMember" escape="true" id="Fact000147" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsAndFuturesRiskMember_dU_zDplWkOBpdGk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Options
and Futures Risk</i>. </b>Options and futures transactions can be highly volatile investments. Successful hedging strategies require
the anticipation of future movements in securities prices, interest rates and other economic factors. When a fund uses futures
contracts and options as hedging devices, the prices of the securities subject to the futures contracts and options may not correlate
with the prices of the securities in a portfolio. This may cause the futures and options to react to market changes differently
than the portfolio securities. Even if expectations about the market and economic factors are correct, a hedge could be unsuccessful
if changes in the value of the portfolio securities do not correspond to changes in the value of the futures contracts. The ability
to establish and close out futures contracts and options on futures contracts positions depends on the availability of a secondary
market. If these positions cannot be closed out due to disruptions in the market or lack of liquidity, losses may be sustained
on the futures contract or option. In addition, the Fund&#8217;s use of options and futures may have the effect of reducing gains
made by virtue of increases in value of the Fund&#8217;s common stock holdings.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_SecuritiesLendingRiskMember" escape="true" id="Fact000149" name="cef:RiskTextBlock"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--SecuritiesLendingRiskMember_dU_zZ27yiIoZ9N6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Securities
Lending Risk</i>.</b> Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely
basis, and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price
of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect
the Fund&#8217;s performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights
in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund would not have
the right to vote any securities having voting rights during the existence of the loan.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_ChangesInPoliciesRiskMember" escape="true" id="Fact000151" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zQ7frl3bOdR8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Policies Risk.</i></b> The Fund&#8217;s Directors may change the Fund&#8217;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.</span></p>

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

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<ix:exclude><p id="xdx_230_zMPir1Ur3wz1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_PreferredStockRiskMember" escape="true" id="Fact000154" name="cef:RiskTextBlock"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zrki4st8Iaei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership
in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of
the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible
into common stock. Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like
debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings
or collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#8217;s
capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any
legal claims to specific assets or cash flows.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination
and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its
discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the
board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#8217;s board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Fund&#8217;s Investment Adviser would consider, among other factors, their
non-cumulative nature in making any decision to purchase or sell such securities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market
values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers&#8217; industries or sectors,
including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may
also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated
changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received
deduction for corporate taxpayers or the lower rates applicable to certain dividends.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the claim on an issuer&#8217;s earnings represented by preferred stock may become onerous when interest rates fall below the rate
payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection
in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of
higher dividend paying preferred stocks may be reduced, and the Fund may be unable to acquire securities paying comparable rates
with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates
of return.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_ConvertibleSecuritiesRiskMember" escape="true" id="Fact000156" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zDCRocmwZ2Pf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities Risk. </i></b>The Fund may invest in convertible securities. Convertible securities include fixed income securities
that may be exchanged or converted into a predetermined number of shares of the issuer&#8217;s underlying common stock at the
option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible
bonds or debentures, units consisting of &#8220;usable&#8221; bonds and warrants or a combination of the features of several of
these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities
to be employed for a variety of investment strategies. The Fund will exchange or convert convertible securities into shares of
underlying common stock when, in the opinion of the Fund&#8217;s Investment Adviser, the investment characteristics of the underlying
common shares will assist the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible
securities. In selecting convertible securities, the Fund&#8217;s Investment Adviser evaluates the investment characteristics
of the convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital
appreciation. In evaluating these matters with respect to a particular convertible security, the Fund&#8217;s Investment Adviser
considers numerous factors, including the economic and political outlook, the value of the security relative to other investment
alternatives, trends in the determinants of the issuer&#8217;s profits, and the issuer&#8217;s management capability and practices.</span></p>

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

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

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<ix:exclude><p id="xdx_23E_zcbGWsWQhlv8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a convertible security, including, for example, a warrant, is a function of its &#8220;investment value&#8221; (determined
by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion
privilege) and its &#8220;conversion value&#8221; (the security&#8217;s worth, at market value, if converted into the underlying
common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
may also have an effect on the convertible security&#8217;s investment value. The conversion value of a convertible security is
determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases
as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds
the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible
security generally will sell at a premium over its conversion value by the extent to which investors place value on the right
to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. If a convertible
security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#8217;s
ability to achieve its investment objective.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_IssuerSpecificChangesRiskMember" escape="true" id="Fact000159" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zcDxKsONAPKa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer
Specific Changes Risk. </i></b>Changes in the financial condition of an issuer, changes in the specific economic or political
conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect
the credit quality or value of an issuer&#8217;s securities. Lower-quality debt securities tend to be more sensitive to these
changes than higher-quality debt securities.</span></p>

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

</ix:nonNumeric><p id="xdx_850_zsanr8rPg5B4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Non-Principal
Risks</span></i></b></span></p>

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

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

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

<ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_AntiTakeoverProvisionsRiskMember" escape="true" id="Fact000161" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z1Ds94ENJh68" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-Takeover
Provisions Risk.</i></b> The Fund&#8217;s Articles of Incorporation, as amended to date (the &#8220;Charter&#8221;) include certain
provisions that could limit the ability of other persons or entities to acquire control of the Fund or to cause it to engage in
certain transactions or to modify its structure.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_CommonStockRiskMember" escape="true" id="Fact000163" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zZT5Yn1ATpVh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Risk. </i></b>The Fund invests in common stocks. Common stocks represent an ownership interest in a company. The Fund may
also invest in securities that can be exercised for or converted into common stocks (such as convertible preferred stock). Common
stocks and similar equity securities are more volatile and riskier than some other forms of investment. Therefore, the value of
your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including
adverse events such as unfavorable earnings reports, changes in investors&#8217; perceptions of the financial condition of an
issuer, the general condition of the relevant stock market or when political or economic events affecting the issuers occur. In
addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase
for issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease
as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests are structurally
subordinated to preferred securities, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority
to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments
of such issuers.</span></p>

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

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

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<ix:exclude><p id="xdx_23B_z2u1lFiNlZjh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_ExchangeTradedFundsEtfsRiskMember" escape="true" id="Fact000166" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsEtfsRiskMember_dU_zhXejp9vVzC4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exchange
Traded Funds (ETFs) Risk. </i></b>The Fund may invest in exchange-traded funds, which are investment companies that, in some cases,
aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent,
actively managed, and their shares are traded on a national exchange. ETFs do not sell individual shares directly to investors
and only issue their shares in large blocks known as &#8220;creation units.&#8221; The investor purchasing a creation unit may
sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market.
There can be no assurance that an ETF&#8217;s investment objective will be achieved, as ETFs based on an index may not replicate
and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF&#8217;s
expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_ForeignSecuritiesRiskMember" escape="true" id="Fact000168" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zFrmth9Jzc33" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Securities Risk</i>.</b> Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_PortfolioTurnoverRiskMember" escape="true" id="Fact000170" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_zSdMh5N9p9da" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk.</i></b> The Fund cannot predict its securities portfolio turnover rate with certain accuracy. Higher portfolio
turnover rates could result in corresponding increases in brokerage commissions and may generate short-term capital gains taxable
as ordinary income.</span></p>

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

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Sale Risk</i>.</b> When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the
obligation to pay an amount equal to that dividend to the lender of the shorted security. By closing out the short position prior
to the ex-dividend date, such dividend expenses are avoided. The Fund&#8217;s actual dividend expenses paid on securities sold
short may be significantly higher than 0% of its managed assets due to, among other factors, the actual extent of the Fund&#8217;s
short positions (which may range from 0% to 30% of managed assets), the actual dividends paid with respect to the securities the
Fund sells short, and the actual timing of the Fund&#8217;s short sale transactions, each of which may vary over time and from
time to time.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_SmallAndMediumCapCompanyRiskMember" escape="true" id="Fact000174" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zuS9ZIV55on8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Small
and Medium Cap Company Risk. </i></b>Compared to investment companies that focus only on large capitalization companies, the Fund&#8217;s
share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies,
small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses,
(ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large
cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market
values, be harder to sell at times and at prices that the Fund&#8217;s Investment Adviser believes appropriate, and offer greater
potential for gains and losses.</span></p>

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

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

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<ix:exclude><p id="xdx_231_zw4Mvk8dI44c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually
cash, U.S. government securities or other liquid securities. The Fund will also be required to designate on its books and records
similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times
at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from
which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not
receive any payments (including interest) on its collateral deposited with such broker-dealer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased,
and any loss increased, by the transaction costs described above. Although the Fund&#8217;s gain is limited to the price at which
it sold the security short, its potential loss is unlimited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating
the loss. Short selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on
the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, its investment adviser
is under no obligation to utilize short sales at all.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
requirements of the 1940 Act and the Code provide that the Fund not make a short sale if, after giving effect to such sale, the
market value of all securities sold short by the Fund exceeds 30% of the value of its managed assets.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2025-10-232025-10-23_custom_ForeignCurrencyRiskMember" escape="true" id="Fact000177" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_za2vWcitJPZ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Risk</i>.</b> Although the Fund will report its NAV and pay expenses and distributions in U.S. dollars, the Fund may
invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency
exchange rates will affect the U.S. dollar value of the Fund&#8217;s investment securities and NAV. For example, even if the securities
prices are unchanged on their primary foreign stock exchange, the Fund&#8217;s NAV may change because of a change in the rate
of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more
volatile than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign
currency depreciates against the dollar (<i>i.e.</i>, if the dollar strengthens), the value of the existing investment in the
securities denominated in that currency will decline. When a given currency appreciates against the dollar (<i>i.e.</i>, if the
dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign
countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors
located outside of the country, due to a blockage of foreign currency exchanges or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
</ix:nonNumeric><div id="xdx_858_zXszBaDJtNXb"></div>
</ix:nonNumeric><p id="xdx_815_z6TBDSjRszrf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a009"></span>LISTING
OF SHARES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Shares trade on the NYSE under the ticker symbol &#8220;SWZ&#8221; and are required to meet the NYSE&#8217;s continued
listing requirements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a010"></span>MANAGEMENT
OF THE FUND</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board is responsible for the overall management of the Fund, including supervision of the duties performed by the Investment Adviser.
There are five (5) Directors of the Fund, two (2) of which may be considered &#8220;interested persons&#8221; (as defined in the
1940 Act) of the Fund. The Directors are responsible for the Fund&#8217;s overall management, including adopting the investment
and other policies of the Fund, electing and replacing officers and selecting and supervising the Investment Adviser. The name
and business address of the Directors and officers of the Fund and their principal occupations and other affiliations during the
past five (5) years, as well as a description of committees of the Board, are set forth under &#8220;Management&#8221; in the
Statement of Additional Information.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Fund is managed by the Investment Adviser, Bulldog. As noted above, at a special meeting on February&#160;21, 2025, the Shareholders
approved the Advisory Agreement under which Bulldog provide investment management services to the Fund. </i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Advisory Agreement provides that Investment Adviser will provide overall investment management services for the Fund, and in connection
therewith (i) supervise the Fund&#8217;s investment program, including advising and consulting with the Fund&#8217;s Board regarding
the Fund&#8217;s overall investment strategy; (ii) make, in consultation with the Fund&#8217;s Board, investment strategy
decisions for the Fund; (iii) manage the investing and reinvesting of the Fund&#8217;s assets; (iv) place purchase and
sale orders on behalf of the Fund; (v) advise the Fund with respect to all matters relating to the Fund&#8217;s use of leveraging
techniques; and (vi) provide or procure the provision of research and statistical data to the Fund in relation to investing
and other matters within the scope of the investment objective and limitations of the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Advisory Agreement, the Investment Adviser is compensated by the Fund through a monthly advisory fee at an annual rate of
1.00% of the Fund&#8217;s average weekly total assets, deducting all officer and director fees paid to those officers and directors
of the Fund (other than the Fund&#8217;s Chief Compliance Officer) affiliated with Bulldog.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip
Goldstein and Andrew Dakos are primarily responsible for the day-to-day management of the Fund&#8217;s portfolio. The business
experience of each of Messrs. Goldstein and Dakos during the past five (5) years is as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Phillip
Goldstein</b>: Partner in Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP, each a registered
investment adviser. Mr. Goldstein also is a member of Bulldog Holdings, LLC, the owner of several entities that served until 2020
as the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball
&amp; Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He is a director/trustee
of the following closed-end funds: High Income Securities Fund since 2018, Special Opportunities Fund, Inc. since 2009, and Mexico
Equity and Income Fund since 2000. He also is a director of: Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large
commercial real estate company, since 2017. He served as a director of BNY Mellon Municipal Income, Inc., a closed-end fund, from
2024-2025 and MVC Capital, Inc., a business development company, from 2012-2020; and served as a trustee of Crossroads Liquidating
Trust from 2016-2020.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Andrew
Dakos</b>: Partner in Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP, each a registered investment
adviser. Mr. Dakos also is a member of Bulldog Holdings, LLC, the owner of several entities that served until 2020 as the general
partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball &amp; Winthrop,
LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He is a director/trustee of the following
closed-end funds: High Income Securities Fund since 2018, and Special Opportunities Fund, Inc. since 2009. He also is a director
of: Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and Tejon
Ranch Co., a real estate development company, since 2025. He served as a director of BNY Mellon Municipal Income, Inc., a closed-end
fund, from 2024-2025 and as a trustee of Crossroads Liquidating Trust from 2015-2020.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Statement of Additional Information provides additional information about the Investment Adviser&#8217;s compensation, other accounts
managed by the Investment Adviser and the Investment Adviser&#8217;s ownership of securities in the Fund.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect wholly
owned subsidiary of U.S. Bancorp, acts as the Fund&#8217;s Administrator under an Administration Agreement. Fund Services prepares
various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied
to the Directors; monitors the activities of the Fund&#8217;s custodian; coordinates the preparation and payment of the Fund&#8217;s
expenses; and reviews the Fund&#8217;s expense accruals. Fund Services also serves as the Fund&#8217;s fund accountant. For the
fiscal year ended December 31, 2024, the Fund paid Fund Services $<span>125,916 for its administration
and accounting services</span>.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Bank, N.A. (&#8220;U.S. Bank&#8221;), an affiliate of Fund Services, located at 1555 North RiverCenter Drive, Suite 300, Milwaukee,
WI 53212, serves as the Fund&#8217;s custodian and maintains custody of the securities and cash of the Fund.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equiniti
Trust Company, LLC, located at 28 Liberty Street, 53<sup>rd</sup> Floor, New York, NY 10005 serves as the Fund&#8217;s transfer
agent and registrar.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser will bear all expenses of its employees in connection with its duties under the Advisory Agreement.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund pays all of its own expenses and liabilities, including but not limited to expenses for legal, accounting and auditing services&#894;
taxes and governmental fees&#894; dues and expenses incurred in connection with membership in investment company organizations&#894;
fees and expenses incurred in connection with listing the Fund&#8217;s shares on any stock exchange&#894; costs of printing and
distributing stockholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends&#894; charges
of the Fund&#8217;s custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend
disbursing agents and dividend reinvestment plan agents&#894; payment for portfolio pricing services to a pricing agent, if any&#894;
registration and filing fees of the SEC&#894; expenses of registering or qualifying securities of the Fund for sale in various
states&#894; freight and other charges in connection with the shipment of the Fund&#8217;s portfolio securities&#894; fees and
expenses of Non-Interested Directors or non-interested members of any advisory or investment board, committee or panel of the
Fund&#894; fees and expenses of the Fund&#8217;s Chief Compliance Officer&#894; fees and expenses of any officers and directors
of the Fund who are not affiliated with the Fund&#8217;s administrator or its affiliates&#894; travel expenses or an appropriate
portion thereof of Directors and officers of the Fund, or members of any advisory or investment board, committee or panel of the
Fund, to the extent that such expenses relate to attendance at meetings of the Board of any committee thereof, or of any such
advisory or investment board, committee or panel&#894; salaries of stockholder relations personnel&#894; costs of stockholder
meetings&#894; insurance&#894; interest&#894; brokerage costs&#894; and litigation and other extraordinary or non recurring expenses.
The expenses incident to the Offering and issuance of Shares to be issued by the Fund will be recorded as a reduction of capital
of the Fund attributable to the Shares.</span></p>



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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s annual operating expenses for the fiscal year ended December 31, 2024 were approximately $2,023,181. No assurance
can be given, in light of the Fund&#8217;s investment objective and policies, however, that future annual operating expenses will
not be substantially more or less than this estimate.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
expenses relating to the Fund&#8217;s Shares, estimated at approximately $218,266, <span style="font-weight: normal">are</span> payable
upon completion of the Offering and will be deducted from the proceeds of the Offering.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a011"></span>DETERMINATION
OF NET ASSET VALUE</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV of shares of the Fund is determined weekly and on the last business day of each month, as of the close of regular trading
on the NYSE (normally, 4:00 p.m., Eastern time). In computing NAV, portfolio securities of the Fund are valued at their current
market values determined on the basis of market quotations. If market quotations are not readily available, securities are valued
at fair value as determined by the Board. The Fund&#8217;s investments in closed-end funds or ETFs whose shares are listed on
a national securities exchange are valued using the market price at the close of the NYSE or such other exchange on which they
are listed. Private funds and non-traded closed-end funds are fair valued based on the Fund&#8217;s fair valuation policies and
procedures. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may
differ materially from the value that could be realized upon the sale of the security. Non-dollar-denominated securities are valued
as of the close of the NYSE at the closing price of such securities in their principal trading market but may be valued at fair
value if subsequent events occurring before the computation of NAV materially have affected the value of the securities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
may take place in foreign issues held by the Fund at times when the Fund is not open for business. As a result, the Fund&#8217;s
NAV may change at times when it is not possible to purchase or sell shares of the Fund. The Fund may use a third party pricing
service to assist it in determining the market value of securities in the Fund&#8217;s portfolio. The Fund&#8217;s NAV per Share
is calculated by dividing the value of the Fund&#8217;s total assets (the value of the securities the Fund holds plus cash or
other assets, including interest accrued but not yet received), less accrued expenses of the Fund, less the Fund&#8217;s other
liabilities by the total number of Shares outstanding.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Readily
marketable portfolio securities listed on the NYSE are valued, except as indicated below, at the last sale price reflected on
the consolidated tape at the close of the NYSE on the business day as of which such value is being determined. If there has been
no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked
prices are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then
the security is valued by such method as the Board shall determine in good faith to reflect its fair market value. Readily marketable
securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a like manner. Portfolio
securities traded on more than one (1) securities exchange are valued at the last sale price on the business day as of which such
value is being determined as reflected on the consolidated tape at the close of the exchange representing the principal market
for such securities. Securities trading on the Nasdaq Stock Market, Inc. (&#8220;NASDAQ&#8221;) are valued at the NASDAQ Official
Closing Price. Readily marketable securities traded in the over-the counter market, including listed securities whose primary
market is believed by the Investment Adviser to be over-the-counter, are valued at the mean of the current bid and asked prices
as reported by the NASDAQ or, in the case of securities not reported by the NASDAQ or a comparable source, as the Board deems
appropriate to reflect their fair market value. Where securities are traded on more than one exchange and also over-the-counter,
the securities will generally be valued using the quotations the Board believes reflect most closely the value of such securities.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a012"></span>DISTRIBUTION
POLICY</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2023, the Fund, acting pursuant to an SEC exemptive order and with the approval of the Board, adopted a managed distribution
policy. Commencing in December 2024, the Fund began making quarterly distributions pursuant to the policy of $0.1458 per share,
which equates to an annualized distribution rate of 6.00% based on the Fund&#8217;s NAV of $9.72 per share as of October 31, 2024.
In accordance with the policy, the Fund on December 31, 2024 distributed $0.1458 per share to shareholders of record on December
17, 2024 and on March 31, 2025 distributed $0.01458 per share to shareholders of record on March 18, 2025. On April 14, 2025,
the Fund paid a special cash distribution of $3.00 per share to shareholders of record on April 3, 2025. In connection with the
Board&#8217;s approval of the April 2025 special cash distribution, the Board determined to suspend the Fund&#8217;s managed distribution
plan until further notice.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
conclusions should be drawn about the Fund&#8217;s investment performance from the amount of the distributions. To the extent that the
Fund&#8217;s investments do not generate sufficient investment income, the Fund may be required to liquidate a portion of its portfolio
to fund these distributions and, therefore, these payments may represent a reduction of the Shareholder&#8217;s principal investment.
A return-of-capital distribution reduces the U.S. federal income tax basis of an investor&#8217;s Shares, which may make record-keeping
by certain Shareholders more difficult. In addition, return-of-capital distributions reduce the level of assets available for investment
which may negatively affect the Fund&#8217;s ability to meet its objective. The percentage of return-of-capital distributions for the
fiscal year 2024 was 4.73%. As of the date of this prospectus, a significant portion of the Fund&#8217;s distributions for 2025 are expected
to be comprised of return-of-capital. The Fund will issue a notice to Shareholders that will provide an estimate of the composition of
each distribution. For tax reporting purposes the actual composition of the total amount of distributions for each year will continue
to be provided on a Form 1099-DIV issued after the end of the year.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a013"></span>CERTAIN
ADDITIONAL MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary discussion of certain material U.S. federal income tax consequences that may be relevant to a Shareholder
that acquires, holds and/or disposes of the Fund&#8217;s Shares, and reflects provisions of the Code, existing Treasury regulations,
rulings published by the IRS, and other applicable authority, as of the date of this prospectus. These authorities are subject
to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary
of certain material tax considerations generally applicable to investments in the Fund and the discussion set forth herein does
not constitute tax advice. Except as expressly provided below, this discussion addresses only the U.S. federal income tax consequences
of an investment by U.S. Holders (as defined in the Statement of Additional Information) and assumes that such Shareholders will
hold Shares as capital assets, which generally means as property held for investment. For more detailed information regarding
U.S. federal income tax considerations, see the Statement of Additional Information under the heading &#8220;Certain Material
United States Federal Income Tax Consequences.&#8221; There may be other tax considerations applicable to particular investors.
In addition, income earned through an investment in the Fund may be subject to state, local and foreign taxes.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund intends to elect to be treated and to qualify each year for taxation as a regulated investment company (a &#8220;RIC&#8221;)
under Subchapter M of the Code. In order for the Fund to qualify as a RIC, it must, among other requirements, meet certain income
and asset diversification tests each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund
(but not its Shareholders) will not be subject to U.S. federal income tax to the extent it distributes its investment company
taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital loss) in a timely
manner to its Shareholders in the form of dividends or capital gain distributions. The Code imposes a 4% nondeductible excise
tax on RICs, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year.
The Fund anticipates meeting these distribution requirements.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund intends to make distributions of investment company taxable income after payment of the Fund&#8217;s operating expenses. For U.S.
federal income tax purposes, all distributions are generally taxable as ordinary income or capital gains. Distributions of the Fund&#8217;s
investment company taxable income (including short-term capital gains) will generally be treated as ordinary income to the extent of
the Fund&#8217;s current and accumulated earnings and profits. Distributions of the Fund&#8217;s net capital gains (&#8220;capital gain
dividends&#8221;), if any, are taxable to Shareholders as long-term capital gains, regardless of the length of time Shares have been
held by Shareholders. Distributions, if any, in excess of the Fund&#8217;s earnings and profits will first reduce the adjusted tax basis
of a Shareholder&#8217;s Shares and, after that basis has been reduced to zero, will constitute capital gains to the Shareholder (assuming
the Shares are held as a capital asset). See below for a summary of the maximum tax rates applicable to capital gains (including capital
gain dividends). A corporation that owns Shares generally will not be entitled to the dividends received deduction with respect to all
of the dividends it receives from the Fund. Fund dividend payments that are attributable to qualifying dividends received by the Fund
from certain domestic corporations may be designated by the Fund as being eligible for the dividends received deduction. There can be
no assurance as to what portion of Fund dividend payments may be classified as qualifying dividends. With respect to the distributions
of investment company taxable income described above, it may be the case that any such distributions would result in a return of capital
to the Shareholder. The determination of the character for U.S. federal income tax purposes of any distribution from the Fund (<i>i.e.</i>,
ordinary income dividends, capital gains dividends, qualifying dividends, return-of-capital distributions) will be made as of the end
of the Fund&#8217;s taxable year. Generally, no later than 60 days after the close of its taxable year, the Fund will provide Shareholders
with a written notice designating the amount of any capital gain dividends or other distributions. See &#8220;Distribution Policy&#8221;
for a more complete description of such returns and the risks associated with them.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount
retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its Shareholders who
will be treated as if each received a distribution of such Shareholder&#8217;s pro rata share of such gain, with the result that
each Shareholder will (i) be required to report such Shareholder&#8217;s pro rata share of such gain on such Shareholder&#8217;s
tax return as long-term capital gain, (ii) receive a refundable tax credit for such Shareholder&#8217;s pro rata share of tax
paid by the Fund on the gain and (iii) increase the tax basis for such Shareholder&#8217;s Shares by an amount equal to the deemed
distribution less the tax credit.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
current law, certain income distributions paid by the Fund to individual taxpayers may be taxed at rates equal to those applicable
to net long-term capital gains (generally, 20%). This tax treatment applies only if certain holding period and other requirements
are satisfied by the Shareholder with respect to its Shares, and the dividends are attributable to qualified dividends received
by the Fund itself. For this purpose, &#8220;qualified dividends&#8221; means dividends received by the Fund from certain United
States corporations and certain qualifying foreign corporations, provided that the Fund satisfies certain holding period and other
requirements in respect of the stock of such corporations. In the case of securities lending transactions, payments in lieu of
dividends are not qualified dividends. While certain income distributions to Shareholders may qualify as qualified dividends,
the Fund seeks to provide dividends regardless of whether they so qualify. As additional special rules apply to determine whether
a distribution will be a qualified dividend, investors should consult their tax advisors. Investors should also see the Fund&#8217;s
Statement of Additional Information under the heading &#8220;Certain Material United States Federal Income Tax Consequences&#8221;
for more information relating to qualified dividends.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and interest received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes
imposed by foreign countries and U.S. possessions (collectively &#8220;foreign taxes&#8221;) that would reduce the return on its
securities. Tax conventions between certain countries and the United States, however, may reduce or eliminate foreign taxes, and
many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in other RICs. In general, the Code taxes a RIC which satisfies certain requirements as a pass-through entity
by permitting a qualifying RIC to deduct dividends paid to its shareholders in computing the RIC&#8217;s taxable income. A qualifying
RIC is also generally permitted to pass through the character of certain types of its income when it makes distributions. For
example, a RIC may distribute ordinary dividends to its stockholders, capital gain dividends, or other types of dividends which
effectively pass through the character of the RIC&#8217;s income to its stockholders, including the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investor should be aware that, if Shares are purchased shortly before the record date for any taxable dividend (including a capital
gain dividend), the purchase price likely will reflect the value of the dividend and the investor then would receive a taxable
distribution likely to reduce the trading value of such Shares, in effect resulting in a taxable return of some of the purchase
price.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxable
distributions to individuals and certain other non-corporate Shareholders, including those who have not provided their correct
taxpayer identification number and other required certifications, may be subject to &#8220;backup&#8221; U.S. federal income tax
withholding currently equal to 24%. For more detailed information on backup withholding, see the Statement of Additional Information
under the heading &#8220;Certain Material United States Federal Income Tax Consequences.&#8221;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
Shareholders will generally recognize gain or loss in an amount equal to the difference between the Shareholder&#8217;s adjusted
tax basis in the Shares sold and the amount received in exchange therefor. If the Shares are held as a capital asset, the gain
or loss will be a capital gain or loss. Under current law, the maximum tax rate applicable to capital gains recognized by individuals
and other non-corporate taxpayers is (i) the same as the maximum ordinary income tax rate for gains recognized on the sale of
capital assets held for one year or less or (ii) generally, 20% for gains recognized on the sale of capital assets held for more
than one year (as well as certain capital gain dividends). Any loss on a disposition of Shares held for six months or less will
be treated as a long-term capital loss to the extent of any capital gain dividends received with respect to those Shares. The
use of capital losses is subject to limitations. For purposes of determining whether Shares have been held for six months or less,
the holding period is suspended for any periods during which the Shareholder&#8217;s risk of loss is diminished as a result of
holding one or more other positions in substantially similar or related property, or through certain options or short sales. Any
loss realized on a sale or exchange of Shares will be disallowed to the extent those Shares are replaced by other substantially
identical Shares within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the Shares.
In that event, the basis of the replacement Shares will be adjusted to reflect the disallowed loss.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6045B of the Code generally imposes certain reporting requirements on the Fund with respect to any organizational action that
affects the tax basis of the Shares for U.S. federal income tax purposes. The Fund has historically made return-of-capital distributions
(&#8220;ROC Distributions&#8221;) to certain Shareholders and, to the extent such payments continue, the Fund will generally be
required to file IRS Form 8937, Report of Organizational Actions Affecting Basis of Securities (&#8220;Form 8937&#8221;), with
the IRS and deliver an information statement to certain Shareholders, subject to certain exceptions. Generally, the Fund must
file Form 8937 with the IRS on or before the 45th day following the corporate action or, if earlier, January 15 of the year following
the calendar year of the corporate action. In addition, the Fund must furnish the same information to certain Shareholders on
or before January 15 of the year following the calendar year of the corporate action. However, the Fund generally would not be
required to file Form 8937 or furnish this information to Shareholders provided it posts the requisite information on its primary
public website by the due date for filing Form 8937 with the IRS and such information is available on its website (or any successor
organization&#8217;s website) for 10 years.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Fund will generally not be able to determine whether a distribution during the year will be out of its earnings and profits
(and, therefore, whether such distribution should be treated as a dividend or a ROC Distribution for these purposes) until the
close of the tax year, the Fund does not intend to file Form 8937 until after the end of the current calendar year. Based on the
limited interpretive guidance currently available, the Fund believes that its treatment of ROC Distributions and its current intended
action regarding Form 8937 continue to be consistent with the requirements of Form 8937, Section 6045B and the Treasury Regulations
thereunder. The Fund intends to utilize its best efforts to determine the tax characterization of the Fund&#8217;s distributions
as soon as practicable following the close of the year and timely comply with the abovementioned Section 6045B requirements, to
the extent applicable. The Fund and its management do not believe that the Fund will be subject to substantial penalties if it
utilizes its best efforts to determine the tax characteristics of its distributions as soon as practicable following the close
of the year to comply with Form 8937 and Section 6045B. The Fund may be subject to substantial penalties to the extent that it
fails to timely comply with its Section 6045B reporting obligations. Each Shareholder is urged to consult its own tax advisor
regarding the application of Section 6045B to its individual circumstances. A copy of the Fund&#8217;s most recently filed Form
8937 is available on the Fund&#8217;s website, <span style="text-decoration: underline">www.totalreturnsecuritiesfund.com</span>.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder (as defined in the Fund&#8217;s Statement of Additional Information under the heading &#8220;Certain Material United
States Federal Income Tax Consequences&#8221;) that is an individual or estate, or a trust that does not fall into a special class
of trusts that is exempt from such tax, will be subject to a 3.8% tax on the lesser of (1) the U.S. Holder&#8217;s &#8220;net
investment income&#8221; for the relevant taxable year and (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income
for the taxable year over a certain threshold (which, in the case of individuals, will be between $125,000 and $250,000 depending
on the individual&#8217;s circumstances). A U.S. Holder&#8217;s &#8220;net investment income&#8221; may generally include portfolio
income (such as interest and dividends), and income and net gains from an activity that is subject to certain passive activity
limitations, unless such income or net gains are derived in the ordinary course of the conduct of a trade or business (other than
a trade or business that consists of certain passive or trading activities). If you are a U.S. Holder that is an individual, estate
or trust, you should consult your tax advisors regarding the applicability of the net investment income tax to your ownership
and disposition of shares of the Fund.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sections
1471 through 1474 of the Code (provisions which are commonly referred to as &#8220;FATCA&#8221;), and Treasury regulations promulgated
thereunder, generally provide that a 30% withholding tax may be imposed on payments of U.S. source income, including U.S. source
interest and dividends, to certain non-U.S. entities unless such entities enter into an agreement with the IRS to disclose the
name, address and taxpayer identification number of certain U.S. persons that own, directly or indirectly, interests in such entities,
as well as certain other information relating to such interests. While withholding under FATCA would have also applied to payments
of gross proceeds from the sale or other disposition of Shares on or after January 1, 2019, proposed Treasury regulations eliminate
FATCA withholding on payments of gross proceeds entirely. The preamble to these proposed regulations indicates that taxpayers
may rely on them pending their finalization. Non-U.S. Holders are encouraged to consult with their own tax advisors regarding
the possible implications and obligations of FATCA.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Shareholders may be subject to state, local and foreign taxes on its distributions. Shareholders are advised to consult
their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing briefly summarizes certain material U.S. federal income tax consequences to Shareholders of investing in the Shares,
reflects the U.S. federal tax law as of the date of this prospectus, and except as expressly provided herein does not address
special tax rules applicable to certain types of investors, such as corporate, tax exempt and foreign investors. Investors should
consult their tax advisers regarding other U.S. federal, state, local, or foreign tax considerations that may be applicable in
their particular circumstances, as well as any proposed tax law changes.</span></p>

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

<ix:nonNumeric contextRef="AsOf2025-10-23" escape="true" id="Fact000179" name="cef:CapitalStockTableTextBlock"><p id="xdx_805_ecef--CapitalStockTableTextBlock_dU_zTHOAss8dSv4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a014"></span>DESCRIPTION
OF CAPITAL STRUCTURE</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">The
Fund was incorporated in Delaware on October 24, 1986.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2025, the Fund had <span id="xdx_908_ecef--OutstandingSecurityNotHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zijHcziUJILd"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember" id="Fact000180" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,990,705</ix:nonFraction></span> Shares issued and outstanding.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Articles of Incorporation, as amended (the &#8220;Charter&#8221;), which has been filed with the SEC, permits the
Fund to issue <span id="xdx_904_ecef--OutstandingSecurityAuthorizedShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zo6qOG7xOCR2"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember" id="Fact000181" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></span> shares of common stock, par value $.001. Fractional shares are permitted. Each Share represents an equal
proportionate interest in the net assets of the Fund with each other Share. <span id="xdx_901_ecef--SecurityDividendsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3LvXN0eaBv6"><ix:nonNumeric contextRef="From2025-10-232025-10-23_us-gaap_CommonStockMember" escape="true" id="Fact000182" name="cef:SecurityDividendsTextBlock">Holders of Shares will be entitled to the payment
of dividends when declared by the Board.</ix:nonNumeric></span> <span id="xdx_902_ecef--SecurityVotingRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAWYaRPV1fe1"><ix:nonNumeric contextRef="From2025-10-232025-10-23_us-gaap_CommonStockMember" escape="true" id="Fact000183" name="cef:SecurityVotingRightsTextBlock">Each whole Share shall be entitled to one vote as to matters on which it is entitled
to vote pursuant to the terms of the Charter on file with the SEC.</ix:nonNumeric></span> <span id="xdx_903_ecef--SecurityLiquidationRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zo1GJsyZd8h9"><ix:nonNumeric contextRef="From2025-10-232025-10-23_us-gaap_CommonStockMember" escape="true" id="Fact000184" name="cef:SecurityLiquidationRightsTextBlock">Upon liquidation of the Fund, after paying or adequately providing
for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they
deem necessary for the protection of the Directors, the Board may distribute the remaining net assets of the Fund among its Shareholders.</ix:nonNumeric></span>
<span id="xdx_90D_ecef--SecurityPreemptiveAndOtherRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z5K2uP37SG26"><ix:nonNumeric contextRef="From2025-10-232025-10-23_us-gaap_CommonStockMember" escape="true" id="Fact000185" name="cef:SecurityPreemptiveAndOtherRightsTextBlock">Shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with Shares.</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has no present intention of offering additional Shares, except as described herein in connection with the exercise of the
Rights. Other offerings of its Shares, if made, will require approval of the Board. Any additional offering will not be sold at
a price per Share below the then current NAV (exclusive of underwriting discounts and commissions) except in connection with an
offering to existing Shareholders or with the consent of a majority of the Fund&#8217;s outstanding Shares.</span></p>

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

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

<ix:exclude><!-- Field: Page; Sequence: 45; Value: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_235_zRHYZdbAS9x5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund generally will not issue share certificates. The Fund&#8217;s Transfer Agent will maintain an account for each Shareholder
upon which the registration and transfer of Shares are recorded, and transfers will be reflected by bookkeeping entry, without
physical delivery. The Transfer Agent will require that a Shareholder provide requests in writing, accompanied by a valid signature
guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges.</span></p>

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

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

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

<ix:nonNumeric contextRef="AsOf2025-10-23" escape="true" id="Fact000188" name="cef:OutstandingSecuritiesTableTextBlock"><p id="xdx_849_ecef--OutstandingSecuritiesTableTextBlock_dU_zO2s6kWpnux5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding the Fund&#8217;s authorized shares and shares outstanding as of <span>June
30, 2025</span>.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(3)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(4)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Class&#160;</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount Authorized&#160;</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    Held By <br/>
Registrant or for its <br/>
Account</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    Outstanding <br/>
Exclusive of Amount <br/>
Shown Under (3)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecef--OutstandingSecurityTitleTextBlock_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbyBny56PkTd"><ix:nonNumeric contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember" escape="true" id="Fact000189" name="cef:OutstandingSecurityTitleTextBlock">Shares
    of Common&#160;Stock</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecef--OutstandingSecurityAuthorizedShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzPSS67yJrb"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember" id="Fact000190" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecef--OutstandingSecurityHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFry4ZSKIrB4"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember" id="Fact000191" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecef--OutstandingSecurityNotHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOQL0x8KfcX6"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember" id="Fact000192" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,990,705</ix:nonFraction></span></span></td></tr>
</table>
</ix:nonNumeric><p id="xdx_850_zVsaqZNu0B24" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trading
and Net Asset Value Information</i></b></span></p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>In the past, the Shares have traded at a
discount in relation to NAV. </i></b>Shares of closed-end investment companies such as the Fund frequently trade at a discount from NAV.
See &#8220;Risk Factors.&#8221; The Shares are listed and traded on the NYSE. The average weekly trading volume of the Shares during
the calendar year ended December&#160;31, 2024 was 93,475 Shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<ix:nonNumeric contextRef="AsOf2025-10-23" escape="true" id="Fact000194" name="cef:SharePriceTableTextBlock"><p id="xdx_840_ecef--SharePriceTableTextBlock_dU_zbTtJbAuv0P2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows for the quarters indicated: (i) the high and low sale price of the Shares on the NYSE; (ii) the high and
low NAV per Share; and (iii) the high and low premium or discount to NAV at which the Shares were trading (as a percentage of
NAV):</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal<br/>
    Quarter <br/>
    Ended</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_484_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3110c1B6d2k" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    Close</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_480_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zW3kxflnSNRi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    Close</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_486_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zasTYWcEyIll" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znsAuFR08OT3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" id="xdx_481_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zYOmxD35AwVa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/
                                            </b></span><br/>
                                            <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Discount) to</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
        NAV</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" id="xdx_482_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziuHO6lvRkrg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/</b></span></p>
                                                                                                     <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Discount)
                                            to</b>&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
        NAV</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_416_20230101__20230331_zmWu90tVy8M1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/31/2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000195" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.21</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000196" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.53</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000197" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.47</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000198" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.85</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2023-01-012023-03-31_us-gaap_CommonStockMember" id="Fact000199" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">13.41</ix:nonFraction></span></td>
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<tr id="xdx_419_20250701__20250930_zlnqpKGidFR7" style="vertical-align: top">
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</ix:nonNumeric><p id="xdx_850_zvSq8IZaNTba" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Repurchase
of Shares</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, pursuant to Section 23 of the Investment Company Act, purchase Shares on the open market from time to time, at such
times, and in such amounts as may be deemed advantageous to the Fund. Nothing herein shall be considered a commitment to purchase
such Shares. No limit has been placed on the number of Shares to be repurchased by the Fund other than those imposed by federal
securities laws. All purchases will be made in accordance with federal securities laws, with Shares repurchased held in treasury
for future use by the Fund. In determining to repurchase Shares, the Board will consider such factors as the market price of the
Shares, the NAV of the Shares, the liquidity of the assets of the Fund, the effect on the Fund&#8217;s expenses, whether such
transactions would impair the Fund&#8217;s status as a regulated investment company or result in a failure to comply with applicable
asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect
on the Fund&#8217;s ability to consummate such transactions.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Charter includes provisions that could have the effect of limiting the ability of other entities or persons to acquire
control of the Fund, or to cause it to engage in certain transactions or to modify its structure. Under the Charter, actions by
Shareholders may be taken by a vote of the majority of the outstanding Shares of the Fund, except that the vote of at least 75%
of the outstanding Shares of the Fund is required to authorize any of the following acts:</span></p>

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><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">the
sale of all or substantially all of the assets of the Fund (other than in the regular course of the Fund&#8217;s investment activities);</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conversion
                                         of the Fund to an open-end investment company; or</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: justify"/><td style="width: 0.25in; text-align: justify"><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">any
amendment to the Charter that reduces the 75% vote required to authorize the actions listed in (1)-(4) above.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors have determined that the 75% requirement described above, which is greater than the minimum requirements under the 1940
Act, is in the best interests of the Fund and its Shareholders generally. Please refer to the Fund&#8217;s Charter, on file with
the SEC, for the full text of these provisions. These provisions could have the effect of depriving Shareholders of an opportunity
to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of
the Fund in a tender offer or similar transaction and may have the effect of inhibiting the Fund&#8217;s conversion to open-end
status.</span></p>

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

</ix:nonNumeric><p id="xdx_812_z8F5rUEdm9Ud" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a015"></span>LEGAL
MATTERS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
legal matters in connection with the Shares will be passed upon for the Fund by Sullivan &amp; Cromwell LLP, located at 125 Broad
Street, New York, New York 10004.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a016"></span>REPORTS
TO STOCKHOLDERS</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a017"></span>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tait,
Weller &amp; Baker LLP is the independent registered public accounting firm for the Fund and will audit the Fund&#8217;s financial
statements. Tait, Weller &amp; Baker LLP is located at Two Liberty Place, 50 South 16th Street, Suite 2900, Philadelphia, PA 19102.&#160;</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a018"></span>ADDITIONAL
INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prospectus and the Statement of Additional Information do not contain all of the information set forth in the Registration Statement
that the Fund has filed with the SEC (File No. 333-290708). The complete Registration Statement may be obtained from the SEC at www.sec.gov.
See the cover page of this prospectus for information about how to obtain a paper copy of the Registration Statement or Statement of
Additional Information without charge.<br/></span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a019"></span>TABLE
OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 94%; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 6%; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL INFORMATION AND HISTORY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b003"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-2</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-3</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-14</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROXY VOTING PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-14</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADMINISTRATIVE SERVICES, CUSTODIAN, TRANSFER AGENT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-15</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO MANAGERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-16</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALLOCATION OF BROKERAGE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-17</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-18</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><a href="#swzn2b013"><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; padding: 3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
</table>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a description of the Fund&#8217;s policies regarding disclosure of nonpublic personal information that you provide
to the Fund or that the Fund collects from other sources. In the event that you hold shares of the Fund through a broker-dealer
or other financial intermediary, the privacy policy of the financial intermediary would govern how your nonpublic personal information
would be shared with unaffiliated third parties.</span></p>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 22.5pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
                                         from the Consumer: this category includes information the Fund receives from you on or
                                         in applications or other forms, correspondence, or conversations (such as your name,
                                         address, phone number, social security number, assets, income and date of birth); and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 22.5pt; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
                                         about the Consumer&#8217;s transactions: this category includes information about your
                                         transactions with the Fund, its affiliates, or others (such as your account number and
                                         balance, payment history, parties to transactions, cost basis information, and other
                                         financial information).</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CATEGORIES
OF INFORMATION THE FUND DISCLOSES.</b> The Fund does not disclose any nonpublic personal information about its current or former
shareholders to unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all
of the information it collects, as described above, to its service providers (such as the custodian, administrator and transfer
agent) to process your transactions and otherwise provide services to you.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONFIDENTIALITY
AND SECURITY.</b> The Fund restricts access to your nonpublic personal information to those persons who require such information
to provide products or services to you. The Fund maintains physical, electronic and procedural safeguards that comply with federal
standards to guard your nonpublic personal information.</span></p>

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12,990,705
Rights for</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12,990,705
Shares of Common Stock</b></span>&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 37%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 26%">&#160;</td>
  <td style="width: 37%">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>





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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[&#9679;]</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
2025</span></b></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 37%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 26%">&#160;</td>
  <td style="width: 37%">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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 jurisdiction
where the offer or sale is not permitted.</b>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 31%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">SUBJECT
    TO COMPLETION</span></td>
    <td style="vertical-align: bottom; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">October
    23, 2025</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[&#9679;]</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
2025</span></b></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THIS
STATEMENT OF ADDITIONAL INFORMATION (&#8220;SAI&#8221;) IS NOT A PROSPECTUS. THIS SAI SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS
OF TOTAL RETURN SECURITIES FUND (THE &#8220;FUND&#8221;), DATED [&#9679;], 2025 (THE &#8220;PROSPECTUS&#8221;), AS IT MAY BE SUPPLEMENTED
FROM TIME TO TIME. CAPITALIZED TERMS USED BUT NOT DEFINED IN THIS SAI HAVE THE MEANINGS GIVEN TO THEM IN THE PROSPECTUS.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A
COPY OF THE PROSPECTUS MAY BE OBTAINED WITHOUT CHARGE BY CALLING THE FUND TOLL FREE AT <span>1-800-937-5449
</span>OR BY VISITING THE FUND&#8217;S WEBSITE AT <span>WWW.TOTALRETURNSECURITIESFUND.COM</span></b>.
<b>THE REGISTRATION STATEMENT OF WHICH THE PROSPECTUS IS A PART CAN BE REVIEWED AND COPIED AT THE PUBLIC REFERENCE ROOM OF THE
SECURITIES AND EXCHANGE COMMISSION (THE &#8220;SEC&#8221;) AT 100 F STREET NE, WASHINGTON, D.C. 20549-0102. YOU MAY OBTAIN INFORMATION
ON THE OPERATION OF THE PUBLIC REFERENCE ROOM BY CALLING THE SEC AT (800)&#160;SEC-0330. THE FUND&#8217;S FILINGS WITH THE SEC
ARE ALSO AVAILABLE TO THE PUBLIC ON THE SEC&#8217;S WEBSITE AT WWW.SEC.GOV. COPIES OF THESE FILINGS MAY BE OBTAINED, AFTER PAYING
A DUPLICATING FEE, BY ELECTRONIC REQUEST AT THE FOLLOWING E-MAIL ADDRESS: PUBLICINFO@SEC.GOV, OR BY WRITING THE SEC&#8217;S PUBLIC
REFERENCE SECTION, 100 F STREET NE, WASHINGTON, D.C. 20549-0102.</b></span></p>

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


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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 94%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b001">FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</span></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b002">GENERAL INFORMATION AND HISTORY</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b003">INVESTMENT RESTRICTIONS</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-2</span></td></tr>
<tr style="vertical-align: top; background-color: #D9D9D9">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b004">MANAGEMENT</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-3</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b005">CODE OF ETHICS</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-14</span></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b006">PROXY VOTING PROCEDURES</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-14</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b007">ADMINISTRATIVE SERVICES, CUSTODIAN, TRANSFER AGENT</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-15</span></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b008">PORTFOLIO MANAGERS</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-16</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b009">ALLOCATION OF BROKERAGE</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-17</span></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b010">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-18</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b011">FINANCIAL STATEMENTS</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b012">OTHER INFORMATION</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#swzn2b013">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
</table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b001"></span>FORWARD-LOOKING
STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
SAI contains or incorporates by reference &#8220;forward-looking statements&#8221; (within the meaning of the federal securities
laws) that involve risks and uncertainties. Forward-looking statements are excluded from the safe harbor protection provided by
Section 27A of the Securities Act of 1933, as amended. These statements describe the Fund&#8217;s plans, strategies and goals
and the Fund&#8217;s beliefs and assumptions concerning future economic or other conditions and the outlook for the Fund based
on currently available information. In this SAI, words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221;
&#8220;objectives,&#8221; &#8220;goals,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;seeks,&#8221; &#8220;will,&#8221;
&#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; and similar expressions are used in an effort to identify forward-looking
statements, although some forward-looking statements may be expressed differently.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s actual results could differ materially from those anticipated in the forward-looking statements because of various
risks and uncertainties, including the factors set forth in the section headed &#8220;Risk&#160;Factors&#8221; in the Prospectus
and elsewhere in the Prospectus and this SAI. You should consider carefully the discussions of risks and uncertainties in the
&#8220;Risk Factors&#8221; section in the Prospectus. The forward-looking statements contained in this SAI are based on information
available to the Fund on the date of this SAI, and the Fund assumes no obligation to update any such forward-looking statements,
except as required by law.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b002"></span>GENERAL
INFORMATION AND HISTORY</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Return Securities Fund (f/k/a The Swiss Helvetia Fund) (the &#8220;Fund&#8221;) was incorporated in Delaware on October 24, 1986
and is a closed-end management investment company registered with the SEC under the Investment Company Act of 1940, as amended
(together with the rules promulgated thereunder, the &#8220;1940 Act&#8221;). Bulldog&#160;Investors, LLP (&#8220;Bulldog&#8221;)
is the Fund&#8217;s investment adviser (the &#8220;Investment Adviser&#8221;). On February 21, 2025, shareholders approved replacing
the Fund&#8217;s investment objective with a non-fundamental investment objective of long-term total return. Also on that date
shareholders approved a new investment advisory agreement between the Fund and Bulldog as the Fund&#8217;s investment adviser.
On March&#160;31,&#160;2025, Bulldog became the Fund&#8217;s investment adviser.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulldog
intends to achieve the Fund&#8217;s investment objective primarily by purchasing U.S. securities or other assets that, in the
opinion of Bulldog, are undervalued at the time of purchase and (1) have the potential for growth and/or (2) where the perceived
discount from their intrinsic value is likely to narrow over time. When advisable, Bulldog may seek to influence the management
of a portfolio company to take actions to increase the market price of the Fund&#8217;s investment in that company&#8217;s securities
(e.g., by such company repurchasing its securities, paying a special dividend, or by considering restructuring actions, such as
selling or liquidating the company). The Fund&#8217;s investments may also include the securities of companies undergoing a corporate
event such as mergers, liquidations, reorganizations, or spin-offs. Investments will not be restricted to any types of securities
(e.g., equity, fixed income) or their liquidity. At times, the portfolio may be highly concentrated. The Fund may invest in securities
of companies with any market capitalization and will not be required to be fully invested at any time. There will be no limitation
with respect to the portion of the Fund&#8217;s total assets held in cash and cash equivalents. The Fund may use leverage and
may hedge its investments.<br/></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b003"></span>INVESTMENT
RESTRICTIONS</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has adopted the following investment restrictions that may not be changed without the affirmative vote of a &#8220;majority
of the outstanding voting securities&#8221; of the Fund, which is defined in the 1940 Act to mean the affirmative vote of the
lesser of (1) more than 50% of the outstanding shares of the Fund, or (2) 67% or more of the shares present at a meeting if more
than 50% of the outstanding shares of the Fund are represented at the meeting in person or by proxy. The Fund may not:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invest
                                         25% or more of the total value of its assets in any particular industry, except that
                                         the Fund&#8217;s investment in closed-end funds (including business development companies)
                                         shall not be deemed to be an investment in a particular industry.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><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">Issue
                                         senior securities, borrow money or pledge its assets, except to the extent permitted
                                         under the 1940 Act and the rules and regulations thereunder.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><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">Make
                                         loans, except through the purchase of debt obligations consistent with the Fund&#8217;s
                                         investment policies.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><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">Buy
                                         or sell commodities, commodity contracts, futures contracts, real estate or interests
                                         in real estate, except that the Fund may purchase and sell securities issued by Swiss
                                         Real Estate Companies, and the Fund may acquire, hold and sell real estate or mortgages
                                         on real estate as a result of default, liquidation or other distributions of an interest
                                         in real estate as a result of the Fund&#8217;s ownership of securities of Swiss Real
                                         Estate Companies.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><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">Make
                                         short sales of securities or maintain a short position in any securities, except that
                                         the Fund may make short sales of securities or maintain a short position in securities
                                         for hedging and risk management purposes.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><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">Purchase
                                         securities on margin, except such short-term credits as may be necessary or routine of
                                         the clearance or settlement of transactions.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Act
                                         as an underwriter, except to the extent the Fund may be deemed to be an underwriter in
                                         connection with the sales of securities in its portfolio.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invest
                                         10% or more of the total value of its assets in securities which cannot be readily resold
                                         because of legal or contractual restrictions or which are not otherwise readily marketable.</span></td></tr></table>

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><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">The
                                         Fund will pursue its investment objective primarily by purchasing U.S. securities or
                                         other assets that, in its view, are undervalued at the time of purchase and (1) have
                                         the potential for growth and/or (2) where the perceived discount from their intrinsic
                                         value is likely to narrow over time.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><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">The
                                         Fund has adopted a policy to invest, under normal circumstances, at least 80% of the
                                         value of its assets in investments in accordance with the investment focus of long-term
                                         total return. The Fund has also adopted a policy to provide Fund shareholders with at
                                         least 60 days prior notice of any change in this policy and any change in the Fund&#8217;s
                                         name that would accompany this change.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
percentage limitations on investments will apply at the time of investment and shall not be considered violated unless an excess
or deficiency occurs or exists immediately after and as a result of such investment. Except for the fundamental investment restrictions
listed above, the other investment policies described in this SAI or the Prospectus are not fundamental and may be changed by
approval of the Directors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b004"></span>MANAGEMENT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s business and affairs are managed under the direction of the Fund&#8217;s Board of Directors (the &#8220;Board&#8221;).
The Board currently consists of five (5) individuals, three (3) of whom are not &#8220;interested persons&#8221; as that term
is defined in Section 2(a)(19) of the 1940 Act. These individuals are referred to as &#8220;Independent Directors.&#8221; The
Board elects the Fund&#8217;s officers, who serve at the discretion of the Board.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors approve all significant agreements between the Fund and persons or companies furnishing services to it, including the
Fund&#8217;s agreements with its Investment Adviser, administrator, custodian and transfer agent. The management of the Fund&#8217;s
day-to-day operations is delegated to its officers, the Investment Adviser and the Fund&#8217;s administrator, subject always
to the investment objective and policies of the Fund and to the general supervision of the Directors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the Directors and executive officers of the Fund, their name, address, age, position with the Fund, term of
office and length of service with the Fund, principal occupation or employment during the past five years and other directorships held
at October 20, 2025. The address for all Directors and executive officers of the Fund is c/o Total Return Securities Fund, 615 East Michigan
Street, Milwaukee, WI 53202.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
Address</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and
Age</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; width: 14%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Held
with</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the
Fund (Since)</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; width: 13%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Office</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Length</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
Time</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Served</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; width: 24%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
Occupation</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
the Past</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Five
Years</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; width: 15%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolios</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>in
Fund</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Complex</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overseen</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by
Director*</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directorships</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>held
by</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director</b></span></p></td></tr>
<tr>
    <td colspan="6" style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INTERESTED
    DIRECTORS</b></span></td></tr>
<tr style="vertical-align: top">
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew
Dakos**</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(59)</span></p></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (2017) and
    Chairman (2018)&#894; President and Chief Executive Officer (2019)</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></p></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner, Bulldog Investors,
    LLP; Partner, Ryan Heritage, LLP; Principal of the former general partner of several private investment partnerships in the
    Bulldog group of private funds; Principal of the managing general partner of Bulldog Investors General Partnership</span></td>
    <td style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Director
    of Special Opportunities Fund, Inc. since 2009; Trustee, Crossroads Liquidating Trust (formerly, Crossroads Capital, Inc.)
    from 2015-2020; President and Trustee of High Income Securities Fund since 2018; Director, Brookfield DTLA Fund Office Trust
    Investor Inc. since 2017, BNY Mellon Municipal Income, Inc. from 2024-2025, and Tejon Ranch Co. since 2025</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
                                            Address</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and
        Age</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Held
        with</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the
        Fund (Since)</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
                                            of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Office</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Length</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
        Time</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Served</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
                                            Occupation</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
        the Past</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Five
        Years</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
                                            of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolios</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>in
        Fund</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Complex</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overseen</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by
        Director*</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directorships</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>held
        by</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director</b></span></p></td></tr>
<tr style="vertical-align: top">
    <td style="width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip
                           Goldstein**</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(80)</span></p></td>
    <td style="font-size: 10pt; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (2018)
    </span></td>
    <td style="width: 13%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
                           year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
        2018</span></p></td>
    <td style="font-size: 10pt; width: 24%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner, Bulldog
    Investors, LLP since 2009; Partner of Ryan Heritage, LLP; Principal of the former general partner of several private investment partnerships
    in the Bulldog group of private funds since 2009; Principal of the managing general partner of Bulldog Investors General Partnership</span></td>
    <td style="width: 15%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></p></td>
    <td style="width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
                           and Director of The Mexico Equity and Income Fund, Inc. since 2000; Chairman, Director and Secretary of Special
                           Opportunities Fund, Inc.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">since
        2009; Chairman, Trustee and Secretary of High Income Securities Fund since 2018; Director of Brookfield DTLA Fund Office Trust
        Investor Inc. since 2017 and BNY Mellon Municipal Income, Inc. from 2024-2025; MVC Capital, Inc. from 2012-2020; Trustee of Crossroads
        Liquidating Trust (formerly, Crossroads Capital, Inc.) from 2016-2020</span></p></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
                                            Address</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and
        Age</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Held
        with</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the
        Fund (Since)</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
                                            of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Office</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Length</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
        Time</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Served</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
                                            Occupation</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
        the Past</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Five
        Years</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
                                            of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolios</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>in
        Fund</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Complex</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overseen</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by
        Director*</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directorships</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>held
        by</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director</b></span></p></td></tr>
<tr>
    <td colspan="6" style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEPENDENT
    DIRECTORS</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard
                           Dayan</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(81)</span></p></td>
    <td style="font-size: 10pt; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (2018);
    Member of the Audit and Valuation Committee (2018); Chairman of the Nominating and Corporate Governance Committee (2018)</span></td>
    <td style="width: 13%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
                           year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></p></td>
    <td style="font-size: 10pt; width: 24%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and
    owner of Cactus Trading since 1990.</span></td>
    <td style="width: 15%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></p></td>
    <td style="font-size: 10pt; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee of High
    Income Securities Fund since 2018</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
                                            Address</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and
        Age</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Held
        with</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the
        Fund (Since)</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
                                            of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Office</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Length</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
        Time</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Served</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
                                            Occupation</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
        the Past</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Five
        Years</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
                                            of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolios</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>in
        Fund</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Complex</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overseen</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by
        Director*</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directorships</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>held
        by</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director</b></span></p></td></tr>
<tr style="vertical-align: top">
    <td style="width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moritz
                           Sell</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(57)</span></p></td>
    <td style="font-size: 10pt; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (2017);
    Chairman of the Audit and Valuation Committee (2017); Lead Independent Director (2018)</span></td>
    <td style="width: 13%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
                           year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></p></td>
    <td style="font-size: 10pt; width: 24%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal, Edison
    Holdings GmbH; Senior Advisor, Markston International LLC until 2019; Director, Market Strategist and Head of Proprietary Trading
    (London Branch), Landesbank Berlin AG and Landesbank Berlin Holding AG (formerly, Bankgesellschaft Berlin AG) from 1996 to 2013</span></td>
    <td style="width: 15%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></p></td>
    <td style="font-size: 10pt; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee of High
    Income Securities Fund since 2018; Director of DMF (BNY Mellon Municipal Income, Inc.) from 2024-2025, FAX (Aberdeen Asia Pacific
    Income Fund) and FCO (Aberdeen Australia Equity Fund) since 2004; Director of Aberdeen Greater China Fund until 2018; Chairman and
    Director of Aberdeen Singapore Fund until 2018</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
                                            Address</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and
        Age</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Held
        with</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the
        Fund (Since)</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
                                            of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Office</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Length</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
        Time</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Served</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
                                            Occupation</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
        the Past</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Five
        Years</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
                                            of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolios</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>in
        Fund</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Complex</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overseen</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by
        Director*</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directorships</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>held
        by</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director</b></span></p></td></tr>
<tr style="vertical-align: top">
    <td style="width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerald
                           Hellerman</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(87)</span></p></td>
    <td style="font-size: 10pt; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (2018)&#894;
    Member of the Audit and Valuation Committee (2018)</span></td>
    <td style="width: 13%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
                           year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></p></td>
    <td style="font-size: 10pt; width: 24%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance
    Officer of The Mexico Equity and Income Fund, Inc. from 2001 through March 31, 2020 and Special Opportunities Fund, Inc. from 2009
    through March 31, 2020; Managing Director of Hellerman Associates (a financial and corporate consulting firm) since 1993 (which terminated
    activities as of December 31, 2013)</span></td>
    <td style="width: 15%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></p></td>
    <td style="font-size: 10pt; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of
    Mexico Equity and Income Fund, Inc. since 2001; Special Opportunities Fund, Inc. since 2009; Fiera Capital Series Trust from 2017-2023;
    Trustee of High Income Securities Fund since 2018; MVC Capital, Inc. from 2003-2020; Trustee of Crossroads Liquidating Trust (formerly,
    Crossroads Capital, Inc.) from 2017-2020</span></td></tr>
<tr>
    <td colspan="6" style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OFFICERS***</b></span></td></tr>
<tr style="vertical-align: top">
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew
        Dakos**</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(59)</span></p></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (2017) and Chairman
    (2018)&#894; President and Chief Executive Officer (2019)</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
        year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></p></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner
        in Bulldog&#894; Partner in Ryan Heritage, LLP since 2019&#894; Principal of the former general partner of several private investment
        partnerships in the Bulldog group of funds.</span></p></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></p></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td></tr>
<tr style="vertical-align: top">
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas
        Antonucci</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(56)</span></p></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer
    (2019)</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
        year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></p></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
        of Operations, Bulldog; Chief Financial Officer and Treasurer of Special Opportunities Fund; Treasurer of High Income Securities
        Fund</span></p></td>
    <td style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
Address</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and
Age</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Held
with</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>the
Fund (Since)</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Office</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Length</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
Time</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Served</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
Occupation</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>During
the Past</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Five
Years</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolios</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>in
Fund</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Complex</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overseen</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by
Director*</b></span></p></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directorships</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>held
by</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director</b></span></p></td></tr>
<tr style="vertical-align: top">
    <td style="width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephanie
Darling</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(55)</span></p></td>
    <td style="width: 14%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2019)</span></p></td>
    <td style="width: 13%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></p></td>
    <td style="width: 24%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
Counsel and Chief Compliance Officer of Bulldog; Chief Compliance Officer of Ryan Heritage, LLP, High Income Securities Fund,
Special Opportunities Fund, Inc., and Mexico Equity and Income Fund, Inc.; Principal of The Law Office of Stephanie Darling; Editor-in-Chief
of The Investment Lawyer</span></p></td>
    <td style="font-size: 10pt; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td>
    <td style="font-size: 10pt; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td></tr>
<tr style="vertical-align: top">
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rajeev
Das</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(56)</span></p></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary (2019)</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
year&#894;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></p></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head of Trading, Bulldog</span></td>
    <td style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></p></td></tr>
</table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The Fund Complex is comprised of the Fund, Special Opportunities Fund, Inc. (NYSE: SPE) and High Income Securities Fund (NYSE:
PCF).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Messrs. Dakos and Goldstein each may be considered an &#8220;interested person&#8221; of the Fund within the meaning of the 1940
Act because of their positions as partners of the Fund&#8217;s Investment Adviser and Mr. Dakos&#8217; position as an officer
of the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***
Each executive officer serves on a year-to-year basis for an indefinite term, until his or her successor is elected and qualified.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believes that the significance of each Director&#8217;s experience, qualifications, attributes or skills is an individual
matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors
are best evaluated at the Board level, with no single Director, or particular factor, being indicative of the Board&#8217;s
effectiveness. However, the Board believes that Directors need to have the ability to critically review, evaluate, question and
discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to
exercise effective business judgment in the performance of their duties; the Board believes that the Directors satisfy this
standard. Experience relevant to having this ability may be achieved through a Director&#8217;s educational background; business,
professional training or practice (e.g., medicine, accounting or law), public service or academic positions; experience from service
as a board member (including the Board of the Fund) or as an executive of investment funds, public companies or significant private
or not-for-profit entities or other organizations; and/or other life experiences. The Board&#8217;s Nominating and Corporate
Governance Committee Charter contains certain other factors considered by the Nominating and Corporate Governance Committee in
identifying and evaluating potential Director nominees. The Board and its committees have the ability to engage other experts as
appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
about each Director follows (supplementing the information provided in the table above), including some of the specific experiences,
qualifications, attributes or skills that each Director possesses which the Board believes has prepared them to be effective
Directors. Each Director satisfies the Fund&#8217;s Director qualification requirements set forth in the Nominating and Corporate
Governance Committee Charter, which are as follows: (i) the character and integrity of the person: (ii) whether or not the person is
qualified under applicable laws and regulations to serve as a Director of the Fund; (iii) whether or not the person has any
relationships that might impair his or her service on the Board; (iv) whether nomination of the person would be consistent with Fund
policy and applicable laws and regulations regarding the number and percentage of Independent Directors on the Board; (v) whether or
not the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related fund
complexes; (vi) whether or not the person is willing to serve and is willing and able to commit the time necessary for the
performance of the duties and responsibilities of a Director of the Fund; and (vii) the educational background; business,
professional training or practice (e.g., medicine, accounting or law), public service or academic positions; experience from service
as a board member (including the Board) or as an executive of investment funds, public companies or significant private or
not-for-profit entities or other organizations; and/or other life experiences. The Nominating and Corporate Governance Committee
also may consider whether a potential nominee&#8217;s professional experience, education, skills and other individual qualities and
attributes, including gender, race or national origin, would provide beneficial diversity of skills, experience or perspective to
the Board&#8217;s membership and collective attributes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Andrew
Dakos</i>. Mr. Dakos has been the President and Chief Executive Officer of the Fund since 2019 and has served as a Director (since
2017) and Chairman of the Board (since 2018). Mr. Dakos has over 20 years of investment management experience. He is currently
a Partner in Bulldog and Ryan Heritage, LLP, each an investment adviser registered with the SEC. He is also a principal of the
former general partner of several private investment partnerships in the Bulldog group of private funds. Mr. Dakos is also a director/trustee
of two other closed-end funds, one subsidiary of a large commercial real estate company, and one real estate development company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Phillip
Goldstein</i>. Mr. Goldstein has been a Director of the Fund since 2018. Mr. Goldstein has over 30 years of investment management
experience. He is currently a Partner in Bulldog and Ryan Heritage, LLP, each an investment adviser registered with the SEC. He
is also a principal of the former general partner of several private investment partnerships in the Bulldog group of private funds.
Mr. Goldstein is also a director of three (3) other closed-end funds and one subsidiary of a large commercial real estate company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Richard
Dayan</i>. Mr. Dayan has been a Director of the Fund since 2018. Mr. Dayan has been the President and owner of Cactus Trading,
an importer and exporter of clothing and accessories since 1990. Mr. Dayan formerly served for 15 years as controller for Biltmore
Textiles, a major textile company. Prior to that, he was an auditor for a public accounting firm.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Moritz
Sell</i>. Mr. Sell has been a Director of the Fund since 2017. Mr. Sell currently serves as Principal of Edison Holdings GmbH,
a commercial real estate and venture capital firm. From 1996 to 2013, he served as a Director, Market Strategist and Head of Proprietary
Trading (London Branch) of Landesbank Berlin AG and its predecessor, Landesbank Berlin Holding AG (formerly named Bankgesellschaft
Berlin AG). Mr. Sell currently serves as a director of Aberdeen Australia Equity Fund, Aberdeen Global Income Fund, Aberdeen Asia
Pacific Income Fund, trustee of High Income Securities Fund and previously served as a director of Aberdeen Singapore Fund (including
as chairman of the board) and Aberdeen Greater China Fund.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gerald
Hellerman</i>. Mr. Hellerman has been a Director of the Fund since 2018. Mr. Hellerman has more than 40 years of financial experience,
including serving as a Financial Analyst and Branch Chief at the SEC, Special Adviser to the U.S. Senate Antitrust and Monopoly
Subcommittee and as Chief Financial Analyst at the Antitrust Division of the U.S. Department of Justice for 17 years. He has served
as a director of a number of public companies, including registered investment companies, and as a financial and corporate consultant
during the period from 1993 to 2014.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specific
details regarding each Director&#8217;s principal occupations during the past five years are included above. The summaries set
forth above as to the experience, qualifications, attributes and/or skills of the Directors do not constitute holding out the
Board or any Director as having any special expertise or experience, and do not impose any greater responsibility or liability
on any such person or on the Board as a whole than would otherwise be the case.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board currently consists of five (5) individuals, two (2) of whom are Interested Directors of the Fund. The Chairman of the Board,
Mr. Dakos, is an Interested Director and is the President and Chief Executive Officer of the Fund. Mr. Sell serves as the Board&#8217;s
lead independent director.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believes that its structure facilitates the orderly and efficient flow of information to the Directors from the service
providers with respect to services provided to the Fund, potential conflicts of interest that could arise from these relationships
and other risks that the Fund may face. The Board further believes that its structure allows all of the Directors to participate
in the full range of the Board&#8217;s oversight responsibilities. The Board believes that the orderly and efficient flow of information
and the ability to bring each Director&#8217;s talents to bear in overseeing the Fund&#8217;s operations is important, in light
of the size and complexity of the Fund and the risks that the Fund faces. Based on each Director&#8217;s experience and expertise
with closed-end funds, the Board believes that its leadership structure is appropriate and efficient. The Board and its committees
review their structures regularly, to help ensure that they remain appropriate as the business and operations of the Fund, and
the environment in which the Fund operates, change.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board oversees risk management for the Fund directly and, as to certain matters, through its committees. The Board exercises its
oversight in this regard primarily through requesting and receiving reports from and otherwise working with the Fund&#8217;s senior
officers (including the Fund&#8217;s President and Chief Executive Officer, Chief Financial Officer and Chief Compliance Officer),
members of the Investment Adviser and other personnel of the Fund&#8217;s independent auditors, legal counsel and personnel from
the Fund&#8217;s other service providers. The Board has adopted, on behalf of the Fund, and periodically reviews, with the assistance
of the Fund&#8217;s Chief Compliance Officer, policies and procedures designed to address certain risks associated with the Fund&#8217;s
activities. In addition, the Fund&#8217;s service providers also have adopted policies, processes and procedures designed to identify,
assess and manage certain risks associated with the Fund&#8217;s activities, and the Board receives reports from service providers
with respect to the operation of these policies, processes and procedures as required and/or as the Board deems appropriate.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board does not have a standing compensation committee. Currently, each Director who is not an &#8220;interested person&#8221; of the
Fund or the Investment Adviser receives $42,000 annually in compensation, except for the Chairman of the Board to whom the Fund pays
an annual fee of $56,000 and for the Chairs of the Audit and Valuation and the Nominating and Corporate Governance Committees to each
of whom the Fund pays an annual fee of $48,000. In addition, the Fund pays each Independent Director $2,000 for each Board meeting attended
in person and $750 for each Board meeting attended by telephone. Each Director who is a member of a Committee is paid a fee of $750 for
each Committee meeting attended, whether in person or by telephone. The Fund also pays an annual fee of $25,000 to the President and
Chief Executive Officer, $30,000 to the Chief Financial Officer, $25,000 to the Secretary and $54,000 to the Chief Compliance Officer
of the Fund. The Investment Adviser is compensated by the Fund through a monthly advisory fee at an annual rate of 1.00% of the Fund&#8217;s
average weekly total assets, deducting all officer and director fees paid to those officers and directors of the Fund (other than the
Fund&#8217;s Chief Compliance Officer) affiliated with Bulldog.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than described above, Directors who are &#8220;interested persons&#8221; of the Fund will not receive any compensation for their
services as Directors. The Fund does not have a bonus, profit sharing, pension or retirement plan. No other entity affiliated
with the Fund pays any compensation to the Directors. The table below details the amount of compensation the Fund&#8217;s Directors
received from the Fund during the year ended December 31, 2024.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Director</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
    Since</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate
                                                         Compensation From Fund</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pension
or <br/>Retirement <br/>Benefits <br/>Accrued as <br/>Part of Fund <br/>Expenses</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated <br/>Annual <br/>Benefits Upon <br/>Retirement</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total <br/>Compensation <br/>From Fund and <br/>Fund Complex*  <br/>Paid to Director</b></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Independent Directors</i></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Dayan</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$57,500</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$109,000</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moritz Sell</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$60,500</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$114,500</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerald Hellerman</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$60,000</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$170,500</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interested Directors</i></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Dakos</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$85,750</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$305,750</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip Goldstein</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$59,750</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$279,750</span></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Fund Complex is comprised of the Fund, Special Opportunities Fund, Inc. (NYSE: SPE) and High Income Securities Fund (NYSE: PCF).</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the knowledge of the Fund&#8217;s management, as of October 20, 2025 the Directors and officers of the Fund beneficially owned, as a
group, less than 5% of the shares of the Fund&#8217;s common stock. The following table sets forth the aggregate dollar range of equity
securities in the Fund that is owned by each Director and principal officer as of October 20, 2025. The information as to beneficial
ownership is based on statements furnished to the Fund by each Director and principal officer:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 22%; text-align: left; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; width: 28%; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; width: 25%; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dollar
Range of Equity <br/>Securities in the Fund</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate
    Dollar Range <br/>of Equity Securities <br/>In All Funds overseen <br/>by Director in Family <br/>of Investment Companies*</b></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Dayan</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moritz Sell</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000 </span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000 </span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerald Hellerman</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000 </span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000 </span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Dakos**</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested Director
    and Chairman, President and Chief Executive Officer</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip Goldstein**</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested Director</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Antonucci**</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephanie Darling**</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance
    Officer</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rajeev Das**</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1-$10,000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1-$10,000</span></td></tr>
</table>

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

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

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


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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the fiscal year ended December 31, 2024, the Board met four (4) times. During the fiscal year ended December 31, 2024, each present
Director attended at least 75% of the meetings of the Board and of the Committees of which he is a member, held since his respective
election.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
a meeting of the Board held on September 12, 2025, the Board determined to combine the Audit Committee and the Valuation Committee
(which had previously been established on March 21, 2025). The Audit and Valuation Committee's responsibilities include: (i) the
integrity of the Fund&#8217;s financial statements; (ii) the Fund&#8217;s compliance with legal and regulatory requirements; (iii)
the independent registered public accounting firm&#8217;s qualifications, independence and performance and (iv) overseeing the
implementation and operation of the Fund's security valuation procedures applicable to the Fund's portfolio assets. The Audit and
Valuation Committee has direct responsibility to appoint, retain, determine the compensation of, evaluate and terminate the
Fund&#8217;s independent registered public accounting firm, including sole authority to approve all audit engagement fees and terms,
and in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the
independent registered public accounting firm. The Audit and Valuation Committee also oversees the accounting and financial
reporting processes of the Fund and the audits of the Fund&#8217;s financial statements as well as the administration of the
Fund.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Audit and Valuation Committee is expected to take a detached and questioning approach to the matters that come before it, the
review of the Fund&#8217;s financial statements by the Audit and Valuation Committee is not an audit, nor does the Audit and
Valuation Committee&#8217;s review substitute for the responsibilities of the Fund&#8217;s management for preparing, or the
independent auditors for auditing, the financial statements. Members of the Audit and Valuation Committee are not full-time
employees of the Fund and, in serving on the Audit and Valuation Committee, are not, and do not hold themselves out to be, acting as
accountants or auditors. As such, it is not the duty or responsibility of the Audit and Valuation Committee or its members to
conduct &#8220;field work&#8221; or other types of auditing or accounting reviews. In discharging their duties, the members of the
Audit and Valuation Committee are entitled to rely on information, opinions, reports, or statements, including financial statements
and other financial data, if prepared or presented by: (1) one or more officers of the Fund whom such Director reasonably believes
to be reliable and competent in the matters presented&#894; (2) legal counsel, public accountants, or other persons as to matters
the Director reasonably believes are within the person&#8217;s professional or expert competence&#894; or (3) a Board committee of
which the Director is not a member.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit and Valuation Committee currently consists of Messrs. Dayan, Sell and Hellerman. None of the members of the Audit and
Valuation Committee has any relationship to the Fund that may interfere with the exercise of his independence from management of the
Fund, and each is independent as defined under the listing standards of the New York Stock Exchange (&#8220;NYSE&#8221;) applicable
to closed-end funds. Mr. Sell is the Chairman of the Audit and Valuation Committee. The Board has determined that each of Messrs.
Dayan, Sell and Hellerman is an &#8220;audit committee financial expert&#8221; as such term is defined by the Securities Exchange
Act of 1934, as amended. The Board has determined that Mr. Sell&#8217;s service on the audit committees of more than three (3)
public companies does not impair his ability to effectively serve on the Fund&#8217;s Audit and Valuation Committee because, like
the Fund, those other companies are listed closed-end funds. The Board has likewise determined that Mr. Hellerman&#8217;s service on
the audit committees of more than three (3) public companies does not impair his ability to effectively serve on the Fund&#8217;s
Audit and Valuation Committee because, like the Fund, those other companies are listed closed-end funds. The Board&#8217;s then
existing Audit Committee met four (4) times during the year ended December 31, 2024.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has established a Nominating and Corporate Governance Committee whose responsibilities include: (i) selecting and nominating persons
for election or appointment to the Board and (ii) overseeing the annual assessment of the effectiveness of the Board and such other matters
of Fund governance as may be delegated to it by the Board or determined by the Nominating and Corporate Governance Committee to be appropriate.
In evaluating potential nominees, including any nominees recommended by shareholders, the Nominating and Corporate Governance Committee
may consider whether a potential nominee&#8217;s professional experience, education, skills and other individual qualities and attributes,
including gender, race or national origin, would provide beneficial diversity of skills, experience or perspective to the Board&#8217;s
membership and collective attributes. Such considerations will vary based on the Board&#8217;s existing membership and other factors,
such as the strength of a potential nominee&#8217;s overall qualifications relative to diversity considerations. The Nominating and Corporate Governance
Committee will consider nominees recommended by a shareholder if such recommendation is in writing and is received in a timely manner
by the Fund and otherwise complies with the requirements for such proposals contained in the Nominating and Corporate Governance Committee Charter,
the Fund&#8217;s By-Laws and other applicable law. Any such recommendations should be submitted to the Fund&#8217;s Secretary, Total
Return Securities Fund, 615 East Michigan Street, Milwaukee, WI 53202.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating and Corporate Governance Committee currently consists of Messrs. Dayan and Sell. Mr. Dayan serves as the Chairman of the Nominating
and Corporate Governance Committee. The Board&#8217;s Nominating and Corporate Governance Committee met four (4) times during the year
ended December 31, 2024.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b005"></span>CODE
OF ETHICS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act, a copy of which is available on the Fund&#8217;s
website at www.totalreturnsecuritiesfund.com. The code of ethics establishes procedures for personal investments and restricts
certain personal securities transactions. Personnel subject to the code may invest in securities for their personal investment
accounts, including securities that may be purchased or held by the Fund, so long as such investments are made pursuant to the
code&#8217;s requirements. A copy of the code is also available for inspection at the Public Reference Room of the SEC in Washington,
D.C. Information regarding the operation of the Public Reference Room is available by calling the SEC at 1-202-551-8090, on the
EDGAR Database on the SEC&#8217;s website at <span style="text-decoration: underline">www.sec.gov</span>, and may also be obtained, after paying a duplicating fee, by
electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC&#8217;s Public Reference Section,
Washington, D.C. 20549-0102.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b006"></span>PROXY
VOTING PROCEDURES </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has delegated the voting of proxies with respect to securities owned by the Fund to the Investment Adviser.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser believes that the right to vote on issues submitted to shareholder vote, such as election of directors and
important matters affecting a company&#8217;s structure and operations, can impact the value of its investments. The Investment
Adviser generally analyzes the proxy statements of issuers of stock owned by the Fund, as necessary and votes proxies on behalf
of the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser&#8217;s decisions with respect to proxy issues are made in light of the anticipated impact of the issue on
the value of the investment. Proxies are voted solely in the interests of Fund shareholders. Inherent in the Investment Adviser&#8217;s
authority to vote proxies on behalf of the Fund is the authority to refrain from voting and/or refrain from attending a shareholder
meeting, if the Investment Adviser determines that refraining from such action is in the Fund&#8217;s best interest. The Investment
Adviser may also determine to refrain from voting in other instances, including routine meetings of investment companies, and
meetings at which no contested matters are at issue.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
evaluating proxy statements, the Investment Adviser relies upon its own fundamental research, and information presented by company
management and others. It does not delegate its proxy voting responsibility to a third party proxy voting service.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser will generally vote proxies in favor of proposals that, in the opinion of the portfolio managers, seek to enhance
shareholder value and shareholder democracy. The Investment Adviser will generally vote proxies against any director who has voted
to take action to materially impair shareholder voting rights (e.g., has voted to &#8220;opt in&#8221; to any state&#8217;s control
share statute).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to proxies of closed-end investment companies held by the Fund, in order to comply with Section 12(d) of the Investment Company
Act of 1940, the Fund will &#8220;mirror vote&#8221; all such proxies received by the Fund, unless the Investment Adviser deems it appropriate
to seek instructions from Fund shareholders with regard to such vote. In such circumstances, the Investment Adviser will vote such proxies
proportionally based upon the total number of shares owned by those shareholders that provide instructions. In each semi-annual report
to Fund shareholders, they are solicited to request to receive such information.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In certain circumstances, the Investment Adviser
may enter into a settlement agreement with an issuer of stock owned by the Investment Adviser&#8217;s clients that requires the Investment
Adviser to vote shares of such stock (or the stock of an affiliate of the issuer) held by clients in a manner that deviates from these
Policies and Procedures. In entering into any such agreement, the Investment Adviser has determined that the anticipated impact of entering
into such settlement agreement is in the interests of the Investment Adviser&#8217;s clients.</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 0pt 0.5in; text-indent: -0.5in"><b>Monitoring and Resolving Conflicts
of Interest</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">When reviewing proxy statements and related
research materials, the Investment Adviser will consider whether any business or other relationships between a portfolio manager, the
Investment Adviser and a portfolio company could influence a vote on such proxy matter. With respect to personal conflicts of interest,
the Investment Adviser&#8217;s Code of Ethics requires all partners to avoid activities, perquisites, gifts, or receipt of investment
opportunities that could interfere with the ability to act objectively and effectively in the best interests of the Investment Adviser
and its clients, and restricts their ability to engage in certain outside business activities. Portfolio managers with a personal conflict
of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that
proxy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Form
N-PX/Annual Report of Proxy Voting Record</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policy:
Form N-PX is used by funds to file reports with the SEC containing the Fund&#8217;s proxy voting record for the most recent 12-month
period ended June 30. The Form must be filed no later than August 31 of each year. The following information must be collected
for the Fund in order to complete and file Form N-PX:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">1.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         name of the issuer of the portfolio security&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         exchange ticker symbol of the portfolio security&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">3.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         CUSIP number (may be omitted if it is not available through reasonably practicable means)&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">4.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         shareholder meeting date&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">5.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         brief description of the matter voted on&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">6.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
                                         the matter was proposed by the issuer or the security holder&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">7.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
                                         the Fund cast its vote on the matter&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">8.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">How
                                         the Fund cast its vote (<i>e.g.</i>, for or against proposal, or abstain&#894; for or
                                         withhold regarding election of directors) and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="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">9.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
                                         the Fund cast its vote for or against management.</span></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30
is available (1) without charge, upon request by contacting the Fund&#8217;s Shareholder Services at 1-800-937-5449 or (2) on
the EDGAR Database on the SEC&#8217;s website (www.sec.gov).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b007"></span>ADMINISTRATIVE
SERVICES, CUSTODIAN, TRANSFER AGENT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect wholly
owned subsidiary of U.S. Bancorp, acts as the Fund&#8217;s Administrator under an Administration Agreement. Fund Services prepares
various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied
to the Directors; monitors the activities of the Fund&#8217;s custodian; coordinates the preparation and payment of the Fund&#8217;s
expenses and reviews the Fund&#8217;s expense accruals. Fund Services also serves as the Fund&#8217;s fund accountant. For the
fiscal year ended December 31, 2024, the Fund paid Fund Services $125,916 for its administration and accounting services.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Bank, N.A. (&#8220;U.S. Bank&#8221;), an affiliate of Fund Services, serves as the Fund&#8217;s custodian. The principal business
address for U.S. Bank is 1555 North RiverCenter Drive, Suite 300, Milwaukee, WI 53212.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b008"></span>PORTFOLIO
MANAGERS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is managed by Bulldog. Messers. Dakos and Goldstein serve as Partners of Bulldog. The business experience of each of Messrs.
Dakos and Goldstein during the past five (5) years is as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Andrew
Dakos</i>: Partner in Bulldog since its inception in October 2009 and Ryan Heritage, LLP, each a registered investment adviser.
Mr. Dakos also is a member of Bulldog Holdings, LLC, the owner of several entities that served until 2020 as the general partner
of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball &amp; Winthrop, LLC,
the managing general partner of Bulldog Investors General Partnership, since 2012. He is a director/trustee of the following closed-end
funds: Special Opportunities Fund, Inc. since 2009, and High Income Securities Fund since 2018. He also is a director of: Brookfield
DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and Tejon Ranch Co., a real
estate development company, since 2025. He served as a director of BNY Mellon Municipal Income, Inc., a closed-end fund, from
2024-2025 and as a trustee of Crossroads Liquidating Trust from 2015-2020.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Phillip
Goldstein</i>: Partner in Bulldog since its inception in October 2009 and Ryan Heritage, LLP, each a registered investment adviser.
Mr. Goldstein also is a member of Bulldog Holdings, LLC, the owner of several entities that served until 2020 as the general partner
of several private investment partnerships in the Bulldog group of funds, and the owner of Kimball &amp; Winthrop, LLC, the managing
general partner of Bulldog Investors General Partnership, since 2012. He is a director/trustee of the following closed-end funds:
High Income Securities Fund. since 2018, Special Opportunities Fund, Inc. since 2009, and Mexico Equity and Income Fund since
2000. He also is a director of: Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company,
since 2017. He served as a director of BNY Mellon Municipal Income, Inc., a closed-end fund, from 2024-2025 and MVC Capital, Inc.,
a business development company, from 2012-2020&#894; and served as a trustee of Crossroads Liquidating Trust from 2016-2020.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Accounts Managed</i></b>. The following table shows the number of other accounts managed by Messrs.&#160;Dakos and Goldstein as
of March 31, 2025:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%">
<tr>
    <td style="vertical-align: bottom; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="vertical-align: top; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADVISORY
    FEE BASED&#160;ON PERFORMANCE</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 45%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TYPE
    OF ACCOUNTS</b></span></td>
    <td style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NUMBER
    OF ACCOUNTS</b></span></td>
    <td style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NUMBER
    OF ACCOUNTS</b></span></td>
    <td style="border-bottom: Black 1pt solid; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOTAL
    ASSETS <br/>($ IN MILLIONS)*</b></span></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered Investment Companies</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Pooled Investments</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</span></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Accounts</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">174</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,376,831</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Estimated</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conflicts
of Interest</i></b>. Certain conflicts of interest may arise in connection with the Investment Adviser&#8217;s management of the
Fund&#8217;s portfolio and the portfolios of other accounts managed by members of the Investment Adviser. For example, certain
inherent conflicts of interest exist in connection with managing accounts that pay a performance-based fee or allocation alongside
an account that does not. These conflicts may include an incentive to favor such accounts over the Fund because the investment
advisor of such accounts can potentially receive greater fees from accounts paying a performance-based fee than from the Fund.
As a result, certain members of the Investment Adviser may have an incentive to direct their best investment ideas to, or allocate
or sequence trades in favor of such accounts. In addition, in cases where the investment strategies are the same or very similar,
various factors (including, but not limited to, tax considerations, amount of available cash, and risk tolerance) may result in
substantially different portfolios in such accounts.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation</i>.
</b>Compensation for Messrs. Dakos and Goldstein is comprised solely of net income generated by the Investment Adviser.</span></p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Ownership of Securities</i>.</b> As of December
31, 2024, Mr. Goldstein beneficially owned 16,783 shares (held Directly) of beneficial interest in the Fund and Mr. Dakos beneficially
owned 3,000 shares (held Indirectly) and 64 shares (held Directly) of beneficial interest in the Fund.</p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b009"></span>ALLOCATION
OF BROKERAGE </b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the supervision of the Board, decisions to buy and sell securities for the Fund are made by the Investment Adviser. The Investment
Adviser is authorized by the Board to allocate the orders placed by it on behalf of the Fund to brokers and dealers who may, but
need not, provide research or statistical material or other services to the Fund or the Investment Adviser for the Fund&#8217;s
use. Such allocation is to be in such amounts and proportions as the Investment Adviser may determine.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser may employ such brokers and dealers as may, in the judgment of the Investment Adviser, obtain the best results
taking into account such factors as price, including dealer spread, the size, type and difficulty of the transaction involved,
the firm&#8217;s general execution and operational facilities and the firm&#8217;s risk in positioning the securities involved.
In addition, the Investment Adviser may select broker-dealers for portfolio transactions who provide services over and above simple
trade execution. For example, with respect to certain complex or difficult trades, the Investment Adviser will utilize the services
of a broker-dealer with the proven capability to effect such trades, and in such case, the Investment Adviser may be willing to
pay higher commission rates than those of other execution-only type desks. When, in the view of the Investment Adviser, execution
is the only criteria relevant to a particular investment, competitive commission rates will be a priority.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brokers
or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission
another broker or dealer would have charged for executing the transaction if the Investment Adviser determines in good faith that
such commission is reasonable in relation to the value of brokerage, research and other services provided to the Investment Adviser&#8217;s
clients, including the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
allocating portfolio brokerage, the Investment Adviser may select brokers or dealers who also provide brokerage, research and
other services to other accounts over which the Investment Adviser exercises investment discretion. Some of the services received
as the result of the Fund&#8217;s transactions may primarily benefit accounts other than the Fund&#8217;s, while services received
as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the fiscal years ended December 31, 2022, 2023 and 2024, the Fund paid $14,870.74<span>,</span>
$14,154.43 <span>and </span>$9,287.37, respectively, in brokerage commissions.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b010"></span>CERTAIN
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
FOLLOWING IS A SUMMARY DISCUSSION OF CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES THAT MAY BE RELEVANT TO A STOCKHOLDER
OF ACQUIRING, HOLDING AND DISPOSING OF SHARES OF THE FUND. THIS DISCUSSION DOES NOT ADDRESS THE SPECIAL TAX RULES APPLICABLE TO
CERTAIN CLASSES OF INVESTORS, SUCH AS TAX-EXEMPT ENTITIES, FOREIGN INVESTORS (EXCEPT AS EXPRESSLY PROVIDED BELOW), INSURANCE COMPANIES
AND FINANCIAL INSTITUTIONS. THIS DISCUSSION ADDRESSES ONLY U.S. FEDERAL INCOME TAX CONSEQUENCES TO U.S. STOCKHOLDERS WHO HOLD
THEIR SHARES AS CAPITAL ASSETS AND DOES NOT ADDRESS ALL OF THE U.S. FEDERAL INCOME TAX CONSEQUENCES THAT MAY BE RELEVANT TO PARTICULAR
STOCKHOLDERS IN LIGHT OF THEIR INDIVIDUAL CIRCUMSTANCES. IN ADDITION, THE DISCUSSION DOES NOT ADDRESS ANY STATE, LOCAL OR FOREIGN
TAX CONSEQUENCES, AND IT DOES NOT ADDRESS ANY U.S. FEDERAL TAX CONSEQUENCES OTHER THAN U.S. FEDERAL INCOME TAX CONSEQUENCES. THIS
DISCUSSION IS BASED UPON PRESENT PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &#8220;CODE&#8221;), THE REGULATIONS
PROMULGATED THEREUNDER, AND JUDICIAL AND ADMINISTRATIVE RULING AUTHORITIES, ALL OF WHICH ARE SUBJECT TO CHANGE OR DIFFERING INTERPRETATIONS
(POSSIBLY WITH RETROACTIVE EFFECT). NO ATTEMPT IS MADE TO PRESENT A DETAILED EXPLANATION OF ALL U.S. FEDERAL INCOME TAX CONCERNS
AFFECTING THE FUND AND ITS STOCKHOLDERS, AND THE DISCUSSION SET FORTH HEREIN DOES NOT CONSTITUTE TAX ADVICE. INVESTORS ARE URGED
TO CONSULT THEIR OWN TAX ADVISORS TO DETERMINE THE SPECIFIC TAX CONSEQUENCES TO THEM OF INVESTING IN THE FUND, INCLUDING THE APPLICABLE
U.S. FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES TO THEM AND THE EFFECT OF POSSIBLE CHANGES IN TAX LAWS.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion primarily describes the U.S. federal income tax treatment of a U.S. Holder and, unless expressly provided, does not
discuss the application of these rules to a Non-U.S. Holder. A &#8220;U.S. Holder&#8221; means a beneficial owner of the Fund&#8217;s
shares that is any of the following for U.S. federal income tax purposes:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    individual who is a citizen or resident of the United States;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under
    the laws of the United States, any state thereof, or the District of Columbia;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    estate, the income of which is subject to U.S. federal income taxation regardless of its source; or</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    trust if: (a) a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons
    are authorized to control all substantial decisions of the trust, or (b) the trust was in existence on August 20, 1996 and
    has a valid election in effect under applicable Treasury Regulations (as defined below) to be treated as a U.S. person.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this summary, the term &#8220;Non-U.S. Holder&#8221; means a beneficial owner of the Fund&#8217;s shares that is not
a U.S. Holder.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the possible application of U.S. federal estate or gift taxes or any aspect of state, local, or non-U.S. tax laws is
not considered. This summary does not address all aspects of U.S. federal income taxation that may be important to a particular
U.S. Holder in light of its investment or tax circumstances or to a U.S. Holder that is subject to special tax rules, including
if the U.S. Holder is:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    dealer in securities or currencies;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    financial institution;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    regulated investment company;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    real estate investment trust;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    insurance company;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    tax-exempt organization;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person holding shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trader in securities that has elected the mark-to-market method of accounting for its securities;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person liable for alternative minimum tax;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    partnership or other pass-through entity for U.S. federal income tax purposes; or</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    U.S. Holder whose &#8220;functional currency&#8221; is not the U.S. dollar.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity treated as a partnership for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of
a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A holder
of shares in a partnership and partners in such partnership should consult their own tax advisors regarding the U.S. federal income
tax consequences of holding and disposing of the shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
U.S. Holders are urged to consult their tax advisors as to the particular tax consequences of purchasing, owning and disposing
of the shares, including the application of U.S. federal, state, local and foreign tax laws.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has elected to be treated and intends to qualify each year as a regulated investment company (a &#8220;RIC&#8221;) under
Subchapter M of the Code. To qualify as a RIC, the Fund must, among other things, (i) derive in each taxable year at least 90%
of its gross income (including tax-exempt interest) from (a) dividends, interest, payments with respect to certain securities
loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but
not limited to gain from forward contracts) derived with respect to its business of investing in such stock, securities or currencies;
and (b) net income from interests in &#8220;qualified publicly traded partnerships&#8221; (as defined in the Code); (ii) diversify
its holdings so that, at the end of each quarter of each taxable year (a) at least 50% of the value of the Fund&#8217;s total
assets is represented by cash and cash items, U.S. government securities, the securities of other regulated investment companies
and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the
value of the Fund&#8217;s total assets and not more than 10% of the outstanding voting securities of such issuer and (b) not more
than 25% of the value of the Fund&#8217;s total assets is invested in the securities (other than U.S. government securities and
the securities of other regulated investment companies) of (I) any one issuer; (II) any two or more issuers that the Fund controls
and that are determined to be engaged in the same business or similar or related trades or businesses or (III) any one or more
&#8220;qualified publicly traded partnerships&#8221; (as defined in the Code); and (iii) distribute at least 90% of its investment
company taxable income (as defined in the Code, but without regard to the deduction for dividends paid) and 90% of its tax-exempt
interest income (net of certain deductions and amortizable bond premiums) for such taxable year in accordance with the timing
requirements imposed by the Code, so as to maintain its RIC status and to avoid paying any U.S. federal income tax. For purposes
of the 90% of gross income requirement described above, the Code expressly provides the U.S. Treasury with authority to issue
regulations that would exclude foreign currency gains from qualifying income if such gains are not directly related to the Fund&#8217;s
business of investing in stock or securities. While to date the U.S. Treasury has not exercised this regulatory authority, there
can be no assurance that it will not issue regulations in the future (possibly with retroactive application) that would treat
some or all of the Fund&#8217;s foreign currency gains as non-qualifying income. To the extent it qualifies for treatment as a
RIC and satisfies the above-mentioned distribution requirements, the Fund will not be subject to U.S. federal income tax on income
paid to its shareholders in the form of dividends or capital gain distributions.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to avoid incurring a 4% U.S. federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to
have distributed) by December 31 of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for
such year and (ii) 98.2% of its capital gain net income (which is the excess of its realized capital gain over its realized capital
loss), generally computed on the basis of the one-year period ending on October 31 of such year, after reduction by any available
capital loss carryforwards, plus (iii) 100% of any ordinary income and capital gain net income from previous years (as previously
computed) that were not paid out during such years and on which the Fund paid no U.S. federal income tax.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Failure
to Qualify as a RIC</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund does not qualify as a RIC for any taxable year, the Fund&#8217;s taxable income will be subject to corporate income taxes,
and all distributions from earnings and profits, including distributions of net capital gain (if any), will be taxable to the
shareholder as ordinary income. Such distributions generally will be eligible (i) for the dividends received deduction in the
case of corporate shareholders and (ii) for treatment as &#8220;qualified dividends&#8221; as discussed below, in the case of
individual shareholders provided certain holding period and other requirements are met, as described below. In addition, in order
to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest,
and make certain distributions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Distributions to U.S. Holders</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
from the Fund, except in the case of distributions of qualified dividend income or capital gain dividends, as described below,
generally will be taxable to U.S. Holders as ordinary dividend income to the extent of the Fund&#8217;s current and accumulated
earnings and profits. Distributions of net capital gains (that is, the excess of net gains from the sale of capital assets held
more than one year over net losses from the sale of capital assets held for not more than one year) properly designated as capital
gain dividends (&#8220;capital gain dividends&#8221;) will be taxable to U.S. Holders as long-term capital gain, regardless of
how long a shareholder has held the shares in the Fund. Distributions, if any, in excess of the Fund&#8217;s earnings and profits
will first reduce the adjusted tax basis of a U.S Holder&#8217;s shares and, after that basis has been reduced to zero, will constitute
capital gains to the U.S Holder (assuming the shares are held as a capital asset).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
current law, certain income distributions paid by the Fund to individual taxpayers are taxed at rates equal to those applicable
to net long-term capital gains (generally, 20%). This tax treatment applies only if certain holding period requirements and other
requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by the
Fund itself. For this purpose, &#8220;qualified dividend income&#8221; means dividends received by the Fund from certain United
States corporations and qualifying foreign corporations, provided that the Fund satisfies certain holding period and other requirements
in respect of the stock of such corporations. For these purposes, a &#8220;qualified foreign corporation&#8221; means any foreign
corporation if (i) such corporation is incorporated in a possession of the United States, (ii) such corporation is eligible for
benefits of a qualified comprehensive income tax treaty with the United States and which includes an exchange of information program,
or (iii) the stock of such corporation with respect to which such dividend is paid is readily tradable on an established securities
market in the United States. A &#8220;qualified foreign corporation&#8221; does not include any foreign corporation which for
the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a &#8220;passive foreign
investment company&#8221; (as defined in the Code). In the case of securities lending transactions, payments in lieu of dividends
are not qualified dividends.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
dividend will not be treated as qualified dividend income (whether received by the Fund or paid by the Fund to a shareholder)
if (1) the dividend is received with respect to any share held for fewer than 61 days during the 121-day period beginning on the
date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend, (or fewer than 91
days during the associated 181-day period in the case of certain preferred stocks), (2) to the extent that the recipient is under
an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially
similar or related property, or (3) if the recipient elects to have the dividend treated as investment income for purposes of
the limitation on deductibility of investment interest. Distributions of income by the Fund, other than qualified dividend income
and capital gains dividends, are taxed as ordinary income.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you as to what percentage of the dividends paid on the shares will consist of qualified dividend income or long-term
capital gains, both of which are taxed at lower rates for individuals than are ordinary income and short-term capital gains.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and interest received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes
imposed by foreign countries and U.S. possessions (collectively &#8220;foreign taxes&#8221;) that would reduce the return on its
securities. Tax conventions between certain countries and the United States, however, may reduce or eliminate foreign taxes, and
many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors. If more than 50% of
the value of the Fund&#8217;s total assets at the close of its taxable year consists of securities of foreign corporations, the
Fund will be eligible to, and may, file an election with the Internal Revenue Service (the &#8220;IRS&#8221;) that will enable
its shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign taxes paid by the Fund.
Pursuant to the election, the Fund would treat those taxes as dividends paid to its shareholders and each shareholder (1) would
be required to include in gross income, and treat as paid by such shareholder, a proportionate share of those taxes, (2) would
be required to treat such share of those taxes and of any dividend paid by the Fund that represents income from foreign or U.S.
possessions sources as such shareholder&#8217;s own income from those sources, and, if certain conditions are met, (3) could either
deduct such shareholder&#8217;s pro rata share of the foreign taxes deemed paid in computing taxable income or, alternatively,
use the foregoing information in calculating such shareholder&#8217;s pro rata share of the foreign tax credit against such Shareholder&#8217;s
U.S. federal income tax liability (but IRA accounts may not be able to use the foreign tax credit). The Fund will report to its
shareholders shortly after each taxable year their respective shares of foreign taxes paid and the income from sources within,
and taxes paid to, foreign countries and U.S. possessions if it makes this election. The rules relating to the foreign tax credit
are complex. Each shareholder should consult his own tax adviser regarding the potential application of foreign tax credits.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund acquires any equity interest in certain foreign corporations that receive at least 75% of their annual gross income from
passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or that hold at least 50% of their
assets in investments producing such passive income (&#8220;passive foreign investment companies&#8221;), the Fund could be subject
to U.S. federal income tax and additional interest charges on &#8220;excess distributions&#8221; received from such companies
or on gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed
to its shareholders. The Fund would not be able to pass through to its shareholders any credit or deduction for such a tax. An
election may generally be available that would ameliorate these adverse tax consequences, but any such election could require
the Fund to recognize taxable income or gain (subject to tax distribution requirements) without the concurrent receipt of cash
and would require certain information to be furnished by the foreign corporation, which may not be provided. These investments
could also result in the treatment of associated capital gains as ordinary income. The Fund may limit and/or manage its holdings
in passive foreign investment companies to limit its tax liability or maximize its return from these investments. Dividends paid
by passive foreign investment companies will not qualify as qualified dividend income eligible for taxation at reduced tax rates.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund utilizes leverage through borrowing, it may be restricted by loan covenants with respect to the declaration of, and payment
of, dividends in certain circumstances. Limits on the Fund&#8217;s payments of dividends may prevent the Fund from meeting the
distribution requirements, described above, and may, therefore, jeopardize the Fund&#8217;s qualification for taxation as a RIC
and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend
payments, if applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and distributions on the Fund&#8217;s shares are generally subject to U.S. federal income tax as described herein to the extent
they do not exceed the Fund&#8217;s realized income and gains, even though such dividends and distributions may economically represent
a return of a particular shareholder&#8217;s investment. Such distributions are likely to occur in respect of shares purchased
at a time when the Fund&#8217;s NAV reflects gains that are either unrealized, or realized but not distributed. Such realized
gains may be required to be distributed even when the Fund&#8217;s NAV also reflects unrealized losses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
distributions declared in October, November or December and paid in the following January will be taxed to shareholders as if
received on December 31 of the year in which they were declared. In addition, certain other distributions made after the close
of a taxable year of the Fund may be &#8220;spilled back&#8221; and treated as paid by the Fund (except for purposes of the 4%
excise tax) during such taxable year. In such case, shareholders will nevertheless be treated as having received such dividends
in the taxable year in which the distributions were actually made.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale, exchange or redemption of Fund shares may give rise to a gain or loss. Such gain or loss would generally be treated as capital
gain or loss if the Fund shares are held as a capital asset. In general, any gain or loss realized upon a taxable disposition
of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the
gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. The maximum long-term
capital gain rate applicable to individuals is 20%. Any loss realized upon the sale or exchange of Fund shares with a holding
period of 6 months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received with
respect to such shares. The use of capital losses is subject to limitations. In addition, all or a portion of a loss realized
on a redemption or other disposition of Fund shares may be disallowed under &#8220;wash sale&#8221; rules to the extent the shares
disposed of are replaced with other substantially identical shares (whether through the reinvestment of distributions or otherwise)
within a 61-day period beginning 30 days before the redemption of the loss shares and ending 30 days after such date. Any disallowed
loss will result in an adjustment to the shareholder&#8217;s tax basis in some or all of the other shares acquired.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
information reporting requirements will apply to distributions on the Fund&#8217;s common shares or proceeds on the disposition
of the Fund&#8217;s common shares paid within the U.S. (and, in certain cases, outside the U.S.) to U.S. Holders. Such payments
will generally be subject to backup withholding tax at the rate of 24% if: (a) a U.S. Holder fails to furnish such U.S. Holder&#8217;s
correct U.S. taxpayer identification number to the payor (generally on IRS Form W-9), as required by the Code and Treasury Regulations,
(b) the IRS notifies the payor that the U.S. Holder&#8217;s taxpayer identification number is incorrect, (c) a U.S. Holder is
notified by the IRS that it has previously failed to properly report interest and dividend income, or (d) a U.S. Holder fails
to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number. However,
certain exempt persons generally are excluded from these information reporting and backup withholding rules. A Non-U.S. Holder
will not be subject to backup withholding on dividends paid to such Non-U.S. Holder as long as such Non-U.S. Holder certifies
under penalty of perjury (generally on the applicable IRS Form W-8) that it is a Non-U.S. Holder (and the applicable withholding
agent does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person as defined under the
Code), or such Non-U.S. Holder otherwise establishes an exemption. Depending on the circumstances, information reporting and backup
withholding may apply to the proceeds received from a sale or other disposition of shares unless the beneficial owner certifies
under penalty of perjury that it is a Non-U.S. Holder (and the applicable withholding agent does not have actual knowledge or
reason to know that the beneficial owner is a United States person as defined under the Code), or such owner otherwise establishes
an exemption.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Treasury regulations, if a shareholder recognizes a loss on disposition of the Fund&#8217;s shares of $2 million or more for an
individual shareholder or $10 million or more for a corporate shareholder, the shareholder generally must file with the IRS a
disclosure statement on Form 8886 except to the extent such losses are from assets that have a qualifying basis and meet certain
other requirements. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but
under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current
exception from this reporting requirement to shareholders of most or all regulated investment companies. In addition, pursuant
to recently enacted legislation, significant penalties may be imposed for the failure to comply with the reporting requirements.
The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer&#8217;s
treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations
in light of their individual circumstances.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing discussion does not address the special tax rules applicable to certain classes of investors, such as tax-exempt entities,
foreign investors, insurance companies and financial institutions. Shareholders should consult their own tax advisers with respect
to special tax rules that may apply in their particular situations, as well as the state, local, and, where applicable, foreign
tax consequences of investing in the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will inform shareholders of the source and tax status of all distributions promptly after the close of each calendar year.
The IRS currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts
of each type of its income (such as ordinary income, capital gains, dividends qualifying for the dividends received deduction
and qualified dividend income) based upon the percentage of total dividends paid out of earnings or profits to each class for
the tax year. Accordingly, if the Fund issues preferred shares in the future, the Fund intends each year to allocate capital gain
dividends, dividends qualifying for the dividends received deduction and dividends derived from qualified dividend income, if
any, between its common shares and preferred shares in proportion to the total dividends paid out of earnings or profits to each
class with respect to such tax year.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid to a Non-U.S. Holder generally will be subject to U.S. withholding tax at a 30% rate or a reduced rate specified by an applicable
income tax treaty. If a Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable tax treaty, the
Non-U.S. Holder will be required to provide an applicable IRS Form W-8 certifying its entitlement to benefits under the treaty
in order to obtain a reduced rate of withholding tax. However, if the distributions are effectively connected with a U.S. trade
or business of the Non-U.S. Holder (or, if an income tax treaty applies, attributable to a permanent establishment in the United
States of the Non-U.S. Holder), then the distributions will be subject to U.S. federal income tax at the rates applicable to U.S.
persons, plus, in certain cases where the Non-U.S. Holder is a corporation, a branch profits tax at a 30% rate (or lower rate
provided in an applicable treaty). If the Non-U.S. Holder is subject to such U.S. income tax on a distribution, then the Fund
is not required to withhold U.S. federal tax if the Non-U.S. Holder complies with applicable certification and disclosure requirements.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
certification requirements apply to a Non-U.S. Holder that is a foreign partnership or a foreign trust, and such entities are
urged to consult their own tax advisors.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
871(k) of the Code provides certain &#8220;look-through&#8221; treatment to Non-U.S. Holders, permitting interest-related dividends
and short-term capital gains not to be subject to U.S. withholding tax.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
U.S. federal income tax rules will apply to Non-U.S. Holders that hold shares in the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-U.S.
Holders should consult their own tax advisors to determine the U.S. federal, state, local, foreign and other tax consequences
that may be relevant to them.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from
such tax, will be subject to a 3.8% tax on the lesser of (1) the U.S. Holder&#8217;s &#8220;net investment income&#8221; for the
relevant taxable year and (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a
certain threshold (which, in the case of individuals, will be between $125,000 and $250,000 depending on the individual&#8217;s
circumstances). A U.S. Holder&#8217;s &#8220;net investment income&#8221; may generally include portfolio income (such as interest
and dividends), and income and net gains from an activity that is subject to certain passive activity limitations, unless such
income or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that
consists of certain passive or trading activities). If you are a U.S. Holder that is an individual, estate or trust, you should
consult your tax advisors regarding the applicability of the net investment income tax to your ownership and disposition of shares
of the Fund.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sections
1471 through 1474 of the Code (provisions which are commonly referred to as &#8220;FATCA&#8221;), and Treasury regulations promulgated
thereunder, generally provide that a 30% withholding tax may be imposed on payments of U.S. source income, including U.S. source
interest and dividends, to certain non-U.S. entities unless such entities enter into an agreement with the IRS to disclose the
name, address and taxpayer identification number of certain U.S. persons that own, directly or indirectly, interests in such entities,
as well as certain other information relating to such interests. While withholding under FATCA would have also applied to payments
of gross proceeds from the sale or other disposition of Shares on or after January 1, 2019, proposed Treasury regulations eliminate
FATCA withholding on payments of gross proceeds entirely. The preamble to these proposed regulations indicates that taxpayers
may rely on them pending their finalization. Non-U.S. Holders are encouraged to consult with their own tax advisors regarding
the possible implications and obligations of FATCA.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
should consult their own tax advisers as to the state or local tax consequences of investing in the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
FOREGOING SUMMARY OF CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE.
IT DOES NOT DISCUSS ALL ASPECTS OF U.S. FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO A STOCKHOLDER IN LIGHT OF ITS PARTICULAR
CIRCUMSTANCES AND INCOME TAX SITUATION. PROSPECTIVE STOCKHOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE SPECIFIC TAX
CONSEQUENCES THAT WOULD RESULT FROM THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE SHARES, INCLUDING THE APPLICATION AND EFFECT
OF U.S. FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX LAWS (INCLUDING ESTATE AND GIFT TAX RULES) AND THE POSSIBLE EFFECTS OF CHANGES
IN U.S. FEDERAL OR OTHER TAX LAWS.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b011"></span>FINANCIAL
STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements included in the Fund&#8217;s Annual Report for the year ended December 31, 2024 filed with the SEC on March
11, 2025 (File No. 811-<span>05128</span>), are herein incorporated by reference. The financial
statements included in the Fund&#8217;s Semi-Annual Report for the six-month period ended June&#160;30,&#160;2025 filed with the
SEC on September 8, 2025 (File No. 811-05128), are herein incorporated by reference.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b012"></span>OTHER
INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">The
Fund is incorporated in Delaware. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to
the Fund&#8217;s By-Laws, the Fund will indemnify each of its Directors, officers and employees (including persons who serve at
the Fund&#8217;s request as directors, officers or employees of another organization) to the full extent authorized by law.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Prospectus and this SAI do not contain all of the information set forth in the Registration Statement that the Fund
has filed with the SEC. The complete Registration Statement may be obtained as described on the cover page of this SAI.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2b013"></span>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tait,
Weller &amp; Baker LLP </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is the independent registered
public accounting firm for the Fund and provides audit services, tax return preparation and assistance with respect to the preparation
of filings with the SEC.</span></p>

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

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

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


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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
25. Financial Statements and Exhibits</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Statements</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000183988225014961/swz-ncsr.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part A: Incorporated by reference to the Registrant&#8217;s Annual Report for the fiscal year ended December 31, 2024 (Accession No. 0001839882-25-014961), as filed with the SEC on Form N-CSR on March 11, 2025 (File No. 811-05128);</span></a></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000199937125012874/trsf-ncsrs.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Semi-Annual Report for the six months ended June&#160;30, 2025 (Accession No. 0001999371-25-012874), as filed with the SEC on Form N-CSRS on September&#160;8,&#160;2025 (File No. 811-05128).</span></a></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000183988225014961/swz-ncsr.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part B: Incorporated by reference to the Registrant&#8217;s Annual Report for the fiscal year ended December 31, 2024 (Accession No. 0001839882-25-014961), as filed with the SEC on Form N-CSR on March 11, 2025 (File No. 811-05128);</span></a></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000199937125012874/trsf-ncsrs.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to the Registrant&#8217;s Semi-Annual Report for the six months ended June&#160;30, 2025 (Accession No. 0001999371-25-012874), as filed with the SEC on Form N-CSRS on September&#160;8,&#160;2025 (File No. 811-05128).</span></a></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="width: 100%; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(i)</span></td>
    <td style="width: 85%; font-size: 10pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000089968107000265/swiss-ex99a1_031607.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Incorporation, dated October 23, 1986 (1)</span></a></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(ii)</span></td>
    <td style="width: 85%; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000089968107000265/swiss-ex99a2_031607.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to the Articles of Incorporation, dated June 5, 1987 (1)</span></a></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(iii)</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000089968107000265/swiss-ex99a3_031607.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to the Articles of Incorporation, dated July 12, 1987 (1)</span></a></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(iv)</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000089968107000265/swiss-ex99a4_031607.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to the Articles of Incorporation, dated May 17, 1988 (1)</span></a></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(v)</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/813623/000089968107000265/swiss-ex99a5_031607.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to the Articles of Incorporation, dated May 14, 1990 (1)</span></a></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(vi)</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/813623/000199937125014685/ex99-avi.htm">Certificate of Renewal and Revival of the Articles of Incorporation, dated February 1, 2011 (2)</a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(vii)</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/813623/000199937125014685/ex99-avii.htm">Amendment to the Articles of Incorporation, dated July 20, 2017 (3)</a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(viii)</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/813623/000199937125014685/ex99-aviii.htm">Amendment to the Articles of Incorporation, dated March 21, 2025 (4)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/813623/000199937125014685/ex99-b.htm">Amended and Restated Bylaws, dated as of June 10, 2020 (5)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-d.htm">Form of Non-Transferable Subscription Rights Certificate (14)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/813623/000199937125014685/ex99-g.htm">Investment Advisory Agreement between the Fund and Bulldog Investors, LLP (6)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/813623/000199937125014685/ex99-j.htm">Custody Agreement between the Fund and U.S. Bank, N.A. (7)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(i)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/813623/000199937125014685/ex99-ki.htm">Administration Servicing Agreement between the Fund and U.S. Bancorp Fund Services, LLC (8)</a></span></td></tr>
</table>

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

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

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(ii)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/813623/000199937125014685/ex99-kii.htm">Accounting Servicing Agreement between the Fund and U.S. Bancorp Fund Services, LLC (9)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(iii)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/813623/000199937125014685/ex99-kiii.htm">Transfer Agency and Registrar Services Agreement between the Fund and Equiniti Trust Company, LLC (formerly American Stock Transfer and Trust Company) (10)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-l.htm">Opinion and Consent of Counsel (14)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-n.htm">Consent of Independent Auditor (14)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)(i)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/813623/000199937125014685/ex99-ri.htm">Code of Ethics of the Fund (11)</a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)(ii)</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/813623/000199937125014685/ex99-rii.htm">Code of Ethics of the Investment Adviser (12)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex107.htm">Filing Fee Table (14)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-t.htm">Information Agent Agreement (14)</a></span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-u.htm">Subscription Agent Agreement (14)</a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</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/813623/000199937125014685/ex99-v.htm">Powers of Attorney for Phillip Goldstein, Richard Dayan, Moritz Sell and Gerald Hellerman (13)</a></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to the Fund&#8217;s Form <span>N-2 </span>filed on <span>March
    29, 2007</span>, Exhibit 99 (File No. 333-141652 and <span>811-05128</span>).</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to the Fund&#8217;s Registration Statement on Form N-2 filed on October 3, 2025, Exhibit&#160;99(a)(vi) (File No. 333-290708
    and 811-05128).</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>

<tr style="vertical-align: top">
    <td style="width: 2%; font-size: 10pt">(3)</td>
    <td style="width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(a)(vii) (File No. 333-290708 and 811-05128).</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to
    the Fund&#8217;s Registration Statement on Form N-2 filed on October 3, 2025, Exhibit&#160;99(a)(viii) (File No. 333-290708 and 811-05128).</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 2%; font-size: 10pt">(5)</td>
    <td style="width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(b) (File No. 333-290708 and 811-05128).</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="padding-bottom: 12pt; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to
    the Fund&#8217;s Registration Statement on Form N-2 filed on October 3, 2025, Exhibit&#160;99(g) (File No. 333-290708 and 811-05128).</span></td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 2%; font-size: 10pt">(7)</td>
    <td style="padding-bottom: 12pt; width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(j) (File No. 333-290708 and 811-05128).</td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 2%; font-size: 10pt">(8)</td>
    <td style="padding-bottom: 12pt; width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(k)(i) (File No. 333-290708 and 811-05128).</td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 2%; font-size: 10pt">(9)</td>
    <td style="padding-bottom: 12pt; width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(k)(ii) (File No. 333-290708 and 811-05128).</td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 2%; font-size: 10pt">(10)</td>
    <td style="padding-bottom: 12pt; width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(k)(iii) (File No. 333-290708 and 811-05128).</td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 2%; font-size: 10pt">(11)</td>
    <td style="padding-bottom: 12pt; width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(r)(i) (File No. 333-290708 and 811-05128).</td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 2%; font-size: 10pt">(12)</td>
    <td style="padding-bottom: 12pt; width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(r)(ii) (File No. 333-290708 and 811-05128).</td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 2%; font-size: 10pt">(13)</td>
    <td style="padding-bottom: 12pt; width: 98%; font-size: 10pt">Incorporated by reference to the Fund&#8217;s Registration Statement on Form N-2 filed
    on October 3, 2025, Exhibit&#160;99(v) (File No. 333-290708 and 811-05128).</td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 12pt; width: 2%; font-size: 10pt">(14)</td>
    <td style="padding-bottom: 12pt; width: 98%; font-size: 10pt">Filed herewith.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
27. Other Expenses of Issuance and Distribution</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
approximate expenses in connection with the offering are as follows:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="background-color: gainsboro">
    <td style="vertical-align: bottom">Information Agent&#8217;s Fees and Expenses</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">$</td>
    <td style="vertical-align: top; text-align: right">7,500</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom">Subscription Agent&#8217;s Fees and Expenses</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">40,000</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: gainsboro">
    <td style="vertical-align: bottom">Auditing Fees and Expenses</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">-</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom">Registration Fees</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">10,766</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: gainsboro">
    <td style="vertical-align: bottom">Legal Fees and Expenses</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">150,000</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom">Printing, Typesetting, and Edgar Fees</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">10,000</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: gainsboro">
    <td style="vertical-align: bottom; padding-bottom: 1.5pt">Miscellaneous</td>
    <td style="vertical-align: bottom; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right">-</td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-bottom: 3pt">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 3pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double; vertical-align: bottom">$</td>
    <td style="border-bottom: black 2.25pt double; vertical-align: top; text-align: right">218,266</td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 3pt">&#160;</td></tr>

</table>

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


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


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

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

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

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
28. Persons Controlled by or Under Common Control With Registrant</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
29. Number of Holders of Securities</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is the number of record holders as of June 30, 2025, of each class of securities of the Registrant:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.2pt; width: 73%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of Class</b></span></td>
    <td style="border-bottom: black 1pt solid; padding: 1.2pt; width: 27%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
of&#160;</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Record
Holders</b>&#160;</span></p></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td style="border-bottom: black 1pt solid; padding: 1.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, par value $.001 per share</span></td>
    <td style="border-bottom: black 1pt solid; padding: 1.2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,991</span></td></tr>
</table>


































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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is the Registrant&#8217;s policy to indemnify its directors and officers to the maximum extent permitted by law, including the
Delaware General Corporation Law and the Investment Company Act of 1940, as set forth in Article TWELFTH of the Registrant&#8217;s
Articles of Incorporation, as amended to date (the &#8220;Charter&#8221;) and Article V, Section 5 of the Registrant&#8217;s By-Laws.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liability arising under the Securities Act of 1933, as amended (the &#8220;Securities Act of 1933&#8221;)
may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) such indemnification
is against public policy as expressed in the Securities Act of 1933 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 of 1933 and will be governed
by the final adjudication of such issue.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
31. Business and Other Connections of Investment Adviser</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
descriptions of the Investment Adviser under the caption &#8220;Management of the Fund &#8211; Investment Adviser and Investment
Advisory Agreement&#8221; in the Prospectus and &#8220;Portfolio Mangers&#8221; in the Statement of Additional Information constituting
Parts A and B, respectively, of this Registration Statement are incorporated by reference herein. The Registrant is fulling the
requirement of this Item 31 to provide a list of officers and directors of Bulldog Investors, LLP, Registrant&#8217;s investment
adviser (&#8220;Bulldog&#8221;), together with information as to any other business, profession, vocation or employment of a substantial
nature engaged in by Bulldog or those of its officers and partners during the past two (2) years, by incorporating by reference
the information contained in the Form ADV filed with the SEC pursuant to the Investment Advisers Act of 1940, as amended by Bulldog
(SEC File No. 801-70596).</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
32. Location of Accounts and Records</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
applicable accounts, books and documents required to be maintained by the Registrant by Section 31(a) of the Investment Company
Act of 1940 and the rules promulgated thereunder are in the possession and custody of the Registrant&#8217;s administrator, U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, located at 615 East Michigan Street Milwaukee, WI
53202.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Registrant undertakes to suspend the offering of its Rights until the prospectus is amended if (1) subsequent to the effective
    date of this registration statement, the net asset value declines more than ten percent from its net asset value as of the
    effective date of the registration statement or (2) the net asset value increases to an amount greater than its net proceeds
    as stated in the prospectus.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="vertical-align: top; width: 86%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="vertical-align: top; width: 86%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="vertical-align: top; width: 86%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Registrant undertakes that:</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="vertical-align: top; width: 78%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
    the purpose of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus
    filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the
    Registrant under Rule 497(h) under the Securities Act of 1933, shall be deemed to be part of this registration statement as
    of the time it was declared effective; and</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="vertical-align: top; width: 78%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
    the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form
    of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
    of the securities at that time shall be deemed to be the initial bona fide offering thereof.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    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 13(a) or Section 15(d) of the Exchange Act of 1934, as amended,
    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.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 SEC such indemnification is against public policy as expressed in the Securities Act of 1933 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 of 1933 and will be governed by the final adjudication of such issue.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business
    days of receipt of a written or oral request, any prospectus or Statement of Additional Information.</span></td></tr>
</table>

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    <!-- Field: /Page -->

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the city of New York, and the State of New York
on the 23rd day of October,&#160;2025.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td style="width: 51%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
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    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Dakos<br/>
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<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.</span></p>

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

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<tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
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<tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
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<tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
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    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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</table>

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

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





<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 9%"><b><span style="text-decoration: underline">Exhibit No.</span></b></td>
    <td style="width: 91%; text-align: justify"><b><span style="text-decoration: underline">Description</span></b></td></tr>
  <tr style="vertical-align: top">
    <td>(d)</td>
    <td style="text-align: justify"><a href="ex99-d.htm">Form of Non-Transferable Subscription Rights Certificate</a></td></tr>
  <tr style="vertical-align: top">
    <td>(l)</td>
    <td style="text-align: justify"><a href="ex99-l.htm">Opinion and Consent of Counsel</a></td></tr>
  <tr style="vertical-align: top">
    <td>(n)</td>
    <td style="text-align: justify"><a href="ex99-n.htm">Consent of the Independent Auditor</a></td></tr>
  <tr style="vertical-align: top">
    <td>(s)</td>
    <td style="text-align: justify"><a href="ex107.htm">Filing Fee Table</a></td></tr>
  <tr style="vertical-align: top">
    <td>(t)</td>
    <td style="text-align: justify"><a href="ex99-t.htm">Information Agent Agreement</a></td></tr>
  <tr style="vertical-align: top">
    <td>(u)</td>
    <td style="text-align: justify"><a href="ex99-u.htm">Subscription Agent Agreement</a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>



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

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

<!-- Field: Page; Sequence: 7 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p></div>

    <!-- Field: /Page -->

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

</body>
</html>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)
<SEQUENCE>2
<FILENAME>ex99-d.htm
<DESCRIPTION>FORM OF NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="swz-n2a_102225.htm">Total Return Securities Fund N-2/A</A></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit (d)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="font-size: 1pt; border-top: Black 1pt solid;border-right: Black 1pt solid;border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 96%;padding:6pt">
<DIV STYLE="font-size: 1pt; border-top: Black 2pt solid;border-right: Black 2pt solid;border-left: Black 2pt solid; border-bottom: Black 2pt solid; width: 98%;padding:4pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATED
[&#9679;] (THE &quot;PROSPECTUS&quot;) AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
PROSPECTUS ARE AVAILABLE UPON REQUEST FROM INVESTORCOM, THE INFORMATION AGENT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
Return Securities Fund</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
under the laws of the State of Delaware</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NON
- TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evidencing
Non - Transferable Subscription Rights to Purchase Shares of Common Stock of Total Return Securities Fund, par value $.001</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
Subscription Price:  $[&#9679;] per Share</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ON
[&#9679;], UNLESS EXTENDED BY THE COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTERED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OWNER:</B></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:80%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-top: 1.1pt; padding-right: 8.25pt; padding-left: 6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
    CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner of the number of non-transferable subscription
    rights (&ldquo;Rights&rdquo;) set forth above. Each whole Right entitles the holder thereof to subscribe for and purchase one share
    of common stock of Total Return Securities Fund, a Delaware corporation, at an estimated subscription price (the &ldquo;Estimated
    Subscription Price&rdquo;) of $[&#9679;] per share (the &ldquo;Basic Subscription Privilege&rdquo;),
    pursuant to a rights offering (the &ldquo;Rights Offering&rdquo;), on the
    terms and subject to the conditions set forth in the Prospectus and the &ldquo;Instructions as to Use of Total Return Securities
    Fund Subscription Rights Certificates&rdquo; accompanying this Subscription Rights Certificate. If any shares of
    common stock available for purchase in the Rights Offering are not purchased by other holders of Rights pursuant to the exercise of
    their Basic Subscription Privilege (the &ldquo;Unsubscribed Shares&rdquo;)</FONT></TD>
    <TD STYLE="width: 49%; padding-right: 8.25pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    Rights holder that exercises its Basic Subscription Privilege in full may subscribe for a number of Unsubscribed Shares pursuant
    to the terms and conditions of the Rights Offering, as described in the Prospectus (the &ldquo;Additional Subscription Privilege&rdquo;).
    The Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and any other appropriate
    forms on the reverse side hereof and by returning the full payment of the subscription price for each share of common stock
    in accordance with the &ldquo;Instructions as to Use of Total Return Securities Fund Subscription Rights Certificates&rdquo;
    that accompany this Subscription Rights Certificate.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0.25in; text-align: center"></P>



<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; padding-right: 12.75pt; padding-left: 6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Subscription Rights Certificate is not valid unless countersigned by the subscription agent and registered by the registrar.
    Witness the seal of Total Return Securities Fund and the signatures of its duly authorized officers. </FONT></TD>
    <TD STYLE="width: 20%; padding-right: 0.4in; padding-left: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 3.75pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dated:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 41%; padding-right: 0.4in; padding-bottom: 6pt; padding-left: 6pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 0.4in; padding-bottom: 6pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%; padding-right: 0.4in; padding-bottom: 6pt; padding-left: 0.25in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>

</DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:18%">
<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="ex99d001.jpg" ALT="">&nbsp;</FONT></P>

</DIV><DIV STYLE='CLEAR:BOTH'></DIV><BR>

</DIV></DIV>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DELIVERY
OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 188.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery
other than in the manner or to the addresses listed below will not constitute valid delivery.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>If
                                         delivering by mail:</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equiniti
        Trust Company, LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operations
        Center</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
        Onbase &ndash; Reorganization Depart.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1110
        Centre Pointe Curve, Suite # 101</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mendota
Heights, MN 55120</FONT>&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>If
                                         delivering by express mail, courier or other expedited service:</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equiniti
        Trust Company, LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1110
Centre Pointe Curve, Suite # 101</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mendota
        Heights, MN 55120</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Attn:
Onbase &ndash; Reorganization Depart.&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.25pt 0pt 149.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.25pt 0pt 149.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLEASE
PRINT ALL INFORMATION CLEARLY AND LEGIBLY.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.25pt 0pt 149.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
1-EXERCISE OF SUBSCRIPTION RIGHTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
subscribe for shares pursuant to your Basic Subscription Right, please complete lines (a) and (c) and sign under Form 3 below.
To subscribe for shares pursuant to your Additional Subscription Right, please also complete line (b) and sign under Form 3 below.
To the extent you subscribe for more Shares than you are entitled under either the Basic Subscription Right or the Additional
Subscription Right, you will be deemed to have elected to purchase the maximum number of shares for which you are entitled to
subscribe under the Basic Subscription Right or Additional Subscription Right, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
EXERCISE OF BASIC SUBSCRIPTION RIGHT:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I apply for ______________ shares x</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&#9679;]</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$_______________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(no. of new shares)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(estimated</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(amount enclosed)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subscription price)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
EXERCISE OF ADDITIONAL SUBSCRIPTION RIGHT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you have exercised your Basic Subscription Right in full and wish to subscribe for additional shares of common stock pursuant
to your Additional Subscription Right:</FONT></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I apply for &nbsp;______________ shares x</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&#9679;]</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=$_______________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(no. of new shares)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(estimated)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(amount enclosed)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subscription price)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Total Amount of Payment Enclosed = $__________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">METHOD
OF PAYMENT (CHECK ONE)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
                                         or bank draft payable to &ldquo;Equiniti Trust Company, LLC as Subscription Agent.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">&#9744;</TD><TD STYLE="text-align: justify; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wire
                                         transfer of immediately available funds directly to the account maintained by Equiniti
                                         Trust Company, LLC, as Subscription Agent, for purposes of accepting subscriptions in
                                         this Rights Offering at JPMorgan Chase Bank, 55 Water Street, New York, New York 10005,
                                         ABA #021000021 or Swift Code: CHASUS33, Account # 530-354616 Equiniti Trust Company,
                                         LLC FBO Total Return Securities Fund, with reference to the rights holder's name.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPORTANT:
In the event that the Estimated Subscription Price is more than the Subscription Price on the Expiration Date, any resulting excess
amount paid by you towards the purchase of Shares in this Rights Offering will be applied by the Fund towards the purchase of
additional Shares under the Basic Subscription Privilege or, if you have exercised all of the Rights initially issued to you under
the Basic Subscription Privilege, towards the purchase of an additional number of Shares pursuant to the Additional Subscription
Privilege. If you desire that such excess not be treated by the Fund as a request to acquire additional Shares in the Rights Offering,
and that such excess be refunded to you, you must place an &ldquo;X&rdquo; in the box at the end of this sentence: [ ]</FONT></P>

</DIV><DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
2-DELIVERY TO DIFFERENT ADDRESS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you wish for the common stock underlying your subscription rights, a certificate representing unexercised subscription rights
or the proceeds of any sale of subscription rights to be delivered to an address different from that shown on the face of
this Subscription Rights Certificate, please enter the alternate address below, sign under Form 3 and have your signature
guaranteed under Form 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
3-SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO
SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering and I hereby irrevocably subscribe for the
number of shares indicated above on the terms and conditions specified in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature(s):</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPORTANT:
The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular,
without alteration or enlargement, or any other change whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
4-SIGNATURE GUARANTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
form must be completed if you have completed any portion of Forms 2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD STYLE="width: 70%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name of Bank or Firm)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 97%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature of Officer)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPORTANT:
The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings &amp; loan association
or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission
Rule 17Ad-15.</FONT></P>

</DIV><DIV STYLE='CLEAR:BOTH'></DIV><BR>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.05pt 0pt 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
INSTRUCTIONS ON THE USE OF <FONT STYLE="text-transform: uppercase">TOTAL RETURN SECURITIES FUND</FONT> SUBSCRIPTION RIGHTS CERTIFICATES,
CONSULT INVESTORCOM, THE INFORMATION AGENT, AT (877) 972-0090.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.05pt 0pt 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>3
<FILENAME>ex99-l.htm
<DESCRIPTION>OPINION AND CONSENT OF COUNSEL
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="swz-n2a_102225.htm">Total Return Securities Fund N-2/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (l)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<TR>
    <TD STYLE="vertical-align: top; width: 51%; text-align: center">
        <IMG SRC="ex99l001.jpg" ALT=""><P STYLE="font: small-caps bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: small-caps bold 18pt 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-transform: uppercase; text-align: center">Telephone: 1-212-558-4000<BR>
        Facsimile: 1-212-558-3588</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">WWW.SULLCROM.COM</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 49%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">125 Broad Street<BR>
        New York, New York 10004-2498</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________<BR>
&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">los angeles &bull;
        Palo Alto &bull; washington, D.C.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Brussels &bull;
        Frankfurt &bull; london &bull; paris</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Beijing &bull;
        Hong Kong &bull; Tokyo</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Melbourne &bull;
        Sydney</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right; padding-right: 45pt; width: 65%">&nbsp;</TD>
<TD STYLE="text-align: left; padding-right: 45pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Return Securities Fund,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> c/o U.S. Bank Global Fund Services,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 615 East Michigan Street,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milwaukee,
WI 53202.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the registration under the Securities Act of 1933 (the &ldquo;Act&rdquo;) of 12,990,705 shares (the &ldquo;Securities&rdquo;)
of Common Stock, par value $.001 per share, of Total Return Securities Fund, a Delaware corporation (the &ldquo;Company&rdquo;),
and 12,990,705 related non-transferable rights (the &ldquo;Rights&rdquo;) to be issued to the holders of record of outstanding
shares of Common Stock of the Company as of the close of business on the record date set for determination of such holders, we,
as your counsel, have examined such corporate records, certificates and other documents, and such questions of law, as we have
considered necessary or appropriate for the purposes of this opinion. Upon the basis of such examination, it is our opinion that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
When the registration statement relating to the Securities and the Rights (the &ldquo;Registration Statement&rdquo;) has become
effective under the Act, the terms of the sale of the Securities have been duly established in conformity with the Company&rsquo;s
articles of incorporation, and the Securities have been duly issued and sold as contemplated by the Registration Statement, the
Securities will be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Assuming that the Board of Directors of the Company, after fully informing itself with respect to the Rights and after giving
due consideration to all relevant matters, determined that the issuance of the Rights would be in the best interests of the Company
and its shareholders, then when the Registration Statement has become effective under the Act and the Securities have been validly
issued and sold as contemplated by the Registration Statement, the Rights attributable to the Securities will be validly issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">Total Return Securities Fund</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt">-2-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
rendering the foregoing opinion, we are not passing upon, and assume no responsibility for, any disclosure in any registration
statement or any related prospectus or other offering material relating to the offer and sale of the Securities or the Rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing opinion is limited to the Federal laws of the United States and the General Corporation Law of the State of Delaware,
and we are expressing no opinion as to the effect of the laws of any other jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied as to certain factual matters on information obtained from public officials, officers of the Company and other sources
believed by us to be responsible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to us under the
heading &ldquo;Legal Matters&rdquo; in the Prospectus. In giving such consent, we do not thereby admit that we are in the category
of persons whose consent is required under Section 7 of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sullivan &amp; Cromwell LLP</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>4
<FILENAME>ex99-n.htm
<DESCRIPTION>CONSENT OF THE INDEPENDENT AUDITOR
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="swz-n2a_102225.htm">Total Return Securities Fund N-2/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (n)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0"></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the references to our firm
in the Registration Statement on Form N-2 of Total Return Securities Fund (formerly The Swiss Helvetia Fund, Inc.) and to the use
of our report dated March 3, 2025 on the financial statements and financial highlights of Total Return Securities Fund, appearing
in Form N-CSR for the year ended December 31, 2024, which are also incorporated by reference into the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 35%; font-size: 10pt"><B>/s/ TAIT, WELLER &amp; BAKER LLP</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Philadelphia, Pennsylvania</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>October 23, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
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<DESCRIPTION>FILING FEE TABLE
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&#160;</td>
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: top">
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: top">
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: top">
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1pt; padding-left: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">

  <td style="width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">(1) <span id="xdx_90A_effd--OfferingNote_c20251021__20251021__ffd--OfferingAxis__1_zIRN5sh1XYi7"><ix:nonNumeric contextRef="From2025-10-212025-10-21_1" escape="true" id="Fact000024" name="ffd:OfferingNote">Estimated&#160; pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) solely for the purpose of determining the registration fee.</ix:nonNumeric></span></span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></td></tr>
</table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">(2) Evidencing the rights to subscribe for shares of common stock of the Registrant being registered herewith. Pursuant to Rule 457(g) of the Securities&#160;Act, no separate registration fee is required for the rights because the rights are being registered on the same registration statement as the shares of common stock of the Registrant underlying the rights.</span></p></td></tr>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>










<p style="margin: 0; visibility: hidden"><span id="xdx_904_effd--OffsetTableNa_c20251021__20251021_zVBhYzatGTng"><ix:nonNumeric contextRef="AsOf2025-10-21" id="Fact000025" name="ffd:OffsetTableNa">N/A</ix:nonNumeric></span> <span id="xdx_902_effd--CombinedProspectusTableNa_c20251021__20251021_zrY5PUTDD3Dk"><ix:nonNumeric contextRef="AsOf2025-10-21" id="Fact000026" name="ffd:CombinedProspectusTableNa">N/A</ix:nonNumeric></span> <span id="xdx_90B_effd--OfferingTableNa_c20251021__20251021_z8WjHDgaZn4i"><span style="-sec-ix-hidden: xdx2ixbrl0027">&#8212;</span></span><span id="xdx_90A_effd--RegnFileNb_c20251021__20251021_zkTLomR5HHIh"><ix:nonNumeric contextRef="AsOf2025-10-21" id="Fact000028" name="ffd:RegnFileNb">333-290708</ix:nonNumeric></span></p>

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

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<DOCUMENT>
<TYPE>EX-99.(T)
<SEQUENCE>6
<FILENAME>ex99-t.htm
<DESCRIPTION>INFORMATION AGENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="swz-n2a_102225.htm">Total Return Securities Fund N-2/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (t)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="ex99t001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19
Old Kings Highway S., Suite 130, Darien, CT 06820 &bull; 203 972 9300 &bull; Fax 203 621 3333 <U>www.investor-com.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
14, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Phillip Goldstein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Return Securities Fund, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
U.S. Bank Global Fund Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">615
East Michigan Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milwaukee,
WI 53202</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION
AGENT LETTER OF AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Letter of Agreement sets forth the terms and conditions under which Total Return Securities Fund, Inc. (SWZ) agrees to retain
InvestorCom LLC (&quot;ICOM&quot;) as Information Agent during its Rights Offering (the Offer). The term of the Agreement shall
be the term of the Offer, including extensions thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of the Agreement, we will:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor
                                         any trading activity and make best efforts to identify and profile major street name
                                         stockholders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communicate
                                         with stockholders and brokers, through both outgoing and incoming calls on our toll-free
                                         number, to confirm receipt and understanding of the terms of the Offer and answer questions
                                         relating solely to the Offer;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
requested, coordinate all printing activities;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         requested, distribute necessary printed materials to Broadridge, brokers, banks and registered
                                         name holders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communicate
with back-office personnel of brokerage firms and banks
to confirm redistribution of materials to beneficial owners.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         performing the services outlined in paragraph 1 (a) - (e) above, we will not render investment
                                         advice to the holders or others, and will not make recommendations, either directly or
                                         indirectly, to anyone regarding a decision by such person to participate in the Offer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the Offer, we will:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Follow
up with bank and broker reorganization departments to confirm  receipt of offer material and ensure timely notification
to beneficial   owners;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continue
                                         to monitor trading activity, establishing contacts at holders to solidify support for
                                         the Offer;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact
                                         individual beneficial holders to confirm receipt of material, answer questions, explain
                                         terms of the Offer, determine likelihood of support for the Offer and provide assistance
                                         in participating in the Offer;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact
reorganization departments at all banks and brokerage firms to  remind them of the expiration date of the Offer and to determine
the  responses from their clients. We will also arrange for brokers to contact   those clients which have not yet
given instructions to participate; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 33pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Follow
                                         up with holders whose participation is expected, but which  have not yet been received.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         our services, you will pay us a non-refundable fee of $7,500.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SWZ
agrees to reimburse ICOM for printing and distribution expenses in the event we are retained to perform such services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                         represent to us and agree that you will indemnify and hold us harmless against any liability
                                         which we may incur by reason of a material omission or misstatement, if any, in the Offer
                                         material. We will advise you promptly of any claims for any such liability. You may,
                                         at your election, assume the defense of any such action.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         represent to you that we will comply with applicable requirements of law relating to
                                         our services. We further agree not to make any representations not included in the Offer
                                         material and not to make any recommendations as to whether a stockholder should participate
                                         in the Offer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
if we do make any representation not included in the Offer material or fail to comply with such laws or make such a recommendation,
we agree to indemnify and hold you harmless against any liability you may incur by reason of any such representation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         agree to preserve the confidentiality of all non-public information provided by you or
                                         your agents for use in providing services under this Agreement, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
developed by us in connection with our services under this Agreement or based upon such non-public information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations contained this Agreement shall survive the term of this  Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the above is agreed to by you, please sign, date and return.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accepted:</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL RETURN
    SERURITIES FUND, <FONT STYLE="font: 10pt Times New Roman, Times, Serif">INC.</FONT></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTORCOM
    LLC</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Glenn Grau</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(U)
<SEQUENCE>7
<FILENAME>ex99-u.htm
<DESCRIPTION>SUBSCRIPTION AGENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 0pt; margin-right: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%; margin-right: 0">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="swz-n2a_102225.htm">Total Return Securities Fund N-2/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (u)</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 0pt 2.65pt; text-align: center; color: #0F0F0F"><B>FORM OF
SUBSCRIPTION AGENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.65pt; text-align: center; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #0F0F0F">This
SUBSCRIPTION AGENT AGREEMENT (this &ldquo;Agreement&rdquo;) is entered into as of [&#9679;], by and between Equiniti Trust Company,
LLC (the &ldquo;Subscription Agent&rdquo;) and Total Return Securities Fund (the &ldquo;Fund&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-align: justify; text-indent: 40.5pt; color: #0F0F0F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="color: #0F0F0F">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0F0F0F">The Fund is offering (the &ldquo;Rights Offering&rdquo;) to the holders
                                                                    of its shares of common stock, par value $0.001 (&ldquo;Common Shares&rdquo;), on November 14, 2025 (the &ldquo;Record Date&rdquo;),
                                                                    the right (&ldquo;Rights&rdquo;) to subscribe for Common Shares. Rights shall cease to be exercisable at 5:00 P.M., New York City
                                                                    time, on December 5, 2025 or such later date of which the Fund notifies the Subscription Agent orally and confirms in writing (the
                                                                    &ldquo;Expiration Date&rdquo;). One (1) Right is being issued for each one (1) Common Share held on the Record Date. One (1) Right
                                                                    and payment in full of the subscription price set forth in the Prospectus (as defined below) (the &ldquo;Subscription Price&rdquo;)
                                                                    is required to subscribe for one (1) Common Share. Rights are evidenced by non-transferable subscription certificates in registered
                                                                    form (</FONT><FONT STYLE="color: #3F3F3F">&ldquo;</FONT><FONT STYLE="color: #0F0F0F">Subscription Certificates&rdquo;). Each holder
                                                                    of Subscription Certificate(s) who exercises the holder&rsquo;s right to subscribe for all Common Shares that can be subscribed for
                                                                    with the Rights evidenced by such Subscription Certificate(s) (the &ldquo;Basic Subscription Right&rdquo;) will have the right to
                                                                    subscribe for additional Common Shares, if any, available as a result of any unexercised Rights (such additional subscription right
                                                                    being referred to hereafter as the &ldquo;Additional Subscription Privilege&rdquo;). The Rights Offering will be conducted in the
                                                                    manner and upon the terms set forth in the Fund&rsquo;s prospectus </FONT><FONT STYLE="color: #242424">supplement </FONT><FONT STYLE="color: #0F0F0F">dated
                                                                    [&#9679;], (together with the Fund&rsquo;s base prospectus, dated [&#9679;], the &ldquo;Prospectus&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Subscription Agent is hereby appointed to affect the Rights Offering
as set forth herein. The Subscription Agent may rely on, and shall be protected in acting upon, any certificate, instrument, opinion,
representation, notice letter or other document delivered to it and believed by it to be genuine and to have been signed by the
proper party or parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Enclosed herewith are the following, the receipt of which the Subscription
Agent acknowledges by its execution hereof:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>a copy of the Prospectus;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the form of Subscription Certificate (with instructions); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>resolutions adopted by the board of directors of the Fund in connection with the Rights Offering,
certified by the secretary of the Fund.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">As soon as is reasonably practical, the Subscription Agent shall mail or
cause to be mailed to each holder of Common Shares at the close of business on the Record Date a Subscription Certificate evidencing
the Rights to which such holder is entitled, a Prospectus and an envelope addressed to the Subscription Agent. Prior to mailing,
the Fund shall provide the Subscription Agent with the name, address, tax identification or social security number and number of
shares of Common Shares held on the Record Date. The Fund will also provide blank Subscription Certificates which the Subscription
Agent shall prepare and issue in the names of holders of Common Shares of record at the close of business on the Record Date and
for the number of Rights to which they are entitled. The Fund shall also provide the Subscription Agent with a sufficient number
of copies of each of the documents to be mailed with the Subscription Certificates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">5.</TD><TD>Subscription Procedure.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="color: #0F0F0F">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0F0F0F">Upon the Subscription Agent&rsquo;s
receipt prior to 5:00 P</FONT><FONT STYLE="color: #4F4F4F">.</FONT><FONT STYLE="color: #0F0F0F">M</FONT><FONT STYLE="color: #2D2D2D">.</FONT><FONT STYLE="color: #0F0F0F">,
New York City time, on the Expiration Date (by mail or delivery) of (ii) any Subscription Certificate completed and endorsed for
exercise, as provided on the reverse side of the Subscription Certificate (except as provided in Section 8 hereof), and (ii) payment
in full of the Subscription Price in U.S. funds by check or bank draft payable at par (without deduction for bank service charges
or otherwise) to the order of &ldquo;Equiniti Trust Company, LLC&rdquo; the Subscription Agent shall as soon as practicable after
the Expiration Date, but after performing the procedures described in subsections (b) and (c) below, mail to the subscriber&rsquo;s
registered address on the books of the Fund certificates representing the securities underlying each Common Share duly subscribed
for (pursuant to the Basic Subscription Right and the Additional Subscription Privilege) and furnish a list of all such information
to the Fund.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.55pt; text-align: justify; text-indent: -19.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">As soon as practicable after the Expiration Date the Subscription Agent
shall calculate the number of Common Shares to which each subscriber is entitled pursuant to the Additional Subscription Privilege.
The Additional Subscription Privilege may only be exercised by holders who subscribe to all the Common Shares that can be subscribed
for under the Basic Subscription Right. The Common Shares available for additional subscriptions will be those that have not been
subscribed and paid for pursuant to the Basic Subscription Right (the &ldquo;Unsubscribed Common Shares&rdquo;). Where there are
sufficient Unsubscribed Common Shares to satisfy all additional subscriptions by holders exercising their rights under the Additional
Subscription Privilege, each holder shall be allotted the number of Unsubscribed Common Shares subscribed for. If the aggregate
number of Common Shares subscribed for under the Additional Subscription Privilege exceeds the number of Unsubscribed Common Shares,
the Unsubscribed Common Shares will be allocated to subscribers who have exercised all of their Rights in accordance with their
Additional Subscription Privilege request. If there are not enough Unsubscribed Common Shares to fully satisfy all Additional Subscription
Privilege requests by subscribers pursuant to the immediately preceding sentence, the number of Unsubscribed Common Shares allotted
to each participant in the Additional Subscription Privilege will be in proportion, not to the number of Common Shares requested
pursuant to the Additional Subscription Privileged, but to the number of Rights exercised by them under their Basic Subscription
Rights; provided, however, that no subscriber shall be allocated a greater number of Unsubscribed Common Shares than such subscriber
paid for. The formula to be used in allocating the Unsubscribed Common Shares in the immediately preceding sentence shall be as
follows: (Rights exercised by additional subscribing subscriber divided by total Rights exercised by all subscribers exercising
the Additional Subscription Privilege) multiplied by Unsubscribed Common Shares remaining.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Upon calculating the number of Common Shares to which each subscriber is entitled pursuant to the
Additional Subscription Privilege and the amount overpaid, if any, by each subscriber, the Subscription Agent shall, as soon as
practicable, furnish a list of all such information to the Fund.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #0F0F0F">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0F0F0F">Upon calculating the number of Common Shares to which each subscriber
is entitled pursuant to the Additional Subscription Privilege and assuming payment for the additional Common Shares subscribed
for has been delivered, the Subscription Agent shall mail, as contemplated in subsection (a) above, the certificates representing
the additional securities which the subscriber has been allotted. If a lesser number of Common Shares is allotted to a subscriber
under the Additional Subscription Privilege than the subscriber has tendered payment for, the Subscription Agent </FONT><FONT STYLE="color: #282828">shall
</FONT><FONT STYLE="color: #0F0F0F">remit the difference to the subscriber without interest or deduction at the same time as certificates
representing the securities allotted pursuant to the Additional Subscription Privilege are mailed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">Funds received by the Subscription Agent pursuant to the Basic Subscription
Right and the Additional Subscription Privilege shall be held by it in a segregated account. Upon mailing certificates representing
the securities and refunding subscribers for additional Common Shares subscribed for but not allocated, if any, the Subscription
Agent shall promptly remit to the Fund all funds received in payment of the Subscription Price for Common Shares issued in the
Rights Offering. The Subscription Agent will not be obligated to calculate or pay interest to any holder or party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">Until 5:00 P.M., New York City time, on the third Business Day (as defined
below) prior to the Expiration Date, the Subscription Agent shall facilitate subdivision of Subscription Certificates by issuing
new Subscription Certificates in accordance with the instructions set forth on the reverse side of the Subscription Certificates.
As used in herein, &ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday, or a day on which banking institutions
in the State of New York are authorized or obligated by law or executive order to close.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">The Fund shall have the absolute right to reject any defective exercise
of Rights or to waive any defect in exercise. Unless requested to do so by the Fund, the Subscription Agent shall not be under
any duty to give notification to holders of Subscription Certificates of any defects or irregularities in subscriptions. Subscriptions
will not be deemed to have been made until any such defects or irregularities have been cured or waived within such time as the
Fund shall determine. The Subscription Agent shall as soon as practicable return Subscription Certificates with the defects or
irregularities which have not been cured or waived to the holder of the Rights. If any Subscription Certificate is alleged to have
been lost, stolen or destroyed, the Subscription Agent should follow the same procedures followed for lost stock certificates representing
Common Stock it uses in its capacity as transfer agent for the Fund&rsquo;s Common Stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">If requested, the Subscription Agent shall deliver to the Fund copies of
the exercised Subscription Certificates in accordance with written directions received from the Fund. The Subscription Agent shall
deliver to the subscribers who have duly exercised Rights, at their registered addresses certificates representing the securities
subscribed for as instructed on the reverse side of the Subscription Certificates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The Subscription Agent shall notify the Fund by telephone on or before
the close of business on each Business Day during the period commencing five (5) Business Days after the mailing of the Rights
and ending at the Expiration Date (a &ldquo;daily notice&rdquo;), which notice shall thereafter be confirmed in writing, of (i)
the number of Rights exercised on the day covered by such daily notice, (ii) the number of Rights for which defective exercises
have been received on the day covered by such daily notice, and (iii) the cumulative total of the information set forth in clauses
(i) through (ii) above. At or before 5:00 P.M., New York City time, on the first Trading Day following the Expiration Date the
Subscription Agent shall certify in writing to the Fund the cumulative total through the Expiration Date of all the information
set forth in clauses (i) through (ii) above. The Subscription Agent shall also maintain and update a listing of holders who have
fully or partially exercised their Rights and holders who have not exercised their Rights. The Subscription Agent shall provide
the Fund or its designees with such information compiled by the Subscription Agent pursuant to this Section 9 as any of them shall
request.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">With respect to notices or instructions to be provided by the Fund hereunder, the Subscription
Agent may rely and act on any written instruction signed by any one or more of the following authorized officers or employees of
the Fund:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 30%; padding-top: 1.05pt; padding-left: 10pt"><FONT STYLE="color: #111111">Name</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 70%; padding-top: 1.05pt; padding-left: 10pt"><FONT STYLE="color: #111111">Title</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.95pt">Andrew Dakos</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.2pt; padding-left: 10pt"><FONT STYLE="color: #111111">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.2pt"><P STYLE="margin: 0">Thomas Antonucci</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.2pt; padding-left: 10pt"><FONT STYLE="color: #111111">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.1pt"><P STYLE="margin: 0">Stephanie Darling</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.1pt; padding-left: 10pt"><FONT STYLE="color: #111111">Chief Compliance Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.1pt"><FONT STYLE="color: #111111">Rajeev Das</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.1pt; padding-left: 10pt"><FONT STYLE="color: #111111">Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">Whether or not the Rights Offering is consummated, the Fund agrees to pay
the Subscription Agent for services rendered hereunder, as set forth in the schedule attached to this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">The Subscription Agent may employ or retain such agents (including but not limited to, vendors,
advisors and subcontractors) as it reasonably requires to perform its duties and obligations hereunder; may pay reasonable remuneration
for all services so performed by such agents; shall not be responsible for any misconduct on the part of such agents; and in the
case of counsel, may rely on the written advice or opinion of such counsel, which shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by the Subscription Agent hereunder in good faith and in accordance
with such advice or opinion. Additionally, the Subscription Agent shall identify, report and deliver any unclaimed property and/or
payments to all states and jurisdictions for the Fund and predecessor companies, in accordance with applicable abandoned property
law. The Subscription Agent shall also provide information agent services to the Fund on terms to be mutually agreed upon by the
parties hereto.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">In addition to the standard escheatment services, the Fund shall remain
responsible for any fees related to any state or third party audits the Fund has previously authorized.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">The Fund hereby covenants and agrees to indemnify, reimburse and hold the
Subscription Agent and its officers, directors, employees and agents harmless against any loss, liability or reasonable expense
(including legal and other fees and expenses) incurred by the Subscription Agent arising out of or in connection with entering
into this Agreement or the performance of its duties hereunder, except for such losses, liabilities or expenses incurred as a result
of its gross negligence, bad faith or willful misconduct. The Fund shall not be liable under this indemnity with respect to any
claim against the Subscription Agent unless the Fund is notified of the written assertion of a claim against it, or of any action
commenced against it, promptly after it shall have received any such written information as to the nature and basis of the claim;
provided, however, that failure by the Subscription Agent to provide such notice shall not relieve the Fund of any liability hereunder
if no prejudice occurs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; margin-right: 0"><P STYLE="margin: 0pt 0 0pt 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #0F0F0F">In no event shall
the Subscription Agent have any liability for any incidental, special, statutory, indirect or consequential damages, or for any
loss of profits, revenue, data or cost of cover.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #0F0F0F">All
provisions regarding indemnification, liability and limits thereon shall survive the resignation or removal of the Subscription
Agent or the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-indent: -0.25pt; color: #0F0F0F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0F0F0F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.1pt">15.</TD><TD STYLE="text-align: justify">Any notice or communication by the Subscription Agent or the Fund to the
other is duly given if in writing and delivered in person or via first class mail (postage prepaid), or overnight air courier to
the other&rsquo;s address.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.6pt; color: #0F0F0F">If to the Fund:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.6pt; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 96.7pt"><FONT STYLE="font-size: 10.5pt; color: #0F0F0F">Total Return
Securites Fund<BR>
</FONT>c/o U.S. Bank Global Fund Services</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 60.7pt; text-align: justify; text-indent: 0.5in">615 East Michigan Street</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 95.85pt; text-align: justify">Milwaukee, WI 53202</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 95.85pt; text-align: justify">Email: adakos@bulldoginvestors.com; SWZfundadmin@usbank.com</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 1.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 96.8pt; color: #0F0F0F">with copy <FONT STYLE="letter-spacing: -0.25pt">to:</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.6pt; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.6pt; color: #0F0F0F">Bulldog Investors, LLP</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.6pt; color: #0F0F0F">Park 80 West | 250 Pehle Avenue, Suite
708</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.6pt; color: #0F0F0F">Saddle Brook, NJ 07663</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 96.6pt; color: #0F0F0F">Email: SDarling@bulldoginvestors.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.8pt; color: #0F0F0F">If to the Subscription Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.8pt; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F">Equiniti Trust Company, LLC<BR>
28 Liberty St, 53<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F">New York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F">Attn: Corporate Actions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F">Tel: (718) 921.8200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.8pt; color: #0F0F0F">with copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.8pt; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.7pt; text-indent: -0.05pt; color: #0F0F0F">Equiniti
Trust Company,<BR>
 LLC 28 Liberty St, 53<SUP>rd </SUP>Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.7pt; text-indent: -0.05pt; color: #0F0F0F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.7pt; text-indent: -0.05pt; color: #0F0F0F">New
York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.7pt; text-indent: -0.05pt; color: #0F0F0F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.7pt; text-indent: -0.05pt; color: #0F0F0F">Attention:
Legal Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.7pt; text-indent: -0.05pt; color: #0F0F0F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F">Email: legalteamUS@equiniti.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96.65pt; color: #0F0F0F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 40.1pt; color: #0F0F0F">The Subscription
Agent and the Fund may, by notice to the other, designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: -0.05pt; color: #0F0F0F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.1pt"><FONT STYLE="color: #0F0F0F">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0F0F0F">If any provision of this Agreement shall be held illegal</FONT><FONT STYLE="color: #3B3B3B">,
</FONT><FONT STYLE="color: #0F0F0F">invalid, or unenforceable by any court, this Agreement shall be construed and enforced as if
such provision had not been contained herein and shall be deemed an Agreement between us to the full extent permitted by applicable
law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; margin-right: 0"><P STYLE="margin: 0pt 0 0pt 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #111111"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39.85pt">17.</TD><TD STYLE="text-align: justify">This Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without giving effect to principles of conflicts of law, and shall inure to the benefit of and be binding upon the successors
and permitted assigns of the parties hereto.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #111111"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39.9pt">18.</TD><TD STYLE="text-align: justify">Neither this Agreement, nor any rights or obligations hereunder, may be assigned by either party
without the written consent of the other party. However, the Subscription Agent may assign this Agreement or any rights granted
hereunder, in whole or in part, either to affiliates, another division, subsidiaries or in connection with its reorganization or
to successors of all or a majority of the Subscription Agent&rsquo;s assets or business without the prior written consent of the
Fund.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #111111"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39.95pt">19.</TD><TD STYLE="text-align: justify">No provision of this Agreement may be amended, modified or waived, except in writing signed by
all of the parties hereto. This Agreement may be executed in counterparts, each of which shall be for all purposes deemed an original,
but all of which together shall constitute one and the same instrument.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #111111"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.2pt">20.</TD><TD STYLE="text-align: justify">Nothing herein contained shall amend, replace or supersede any agreement between the Fund and the
Subscription Agent to act as the Fund&rsquo;s transfer agent, which agreement shall remain of full force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.65pt; text-align: center; color: #111111"><I>[signature
page follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.65pt; text-align: center; color: #111111">&nbsp;</P>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #111111">This Subscription Agent Agreement
has been executed by the parties hereto as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.5pt; color: #111111">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">TOTAL RETURN SECURITIES FUND</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #111111">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #111111">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #111111">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.5pt; color: #111111">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.5pt; color: #111111">Agreed &amp; Accepted:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.5pt; color: #111111">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; color: #111111">EQUINITI TRUST COMPANY, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; color: #111111">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt; color: #111111">By</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: #111111">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: #111111">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-right: 0">&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; text-align: justify"></P>

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      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_RejectionOfExerciseOfSubscriptionRightsMember" xlink:label="swz_RejectionOfExerciseOfSubscriptionRightsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_RejectionOfExerciseOfSubscriptionRightsMember" xlink:to="swz_RejectionOfExerciseOfSubscriptionRightsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_RejectionOfExerciseOfSubscriptionRightsMember_lbl" xml:lang="en-US">Rejection of Exercise of Subscription Rights [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_DiscountToNetAssetValueNavMember" xlink:label="swz_DiscountToNetAssetValueNavMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DiscountToNetAssetValueNavMember" xlink:to="swz_DiscountToNetAssetValueNavMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_DiscountToNetAssetValueNavMember_lbl" xml:lang="en-US">Discount to Net Asset Value (NAV) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_DilutionOfwnershipMember" xlink:label="swz_DilutionOfwnershipMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DilutionOfwnershipMember" xlink:to="swz_DilutionOfwnershipMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_DilutionOfwnershipMember_lbl" xml:lang="en-US">Dilution of Ownership [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_DilutionToNavMember" xlink:label="swz_DilutionToNavMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DilutionToNavMember" xlink:to="swz_DilutionToNavMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_DilutionToNavMember_lbl" xml:lang="en-US">Dilution to NAV [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_ClosedEndInvestmentCompanyRiskMember" xlink:label="swz_ClosedEndInvestmentCompanyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ClosedEndInvestmentCompanyRiskMember" xlink:to="swz_ClosedEndInvestmentCompanyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_ClosedEndInvestmentCompanyRiskMember_lbl" xml:lang="en-US">Closed-End Investment Company Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember" xlink:label="swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember" xlink:to="swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember_lbl" xml:lang="en-US">Special Purpose Acquisition Companies (SPACs) Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_MarketRiskMember" xlink:label="swz_MarketRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_MarketRiskMember" xlink:to="swz_MarketRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_MarketRiskMember_lbl" xml:lang="en-US">Market Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember" xlink:label="swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember" xlink:to="swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_lbl" xml:lang="en-US">Risk Related to Fixed Income Securities, including Non-Investment Grade Securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_MarketDiscountFromNetAssetValueNavRiskMember" xlink:label="swz_MarketDiscountFromNetAssetValueNavRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_MarketDiscountFromNetAssetValueNavRiskMember" xlink:to="swz_MarketDiscountFromNetAssetValueNavRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_MarketDiscountFromNetAssetValueNavRiskMember_lbl" xml:lang="en-US">Market Discount from Net Asset Value (NAV) Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_LeverageRiskMember" xlink:label="swz_LeverageRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_LeverageRiskMember" xlink:to="swz_LeverageRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_LeverageRiskMember_lbl" xml:lang="en-US">Leverage Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_DefensivePositionRiskMember" xlink:label="swz_DefensivePositionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DefensivePositionRiskMember" xlink:to="swz_DefensivePositionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_DefensivePositionRiskMember_lbl" xml:lang="en-US">Defensive Position Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_OptionsAndFuturesRiskMember" xlink:label="swz_OptionsAndFuturesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_OptionsAndFuturesRiskMember" xlink:to="swz_OptionsAndFuturesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_OptionsAndFuturesRiskMember_lbl" xml:lang="en-US">Options and Futures Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_SecuritiesLendingRiskMember" xlink:label="swz_SecuritiesLendingRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_SecuritiesLendingRiskMember" xlink:to="swz_SecuritiesLendingRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_SecuritiesLendingRiskMember_lbl" xml:lang="en-US">Securities Lending Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_ChangesInPoliciesRiskMember" xlink:label="swz_ChangesInPoliciesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ChangesInPoliciesRiskMember" xlink:to="swz_ChangesInPoliciesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_ChangesInPoliciesRiskMember_lbl" xml:lang="en-US">Changes in Policies Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_PreferredStockRiskMember" xlink:label="swz_PreferredStockRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_PreferredStockRiskMember" xlink:to="swz_PreferredStockRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_PreferredStockRiskMember_lbl" xml:lang="en-US">Preferred Stock Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_ConvertibleSecuritiesRiskMember" xlink:label="swz_ConvertibleSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ConvertibleSecuritiesRiskMember" xlink:to="swz_ConvertibleSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_ConvertibleSecuritiesRiskMember_lbl" xml:lang="en-US">Convertible Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_IssuerSpecificChangesRiskMember" xlink:label="swz_IssuerSpecificChangesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_IssuerSpecificChangesRiskMember" xlink:to="swz_IssuerSpecificChangesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_IssuerSpecificChangesRiskMember_lbl" xml:lang="en-US">Issuer Specific Changes Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_AntiTakeoverProvisionsRiskMember" xlink:label="swz_AntiTakeoverProvisionsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_AntiTakeoverProvisionsRiskMember" xlink:to="swz_AntiTakeoverProvisionsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_AntiTakeoverProvisionsRiskMember_lbl" xml:lang="en-US">Anti-Takeover Provisions Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_CommonStockRiskMember" xlink:label="swz_CommonStockRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_CommonStockRiskMember" xlink:to="swz_CommonStockRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_CommonStockRiskMember_lbl" xml:lang="en-US">Common Stock Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_ExchangeTradedFundsEtfsRiskMember" xlink:label="swz_ExchangeTradedFundsEtfsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ExchangeTradedFundsEtfsRiskMember" xlink:to="swz_ExchangeTradedFundsEtfsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_ExchangeTradedFundsEtfsRiskMember_lbl" xml:lang="en-US">Exchange Traded Funds (ETFs) Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_ForeignSecuritiesRiskMember" xlink:label="swz_ForeignSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ForeignSecuritiesRiskMember" xlink:to="swz_ForeignSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_ForeignSecuritiesRiskMember_lbl" xml:lang="en-US">Foreign Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_PortfolioTurnoverRiskMember" xlink:label="swz_PortfolioTurnoverRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_PortfolioTurnoverRiskMember" xlink:to="swz_PortfolioTurnoverRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_PortfolioTurnoverRiskMember_lbl" xml:lang="en-US">Portfolio Turnover Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_ShortSaleRiskMember" xlink:label="swz_ShortSaleRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ShortSaleRiskMember" xlink:to="swz_ShortSaleRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_ShortSaleRiskMember_lbl" xml:lang="en-US">Short Sale Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_SmallAndMediumCapCompanyRiskMember" xlink:label="swz_SmallAndMediumCapCompanyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_SmallAndMediumCapCompanyRiskMember" xlink:to="swz_SmallAndMediumCapCompanyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_SmallAndMediumCapCompanyRiskMember_lbl" xml:lang="en-US">Small and Medium Cap Company Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="swz-20251023.xsd#swz_ForeignCurrencyRiskMember" xlink:label="swz_ForeignCurrencyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ForeignCurrencyRiskMember" xlink:to="swz_ForeignCurrencyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="swz_ForeignCurrencyRiskMember_lbl" xml:lang="en-US">Foreign Currency Risk [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DeclineInTradingPriceMember" xlink:to="swz_DeclineInTradingPriceMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_DeclineInTradingPriceMember_doc" xml:lang="en-US">Decline in Trading Price.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_TerminationOfOfferingMember" xlink:to="swz_TerminationOfOfferingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_TerminationOfOfferingMember_doc" xml:lang="en-US">Termination of Offering.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_RejectionOfExerciseOfSubscriptionRightsMember" xlink:to="swz_RejectionOfExerciseOfSubscriptionRightsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_RejectionOfExerciseOfSubscriptionRightsMember_doc" xml:lang="en-US">Rejection of Exercise of Subscription Rights.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DiscountToNetAssetValueNavMember" xlink:to="swz_DiscountToNetAssetValueNavMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_DiscountToNetAssetValueNavMember_doc" xml:lang="en-US">Discount to Net Asset Value (NAV).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DilutionOfwnershipMember" xlink:to="swz_DilutionOfwnershipMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_DilutionOfwnershipMember_doc" xml:lang="en-US">Dilution of Ownership.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DilutionToNavMember" xlink:to="swz_DilutionToNavMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_DilutionToNavMember_doc" xml:lang="en-US">Dilution to NAV.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ClosedEndInvestmentCompanyRiskMember" xlink:to="swz_ClosedEndInvestmentCompanyRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_ClosedEndInvestmentCompanyRiskMember_doc" xml:lang="en-US">Closed-End Investment Company Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember" xlink:to="swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember_doc" xml:lang="en-US">Special Purpose Acquisition Companies (SPACs) Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_MarketRiskMember" xlink:to="swz_MarketRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_MarketRiskMember_doc" xml:lang="en-US">Market Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember" xlink:to="swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_doc" xml:lang="en-US">Risk Related to Fixed Income Securities, including Non-Investment Grade Securities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_MarketDiscountFromNetAssetValueNavRiskMember" xlink:to="swz_MarketDiscountFromNetAssetValueNavRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_MarketDiscountFromNetAssetValueNavRiskMember_doc" xml:lang="en-US">Market Discount from Net Asset Value (NAV) Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_LeverageRiskMember" xlink:to="swz_LeverageRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_LeverageRiskMember_doc" xml:lang="en-US">Leverage Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_DefensivePositionRiskMember" xlink:to="swz_DefensivePositionRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_DefensivePositionRiskMember_doc" xml:lang="en-US">Defensive Position Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_OptionsAndFuturesRiskMember" xlink:to="swz_OptionsAndFuturesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_OptionsAndFuturesRiskMember_doc" xml:lang="en-US">Options and Futures Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_SecuritiesLendingRiskMember" xlink:to="swz_SecuritiesLendingRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_SecuritiesLendingRiskMember_doc" xml:lang="en-US">Securities Lending Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ChangesInPoliciesRiskMember" xlink:to="swz_ChangesInPoliciesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_ChangesInPoliciesRiskMember_doc" xml:lang="en-US">Changes in Policies Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_PreferredStockRiskMember" xlink:to="swz_PreferredStockRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_PreferredStockRiskMember_doc" xml:lang="en-US">Preferred Stock Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_ConvertibleSecuritiesRiskMember" xlink:to="swz_ConvertibleSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="swz_ConvertibleSecuritiesRiskMember_doc" xml:lang="en-US">Convertible Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="swz_IssuerSpecificChangesRiskMember" xlink:to="swz_IssuerSpecificChangesRiskMember_doc" xlink:type="arc" />
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following table shows Fund expenses that you as an investor in the Fund&#x2019;s Shares will bear directly or indirectly.&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
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&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sales
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&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
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    expenses&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecef--UnderwritersCompensationPercent_dp_c20251023__20251023_fKDEp_ze5wIgQzImX4" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.28%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dividend
    Reinvestment and Cash Purchase Plan Fees&lt;sup&gt;(2)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$&lt;span id="xdx_90A_ecef--DividendReinvestmentAndCashPurchaseFees_pid_c20251023__20251023_fKDIp_zwRSx0GUu1Bb"&gt;15.00&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"&gt;&lt;span id="xdx_F08_zhtcPXPyZB2k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F11_zNsYWAdLCps9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Assuming
    the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to
    be approximately $218,266 or approximately $0.0084 per Share.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F0A_zNtZJU70i0wj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F16_zTysSr1gckgg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;There
    will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever
    Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of
    brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent
    are subject to a fee of $15 plus a sales commission of $0.10 per Share.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Assuming
    the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to
    be approximately $218,266 or approximately $0.0084 per Share.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;There
    will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever
    Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of
    brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent
    are subject to a fee of $15 plus a sales commission of $0.10 per Share.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:SalesLoadPercent
      contextRef="AsOf2025-10-23"
      decimals="INF"
      id="Fact000059"
      unitRef="Ratio">0</cef:SalesLoadPercent>
    <cef:UnderwritersCompensationPercent
      contextRef="AsOf2025-10-23"
      decimals="INF"
      id="Fact000060"
      unitRef="Ratio">0.0028</cef:UnderwritersCompensationPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="AsOf2025-10-23"
      decimals="INF"
      id="Fact000061"
      unitRef="USD">15.00</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock contextRef="AsOf2025-10-23" id="Fact000067">&lt;div id="xdx_80C_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-KPQ_z5NjsMHAmz0b"&gt;&lt;/div&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 65%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Annual
    Expenses (as a percentage of net assets attributable to the Shares)&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 15%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Management
    fees&lt;sup&gt;(3)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--ManagementFeesPercent_dp_c20251023__20251023_fKDMp_zurPatviGk3l" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.00%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Interest
    Payments on Borrowed Funds&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecef--InterestExpensesOnBorrowingsPercent_dp0_c20251023__20251023_zPLt5j1Rg5Mk" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 10pt 1.5pt 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2013;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other
    expenses&lt;sup&gt;(4)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--OtherAnnualExpensesPercent_dp_c20251023__20251023_fKDQp_zMkNsteDtpFl" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.61%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Acquired
    Fund fees and expenses&lt;sup&gt;(5)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--AcquiredFundFeesAndExpensesPercent_dp_c20251023__20251023_fKDUp_z72vGZAHZf83" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.01%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total
    Annual Expenses&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--TotalAnnualExpensesPercent_dp_c20251023__20251023_zG7mhwfaZbH" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1.62%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F00_zQ7chfl58O1g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(3)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F11_zoXlycVdtWDd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
    Fund&#x2019;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#x2019;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#x2019;s Chief Compliance Officer) affiliated
    with Bulldog.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F09_znInLyXr0Nw2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F1A_zxMPB8QMSfub" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x201c;Other
    Expenses&#x201d; are based on estimated amounts for the current fiscal year.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt"&gt;&lt;span id="xdx_F0F_z0ZW0YTNqrw3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(5)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F15_zppi0ZdT7gAl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
    Fund invests in other closed-end investment companies and ETFs (collectively, the &#x201c;Acquired Funds&#x201d;). The Shareholders
    indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund
    fees and expenses are based on estimated amounts for the current fiscal year.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(3)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90B_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20251023__20251023_zxEnBPMH5GK1"&gt;The
    Fund&#x2019;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#x2019;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#x2019;s Chief Compliance Officer) affiliated
    with Bulldog.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_903_ecef--OtherExpensesNoteTextBlock_c20251023__20251023_zn8RluJII8K1"&gt;&#x201c;Other
    Expenses&#x201d; are based on estimated amounts for the current fiscal year.&lt;/span&gt; &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;div&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(5)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
    Fund invests in other closed-end investment companies and ETFs (collectively, the &#x201c;Acquired Funds&#x201d;). The Shareholders
    indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund
    fees and expenses are based on estimated amounts for the current fiscal year.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="AsOf2025-10-23"
      decimals="INF"
      id="Fact000068"
      unitRef="Ratio">0.0100</cef:ManagementFeesPercent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="AsOf2025-10-23"
      decimals="INF"
      id="Fact000069"
      unitRef="Ratio">0</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="AsOf2025-10-23"
      decimals="INF"
      id="Fact000070"
      unitRef="Ratio">0.0061</cef:OtherAnnualExpensesPercent>
    <cef:AcquiredFundFeesAndExpensesPercent
      contextRef="AsOf2025-10-23"
      decimals="INF"
      id="Fact000071"
      unitRef="Ratio">0.0001</cef:AcquiredFundFeesAndExpensesPercent>
    <cef:TotalAnnualExpensesPercent
      contextRef="AsOf2025-10-23"
      decimals="INF"
      id="Fact000072"
      unitRef="Ratio">0.0162</cef:TotalAnnualExpensesPercent>
    <cef:ExpenseExampleTableTextBlock contextRef="AsOf2025-10-23" id="Fact000078">&lt;p id="xdx_800_ecef--ExpenseExampleTableTextBlock_gL1EETTB-FIF_z6gTBJMNEwO2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Example&lt;/b&gt;&lt;sup&gt;(6)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;

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



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&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, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="-sec-ix-redline: true"&gt;The following example illustrates the hypothetical
expenses (including estimated expenses with respect to year 1 of this Offering of approximately $218,266) that you would pay on a $1,000
investment in the Shares, assuming (i) annual expenses of 1.62% of net assets attributable to the Shares and (ii) a 5% annual return:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

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

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 33%; text-align: center; vertical-align: bottom"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1
    Year&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3
    Years&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;5
    Years&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;10
    Years&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;You
    would pay the following expenses on a $1,000 investment, assuming a 5% annual return&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--ExpenseExampleYear01_c20251023__20251023_fKDYp_zSswcNhvxSeb" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$19&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecef--ExpenseExampleYears1to3_c20251023__20251023_fKDYp_zpIwnNemdGrd" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;$54&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--ExpenseExampleYears1to5_c20251023__20251023_fKDYp_zelFXzr0MULe" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$91&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--ExpenseExampleYears1to10_c20251023__20251023_fKDYp_zx1T9MoWnAHc" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;$195
    &lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"&gt;&lt;span id="xdx_F04_zFbPLUhxn4Ri" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(6)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span id="xdx_F15_z6ZAXE1LhUPe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
    example assumes that the estimated &#x201c;Other Expenses&#x201d; set forth in the Annual Expenses table remain the same each
    year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed.
    The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize
    any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund&#x2019;s actual rate
    of return will vary and may be greater or less than the hypothetical 5% annual return.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;div&gt;&lt;/div&gt;
&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(6)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
    example assumes that the estimated &#x201c;Other Expenses&#x201d; set forth in the Annual Expenses table remain the same each
    year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed.
    The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize
    any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund&#x2019;s actual rate
    of return will vary and may be greater or less than the hypothetical 5% annual return.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="AsOf2025-10-23"
      decimals="0"
      id="Fact000079"
      unitRef="USD">19</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="AsOf2025-10-23"
      decimals="0"
      id="Fact000080"
      unitRef="USD">54</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="AsOf2025-10-23"
      decimals="0"
      id="Fact000081"
      unitRef="USD">91</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="AsOf2025-10-23"
      decimals="0"
      id="Fact000082"
      unitRef="USD">195</cef:ExpenseExampleYears1to10>
    <cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock contextRef="AsOf2025-10-23" id="Fact000084">The
    Fund&#x2019;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#x2019;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#x2019;s Chief Compliance Officer) affiliated
    with Bulldog.</cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock>
    <cef:OtherExpensesNoteTextBlock contextRef="AsOf2025-10-23" id="Fact000085">&#x201c;Other
    Expenses&#x201d; are based on estimated amounts for the current fiscal year.</cef:OtherExpensesNoteTextBlock>
    <cef:PurposeOfFeeTableNoteTextBlock contextRef="AsOf2025-10-23" id="Fact000086">The
purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly
or indirectly. &lt;b&gt;The example should not be considered a representation of actual future expenses. Actual expenses may be higher
or lower than those shown.&lt;/b&gt;</cef:PurposeOfFeeTableNoteTextBlock>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2024-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000088"
      unitRef="USDPShares">8.94</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2023-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000089"
      unitRef="USDPShares">9.76</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2022-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000090"
      unitRef="USDPShares">8.80</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2021-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000091"
      unitRef="USDPShares">11.50</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2020-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000092"
      unitRef="USDPShares">10.45</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2019-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000093"
      unitRef="USDPShares">9.71</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2025-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000095"
      unitRef="USDPShares">7.13</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2024-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000096"
      unitRef="USDPShares">8.94</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2023-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000097"
      unitRef="USDPShares">9.76</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2022-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000098"
      unitRef="USDPShares">8.80</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2021-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000099"
      unitRef="USDPShares">11.50</us-gaap:NetAssetValuePerShare>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2020-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000100"
      unitRef="USDPShares">10.45</us-gaap:NetAssetValuePerShare>
    <us-gaap:SharePrice
      contextRef="AsOf2025-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000102"
      unitRef="USDPShares">6.34</us-gaap:SharePrice>
    <us-gaap:SharePrice
      contextRef="AsOf2024-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000103"
      unitRef="USDPShares">7.49</us-gaap:SharePrice>
    <us-gaap:SharePrice
      contextRef="AsOf2023-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000104"
      unitRef="USDPShares">8.20</us-gaap:SharePrice>
    <us-gaap:SharePrice
      contextRef="AsOf2022-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000105"
      unitRef="USDPShares">7.56</us-gaap:SharePrice>
    <us-gaap:SharePrice
      contextRef="AsOf2021-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000106"
      unitRef="USDPShares">9.94</us-gaap:SharePrice>
    <us-gaap:SharePrice
      contextRef="AsOf2020-12-31_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000107"
      unitRef="USDPShares">8.94</us-gaap:SharePrice>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="AsOf2025-10-23" id="Fact000109">&lt;p id="xdx_807_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zQYrViOYScM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span id="swzn2a007"&gt;&lt;/span&gt;INVESTMENT
OBJECTIVE AND INVESTMENT STRATEGIES&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;The
disclosure below describes the Fund&#x2019;s current Investment Objective and Investment Strategies. As noted earlier, at a special
meeting on February 21, 2025, the Shareholders approved an investment advisory agreement (the &#x201c;Advisory Agreement&#x201d;)
between the Fund and Bulldog whereby Bulldog will provide investment management services to the Fund. At the February 21, 2025
special meeting, the Shareholders also approved replacing the Fund&#x2019;s fundamental investment objective of capital appreciation
by investing in equity and equity-linked securities of Swiss companies with a non-fundamental investment objective of providing
long-term total return and changes to the Fund&#x2019;s fundamental investment restrictions in order to expand the types of investments
the Fund can make to meet its new investment objective (the &#x201c;Investment Changes&#x201d;).&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Investment
Objective&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s current investment objective is to seek to provide long-term total return. There can be no assurance that the Fund&#x2019;s
objective will be achieved.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Investment
Strategies&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Investment Adviser currently manages the Fund&#x2019;s assets with a primary focus on purchasing U.S. securities or other assets
that, in its opinion, are undervalued at the time of purchase and (1) have the potential for growth and/or (2) where the perceived
discount from their intrinsic value is likely to narrow over time. When advisable, the Investment Adviser may seek to influence
the management of a portfolio company to take actions to increase the market price of the Fund&#x2019;s investment in that company&#x2019;s
securities (e.g., by such company repurchasing its securities, paying a special dividend, or by considering restructuring actions,
such as selling or liquidating the company).&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s investments may also include the securities of companies undergoing a corporate event such as mergers, liquidations,
reorganizations, or spin-offs. Investments are not restricted to any types of securities (e.g., equity, fixed income) or their
liquidity. At times, the portfolio may be highly concentrated. The Fund may invest in securities of companies with any market
capitalization and is not required to be fully invested at any time. There is no limitation with respect to the portion of the
Fund&#x2019;s total assets held in cash and cash equivalents. The Fund may use leverage and may hedge its investments.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund&#x2019;s principal investment
strategies in attempting to respond to adverse market, economic, political or other conditions. During such times, the Fund may
temporarily invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial
paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities.
In these and in other cases, the Fund may not achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Investment Adviser may invest the Fund&#x2019;s cash balances in any investments it deems appropriate, subject to the restrictions
set forth in the Fund&#x2019;s Statement of Additional Information under the heading &#x201c;Investment Restrictions &#x2013; Fundamental
Policies&#x201d; and as permitted under the 1940 Act, including investments in repurchase agreements, money market funds, additional
repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such
investments will ordinarily be reinvested by the Fund in accordance with its investment program. Many of the considerations entering
into the Investment Adviser&#x2019;s recommendations and decisions are subjective.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Portfolio
Investments&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Other
Closed-End Investment Companies&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund will invest in the securities of other closed-end investment companies. To the extent the Fund invests a portion of its assets
in investment company securities, those assets will be subject to the risks of the purchased investment company&#x2019;s portfolio
securities, and a stockholder of the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly,
the expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
higher or lower than the NAV of such closed-end investment company.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
accordance with Section 12(d)(1)(F) of the 1940 Act, the Fund will be limited by provisions of the 1940&#160;Act that limit the
amount the Fund can invest in other investment companies to 3% of any other investment company&#x2019;s total outstanding stock.
As a result, the Fund may hold a smaller position in a closed-end investment company than if it were not subject to this restriction.
To comply with provisions of the 1940 Act, on any matter upon which stockholders of a closed-end investment company in which the
Fund has invested are solicited to vote, the Fund&#x2019;s Investment Adviser will vote such shares in the same general proportion
as shares held by other stockholders of such closed-end investment company or seek instructions from the Fund&#x2019;s stockholders
with regard to the voting on such matter. Compliance with such provisions regarding its voting of proxies may cause the Fund to
incur additional costs. In addition, if the Fund votes its proxies in the same general proportion as shares held by other stockholders,
the Fund may, in such instances, not vote in the Fund&#x2019;s best interests in light of its investment objective and strategy.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Special
Purpose Acquisition Companies (&#x201c;SPACs&#x201d;)&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in stock, warrants, and other securities of SPACs. Unless and until an acquisition meeting the SPAC&#x2019;s requirements
is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money
market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed within a pre-established
period of time, the invested funds are returned to the entity&#x2019;s stockholders. Because SPACs and similar entities have no
operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent
on the ability of the SPAC&#x2019;s management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions
only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which
are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale and/or
may trade at a discount.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Common
Stocks&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund will invest in common stocks. Common stocks represent an ownership interest in a company. The Fund may also invest in securities
that can be exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity
securities are more volatile and riskier than some other forms of investment. Therefore, the value of your investment in the Fund
may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including adverse events such as unfavorable
earnings reports, changes in investors&#x2019; perceptions of the financial condition of an issuer, the general condition of the
relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices may be
sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase for issuers. Because convertible
securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying
equity securities increase or decrease. The common stocks in which the Fund will invest are structurally subordinated to preferred
securities, bonds and other debt instruments in a company&#x2019;s capital structure in terms of priority to corporate income and
assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Exchange
Traded Funds (&#x201c;ETFs&#x201d;)&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in exchange-traded funds, which are investment companies that, in general, aim to track or replicate a desired
index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent, actively managed, and their shares
are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their shares in large
blocks known as &#x201c;creation units.&#x201d; The investor purchasing a creation unit may sell the individual shares on a secondary
market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that an ETF&#x2019;s
investment objective will be achieved, as ETFs based on an index may not replicate and maintain exactly the composition and relative
weightings of securities in the index. ETFs are subject to the risks of investing in the underlying securities. The Fund, as a
holder of the securities of the ETF, will bear its pro rata portion of the ETF&#x2019;s expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#x2019;s own operations.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Fixed
Income Securities, Including Non-Investment Grade Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in fixed income securities, also referred to as debt securities. Fixed income securities are subject to credit
risk and market risk. Credit risk is the risk of the issuer&#x2019;s inability to meet its principal and interest payment obligations.
Market risk is the risk of price volatility due to such factors such as interest rate sensitivity, market perception of the creditworthiness
of the issuer and general market liquidity. There is no limitation on the maturities or duration of fixed income securities in
which the Fund invests. Securities having longer maturities generally involve greater risk of fluctuations in value resulting
from changes in interest rates. The Fund&#x2019;s credit quality policy with respect to investments in fixed income securities
does not require the Fund to dispose of any debt securities owned in the event that such security&#x2019;s rating declines to below
investment grade, commonly referred to as &#x201c;junk bonds.&#x201d; Although lower quality debt typically pays a higher yield,
such investments involve substantial risk of loss. Junk bonds are considered predominantly speculative with respect to the issuer&#x2019;s
ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business
developments. The market values for junk bonds tend to be very volatile, and those securities are less liquid than investment
grade debt securities. Moreover, junk bonds pose a greater risk that exercise of any of their redemption or call provisions in
a declining market may result in their replacement by lower-yielding bonds. In addition, bonds in the lowest two (2) investment
grade categories, despite being of higher credit rating than junk bonds, have speculative characteristics with respect to the
issuer&#x2019;s ability to pay interest and principal and their susceptibility to default or decline in market value.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

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

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in corporate bonds, debentures and other debt securities. Debt securities in which the Fund may invest may pay
fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations and other issuers to
borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount
borrowed on or before maturity. Certain debt securities are &#x201c;perpetual&#x201d; in that they have no maturity date.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These
securities may be U.S. dollar-denominated or non-U.S. dollar-denominated and include: (a) debt obligations issued or guaranteed
by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of supranational entities. Government debt securities include: debt securities issued or guaranteed by
governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owned,
controlled or sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment
characteristics issued by the above noted issuers; or debt securities issued by supranational entities such as the World
Bank or the European Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging
market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated
and considered to be of comparable quality to lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental
authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the
Fund may have limited resources in the event of a default. Some of these risks do not apply to issuers in large, more developed
countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly
in one country.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in foreign securities, including direct investments in securities of foreign issuers that are traded on a U.S.
securities exchange or over the counter and investments in depository receipts (such as American Depositary Receipts (&#x201c;ADRs&#x201d;)),
ETFs, and other closed-end investment companies that represent indirect interests in securities of foreign issuers. The Fund is
not limited in the amount of assets it may invest in such foreign securities. These investments involve certain risks not generally
associated with investments in the securities of U.S. issuers, including the risk of fluctuations in foreign currency exchange
rates, unreliable and untimely information about the issuers and political and economic instability. These risks could result
in the Fund&#x2019;s Investment Adviser misjudging the value of certain securities or in a significant loss in the value of those
securities.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding and confiscatory
taxes), government policies (in this country or abroad), relations between nations and trading, settlement, custodial and other
operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign securities
markets may be less liquid, more volatile and less subject to governmental supervision than markets in the U.S. As an alternative
to holding foreign traded securities, the Fund may invest in dollar-denominated securities of foreign companies that trade on
U.S. exchanges or in the U.S. over-the-counter market (including depositary receipts as described below, which evidence ownership
in underlying foreign securities, and ETFs as described above).&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Because
foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements
comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than
about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of
some foreign companies are less liquid and more volatile than securities of comparable U.S. companies. There is generally less
government supervision and regulation of securities exchanges, broker dealers and listed companies than in the United States.
Mail service between the United States and foreign countries may be slower or less reliable than within the United States, thus
increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment
for securities before delivery may be required. In addition, with respect to certain foreign countries, including those with emerging
markets, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments
which could affect investments in those countries. For example, prior governmental approval for foreign investments may be required
in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries.
Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of
gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Foreign
securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States,
and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile
than securities of comparable U.S. companies.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may purchase ADRs, international depositary receipts (&#x201c;IDRs&#x201d;) and global depository receipts (&#x201c;GDRs&#x201d;),
which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying
foreign securities in their national markets and currencies. However, such depository receipts continue to be subject to many
of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the
political and economic risks associated with the underlying issuer&#x2019;s country. ADRs, IDRs and GDRs may be sponsored or unsponsored.
Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses,
they may not pass-through voting or other stockholder rights, and they may be less liquid. Less information is normally available
on unsponsored receipts.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dividends
paid on foreign securities may not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under
the Code. As a result, there can be no assurance as to what portion of the Fund&#x2019;s distributions attributable to foreign
securities will be designated as qualified dividend income.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Emerging
Market Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest up to 5% of its net assets in emerging market securities, although through its investments in ETFs, other investment
companies or depositary receipts that invest in emerging market securities, up to 20% of the Fund&#x2019;s assets may be invested
indirectly in issuers located in emerging markets. The risks of foreign investments described above apply to an even greater extent
to investments in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid,
and more volatile than the securities markets of the United States and developed foreign markets. Disclosure and regulatory standards
in many respects are less stringent than in the United States and developed foreign markets. There also may be a lower level of
monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and
enforcement of existing regulations has been extremely limited. Many emerging countries have experienced substantial, and in some
periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may
continue to have very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging
markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely
by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed
or negotiated by the countries with which they trade. The economies of these countries also have been and may continue to be adversely
affected by economic conditions in the countries in which they trade. The economies of countries with emerging markets may also
be predominantly based on only a few industries or dependent on revenues from particular commodities. In addition, custodial services
and other costs relating to investment in foreign markets may be more expensive in emerging markets than in many developed foreign
markets, which could reduce the Fund&#x2019;s income from such securities. In many cases, governments of emerging countries continue
to exercise significant control over their economies, and government actions relative to the economy, as well as economic developments
generally, may affect the Fund&#x2019;s investments in those countries. In addition, there is a heightened possibility of expropriation
or confiscatory taxation, imposition of withholding taxes on interest payments, or other similar developments that could affect
investments in those countries. There can be no assurance that adverse political changes will not cause the Fund to suffer a loss
of any or all of its investments. Dividends paid by issuers in emerging market countries will generally not qualify for the reduced
U.S. federal income tax rates applicable to qualified dividends under the Code.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stocks&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership in an issuer. Generally,
preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common
stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock.
Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like debt, their promised
income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or collection
activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#x2019;s
capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any
legal claims to specific assets or cash flows.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investment
in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination
and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its
discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the
board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#x2019;s board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Fund&#x2019;s Investment Adviser would consider, among other factors, their
noncumulative nature in making any decision to purchase or sell such securities.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market
values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers&#x2019; industries or sectors,
including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may
also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated
changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received
deduction for corporate taxpayers or the lower rates applicable to certain dividends.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Because
the claim on an issuer&#x2019;s earnings represented by preferred stock may become onerous when interest rates fall below the rate
payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection
in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#x2019;s holdings of
higher dividend paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates
with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates
of return.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in convertible securities. Convertible securities include fixed income securities that may be exchanged or converted
into a predetermined number of shares of the issuer&#x2019;s underlying common stock at the option of the holder during a specified
period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting
of &#x201c;usable&#x201d; bonds and warrants or a combination of the features of several of these securities. The investment characteristics
of each convertible security vary widely, which allows convertible securities to be employed for a variety of investment strategies.
The Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Fund&#x2019;s
Investment Adviser, the investment characteristics of the underlying common shares will assist the Fund in achieving its investment
objective. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Fund&#x2019;s
Investment Adviser evaluates the investment characteristics of the convertible security as a fixed income instrument, and the
investment potential of the underlying equity security for capital appreciation. In evaluating these matters with respect to a
particular convertible security, the Fund&#x2019;s Investment Adviser considers numerous factors, including the economic and political
outlook, the value of the security relative to other investment alternatives, trends in the determinants of the issuer&#x2019;s
profits, and the issuer&#x2019;s management capability and practices.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
value of a convertible security, including, for example, a warrant, is a function of its &#x201c;investment value&#x201d; (determined
by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion
privilege) and its &#x201c;conversion value&#x201d; (the security&#x2019;s worth, at market value, if converted into the underlying
common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
may also have an effect on the convertible security&#x2019;s investment value. The conversion value of a convertible security is
determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases
as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds
the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible
security generally will sell at a premium over its conversion value by the extent to which investors place value on the right
to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#x2019;s governing instrument. If a convertible
security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#x2019;s
ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Real
Estate Investment Trusts&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may invest in real estate investment trusts (&#x201c;REITs&#x201d;). REITs are financial vehicles that pool investors&#x2019;
capital to purchase or finance real estate. Investments in REITs will subject the Fund to various risks. REIT share prices may
decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values
can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of
different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged properties.
Returns from REITs, which typically are small or medium capitalization stocks, may trail returns from the overall stock market.
In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing
investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Qualification
as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance
that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An
entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends
paid to its stockholders and would not pass through to its stockholders the character of income earned by the entity. If the Fund
were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund&#x2019;s yield on
that investment.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;REITs
can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental
income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be
affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs
invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged
properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid
REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be
diversified and are subject to the risks of financing projects.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dividends
paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under
the Code.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s investments in REITs may include an additional risk to stockholders. Some or all of a REIT&#x2019;s annual distributions
to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund&#x2019;s
basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund&#x2019;s
basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return
of capital, Fund distributions to stockholders may also include a nontaxable return of capital. Stockholders that receive such
a distribution will also reduce their tax basis in their common shares of the Fund, but not below zero. To the extent the distribution
exceeds a stockholder&#x2019;s basis in the Fund&#x2019;s common shares, such stockholder will generally recognize a capital gain.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund does not have any investment restrictions with respect to investments in REITs other than its concentration policy, which
limits its investments in REITs to no more than 25% of its assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskFactorsTableTextBlock contextRef="AsOf2025-10-23" id="Fact000111">&lt;p id="xdx_803_ecef--RiskFactorsTableTextBlock_dU_zZZkLbtGKaL8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span id="swzn2a008"&gt;&lt;/span&gt;RISK
FACTORS&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;An
investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed
or guaranteed by the FDIC or any other government agency; and is subject to investment risks. The value of the Fund&#x2019;s investments
will increase or decrease based on changes in the prices of the investments it holds. You could lose money by investing in the
Fund. By itself, the Fund does not constitute a balanced investment program. You should consider carefully the following principal
and non-principal risks before investing in the Fund. There may be additional risks that the Fund does not currently foresee or
consider material. You may wish to consult with your legal or tax advisors before deciding whether to invest in the Fund. This
section describes the risk factors associated with investment in the Fund specifically, as well as those factors generally associated
with investment in an investment company with investment objectives, investment policies, capital structure or trading markets
similar to the Fund&#x2019;s. Each risk summarized below is a risk of investing in the Fund, and different risks may be more significant
at different times depending upon market conditions or other factors.&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;The
Fund may invest in securities of other investment companies (&#x201c;underlying funds&#x201d;). The Fund may be subject to the risks
of the securities and other instruments described below through its own direct investments and indirectly through investments
in the underlying funds.&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Risks
Related to this Offering&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_zUyYJ7RIQq7i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Decline
in Trading Price: &lt;/i&gt;&lt;/b&gt;If the Fund&#x2019;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zT0zszzZWfU8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Value
versus Subscription Price. &lt;/i&gt;&lt;/b&gt;The Subscription Price was not determined based on established criteria for valuation, such
as expected future performance, cash flows or financial condition. You should not rely on the Subscription Price to bear a relationship
to those criteria or to be a guaranty of the value of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zqzE7kurFkF9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"&gt;&lt;b&gt;&lt;i&gt;Termination
                                            of Offering. &lt;/i&gt;&lt;/b&gt;The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund has
                                            no obligation to you except to return, without interest, your subscription payments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zssa3WGxZ3ii" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Rejection
of Exercise of Subscription Rights. &lt;/i&gt;&lt;/b&gt;Rights Holders who desire to purchase Shares in the Offering must act promptly to ensure
that all required forms and payments are actually received by the Subscription Agent before the Expiration Date of the Offering, unless
extended. If you are a beneficial owner of shares of common stock, you must act promptly to ensure that your broker, custodian bank or
other nominee acts for you and that all required forms and payments are actually received by the Subscription Agent before the Expiration
Date. The Fund will not be responsible if your broker, custodian or nominee fails to ensure that all required forms and payments are
actually received by the Subscription Agent before the Expiration Date. If you fail to complete and sign the required subscription forms,
send an incorrect payment amount or otherwise fail to follow the subscription procedures that apply to your exercise in the Offering,
the Subscription Agent may, depending on the circumstances, reject your subscription or accept it only to the extent of the payment received.
Neither the Fund nor the Subscription Agent undertakes to contact you concerning an incomplete or incorrect subscription form or payment,
nor is the Fund under any obligation to correct such forms or payments. The Fund has the sole discretion to determine whether a subscription
exercise properly follows the subscription procedures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueNavMember_dU_zJgPxuPZLLug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;b&gt;&lt;i&gt;Discount to Net Asset Value (NAV)&lt;/i&gt;&lt;/b&gt;.
The Fund&#x2019;s shares of common stock have historically traded on the NYSE at a discount to the Fund&#x2019;s NAV per share. On October
20, 2025, the last reported NAV per Share was $7.11 and the last reported sales price per Share on the NYSE was $5.99, which represents
a 15.75% discount to the Fund&#x2019;s NAV per Share. There is no assurance that this Offering will not have an effect on the discount
to NAV experienced by the Fund.&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfwnershipMember_dU_z5RsAvCeByD1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"&gt;&lt;b&gt;&lt;i&gt;Dilution
of Ownership&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;.&lt;/span&gt;&lt;/b&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;
As a result of the terms of this Offering, Shareholders who do not fully exercise their Rights will own, upon completion of this
Offering, a smaller proportional interest in the Fund than they owned prior to the Offering.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNavMember_dU_zYsbkBO4TKEa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Dilution
to NAV&lt;/i&gt;&lt;/b&gt;. Shareholders would experience an immediate moderate dilution of the NAV of their Shares as a result of the completion
of the Offering because (i) the Subscription Price per share will be less than the Fund&#x2019;s NAV per share, and (ii) the Fund
will incur expenses in connection with the Offering. This dilution would affect Record Date Shareholders to a great extent if
they do not exercise their Rights in full.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p id="xdx_85C_z69eEsDaN6Fe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Principal
Risks&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zqtZVjhGwK24" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Closed-End
Investment Company Risk. &lt;/i&gt;&lt;/b&gt;The Fund invests in the securities of other closed-end investment companies. Investing in other
closed-end investment companies involves substantially the same risks as investing directly in the underlying instruments, but
the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such
other closed-end investment companies, including advisory fees. There can be no assurance that the investment objective of any
investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its
pro rata portion of the closed-end investment company&#x2019;s expenses, including advisory fees. These expenses are in addition
to the direct expenses of the Fund&#x2019;s own operations. To the extent the Fund invests a portion of its assets in investment
company securities, those assets will be subject to the risks of the purchased investment company&#x2019;s portfolio securities,
and a shareholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the
expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
higher or lower than the NAV of such closed-end investment company. In accordance with Section 12(d)(1)(F) of the 1940 Act, the
Fund will be limited by provisions of the 1940 Act that limit the amount the Fund, together with its affiliated persons, can invest
in other investment companies to 3% of any other investment company&#x2019;s total outstanding stock. As a result, the Fund may
hold a smaller position in a closed-end investment company than if it were not subject to this restriction.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesSpacsRiskMember_dU_zILvRstgsY99" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Special
Purpose Acquisition Companies (SPACs) Risk.&lt;/i&gt;&lt;/b&gt; The Fund may invest in stock, warrants, and other securities of SPACs. Unless
and until an acquisition meeting the SPAC&#x2019;s requirements is completed, a SPAC generally invests its assets (less a portion
retained to cover expenses) in U.S. Government securities, money market securities and cash. If an acquisition that meets the
requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity&#x2019;s
shareholders. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions,
the value of their securities is particularly dependent on the ability of the entity&#x2019;s management to identify and complete
a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the
volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered
illiquid, be subject to restrictions on resale, and/or may trade at a discount.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zquAr5SG2srh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Market
Risk.&lt;/i&gt;&lt;/b&gt; Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject
to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions
and other factors, which may negatively affect the Fund&#x2019;s performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events affect the securities markets. Securities
markets also may experience long periods of decline in value. When the value of the Fund&#x2019;s investments goes down, your investment
in the Fund decreases in value and you could lose money.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases
to the Fund&#x2019;s NAV. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government
shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related
events and governments&#x2019; reactions to such events have led, and in the future may lead, to economic uncertainty, decreased
economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events
may have significant adverse direct or indirect effects on the Fund and its investments. For example, ongoing armed conflicts
between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could
continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the
United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact
on certain Fund investments, as well as Fund performance. In addition, a widespread health crisis such as a global pandemic could
cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and
affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. The increasing
interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country
or region or events affecting a single or small number of issuers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;COVID-19
resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption
of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings,
supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other
infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire
global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of
infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_dU_z6MbNA44FCd9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. &lt;/i&gt;&lt;/b&gt;The Fund may invest in fixed income securities,
also referred to as debt securities. Fixed income securities are subject to credit risk and market risk. Credit risk is the risk
of the issuer&#x2019;s inability to meet its principal and interest payment obligations. Market risk is the risk of price volatility
due to such factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market
liquidity. There is no limitation on the maturities or duration of fixed income securities in which the Fund invests. Securities
having longer maturities generally involve greater risk of fluctuations in value resulting from changes in interest rates. The
Fund&#x2019;s credit quality policy with respect to investments in fixed income securities does not require the Fund to dispose
of any debt securities owned in the event that such security&#x2019;s rating declines to below investment grade, commonly referred
to as &#x201c;junk bonds.&#x201d; Although lower quality debt typically pays a higher yield, such investments involve substantial
risk of loss. Junk bonds are considered predominantly speculative with respect to the issuer&#x2019;s ability to pay interest and
principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market
values for junk bonds tend to be very volatile, and those securities are less liquid than investment grade debt securities. Moreover,
junk bonds pose a greater risk that exercise of any of their redemption or call provisions in a declining market may result in
their replacement by lower-yielding bonds. In addition, bonds in the lowest two (2) investment grade categories, despite being
of higher credit rating than junk bonds, have speculative characteristics with respect to the issuer&#x2019;s ability to pay interest
and principal and their susceptibility to default or decline in market value. The Fund&#x2019;s investments in securities of stressed,
distressed or bankrupt issuers, including securities or obligations that are in default, generally trade significantly below par
and are considered speculative. There is even a potential risk of loss by the Fund of its entire investment in such securities.
There are a number of significant risks inherent in the bankruptcy process. A bankruptcy filing by an issuer may adversely and
permanently affect the market position and operations of the issuer. If an issuer of securities held by the Fund declares bankruptcy
or otherwise fails to pay principal or interest on such securities, the Fund would experience a decrease in income and a decline
in the market value of its investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_zX0xQyzlnETk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Risk.&lt;/i&gt;&lt;/b&gt; Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a
debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage
securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for
the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the
security&#x2019;s price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the
same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react
to changes in long-term interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueNavRiskMember_dU_zobDZ0VDaCB3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Market
Discount from Net Asset Value (NAV) Risk.&lt;/i&gt;&lt;/b&gt; Shares of closed-end investment companies frequently trade at a discount from
their NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#x2019;s NAV could decrease as a result
of its investment activities and may be greater for investors expecting to sell their Shares in a relatively short period following
completion of the Offering. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering likely being lower than NAV and (ii) the payment of certain
costs of the Offering. Whether investors will realize gains or losses upon the sale of the Shares will depend not upon the Fund&#x2019;s
NAV but entirely upon whether the market price of the Shares at the time of sale is above or below the investor&#x2019;s purchase
price for the Shares. Because the market price of the Shares will be determined by factors such as relative supply of and demand
for the Shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund
cannot predict whether the Shares will trade at, below or above NAV.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z9evCV2gDgzg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk&lt;/i&gt;.&lt;/b&gt; Transactions by underlying funds may give rise to a form of economic leverage. These transactions may include, among
others, derivatives, and may expose the underlying fund to greater risk and increase its costs. The use of leverage by underlying
funds may cause such funds to liquidate their portfolio positions when it may not be advantageous to do so to satisfy its obligations
or to meet any required asset segregation requirements. Increases and decreases in the value of an underlying fund&#x2019;s portfolio
will be magnified when it uses leverage. Leverage, including borrowing, may cause an underlying fund to be more volatile than
if such fund had not been leveraged.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zURPzSkc14Hg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Defensive
Position Risk. &lt;/i&gt;&lt;/b&gt;During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial
portion of its net assets in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances
and could miss favorable market developments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsAndFuturesRiskMember_dU_zDplWkOBpdGk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Options
and Futures Risk&lt;/i&gt;. &lt;/b&gt;Options and futures transactions can be highly volatile investments. Successful hedging strategies require
the anticipation of future movements in securities prices, interest rates and other economic factors. When a fund uses futures
contracts and options as hedging devices, the prices of the securities subject to the futures contracts and options may not correlate
with the prices of the securities in a portfolio. This may cause the futures and options to react to market changes differently
than the portfolio securities. Even if expectations about the market and economic factors are correct, a hedge could be unsuccessful
if changes in the value of the portfolio securities do not correspond to changes in the value of the futures contracts. The ability
to establish and close out futures contracts and options on futures contracts positions depends on the availability of a secondary
market. If these positions cannot be closed out due to disruptions in the market or lack of liquidity, losses may be sustained
on the futures contract or option. In addition, the Fund&#x2019;s use of options and futures may have the effect of reducing gains
made by virtue of increases in value of the Fund&#x2019;s common stock holdings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--SecuritiesLendingRiskMember_dU_zZ27yiIoZ9N6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Securities
Lending Risk&lt;/i&gt;.&lt;/b&gt; Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely
basis, and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price
of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect
the Fund&#x2019;s performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights
in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund would not have
the right to vote any securities having voting rights during the existence of the loan.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zQ7frl3bOdR8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Changes
in Policies Risk.&lt;/i&gt;&lt;/b&gt; The Fund&#x2019;s Directors may change the Fund&#x2019;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;





&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zrki4st8Iaei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership
in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of
the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible
into common stock. Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like
debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings
or collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#x2019;s
capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any
legal claims to specific assets or cash flows.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investment
in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination
and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its
discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the
board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#x2019;s board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Fund&#x2019;s Investment Adviser would consider, among other factors, their
non-cumulative nature in making any decision to purchase or sell such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market
values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers&#x2019; industries or sectors,
including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may
also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated
changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received
deduction for corporate taxpayers or the lower rates applicable to certain dividends.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Because
the claim on an issuer&#x2019;s earnings represented by preferred stock may become onerous when interest rates fall below the rate
payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection
in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#x2019;s holdings of
higher dividend paying preferred stocks may be reduced, and the Fund may be unable to acquire securities paying comparable rates
with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates
of return.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zDCRocmwZ2Pf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in convertible securities. Convertible securities include fixed income securities
that may be exchanged or converted into a predetermined number of shares of the issuer&#x2019;s underlying common stock at the
option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible
bonds or debentures, units consisting of &#x201c;usable&#x201d; bonds and warrants or a combination of the features of several of
these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities
to be employed for a variety of investment strategies. The Fund will exchange or convert convertible securities into shares of
underlying common stock when, in the opinion of the Fund&#x2019;s Investment Adviser, the investment characteristics of the underlying
common shares will assist the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible
securities. In selecting convertible securities, the Fund&#x2019;s Investment Adviser evaluates the investment characteristics
of the convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital
appreciation. In evaluating these matters with respect to a particular convertible security, the Fund&#x2019;s Investment Adviser
considers numerous factors, including the economic and political outlook, the value of the security relative to other investment
alternatives, trends in the determinants of the issuer&#x2019;s profits, and the issuer&#x2019;s management capability and practices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
value of a convertible security, including, for example, a warrant, is a function of its &#x201c;investment value&#x201d; (determined
by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion
privilege) and its &#x201c;conversion value&#x201d; (the security&#x2019;s worth, at market value, if converted into the underlying
common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
may also have an effect on the convertible security&#x2019;s investment value. The conversion value of a convertible security is
determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases
as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds
the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible
security generally will sell at a premium over its conversion value by the extent to which investors place value on the right
to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#x2019;s governing instrument. If a convertible
security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#x2019;s
ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zcDxKsONAPKa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Issuer
Specific Changes Risk. &lt;/i&gt;&lt;/b&gt;Changes in the financial condition of an issuer, changes in the specific economic or political
conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect
the credit quality or value of an issuer&#x2019;s securities. Lower-quality debt securities tend to be more sensitive to these
changes than higher-quality debt securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_850_zsanr8rPg5B4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Non-Principal
Risks&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
addition to the principal risks set forth above, the following additional risks may apply to an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z1Ds94ENJh68" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover
Provisions Risk.&lt;/i&gt;&lt;/b&gt; The Fund&#x2019;s Articles of Incorporation, as amended to date (the &#x201c;Charter&#x201d;) include certain
provisions that could limit the ability of other persons or entities to acquire control of the Fund or to cause it to engage in
certain transactions or to modify its structure.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zZT5Yn1ATpVh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Risk. &lt;/i&gt;&lt;/b&gt;The Fund invests in common stocks. Common stocks represent an ownership interest in a company. The Fund may
also invest in securities that can be exercised for or converted into common stocks (such as convertible preferred stock). Common
stocks and similar equity securities are more volatile and riskier than some other forms of investment. Therefore, the value of
your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including
adverse events such as unfavorable earnings reports, changes in investors&#x2019; perceptions of the financial condition of an
issuer, the general condition of the relevant stock market or when political or economic events affecting the issuers occur. In
addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase
for issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease
as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests are structurally
subordinated to preferred securities, bonds and other debt instruments in a company&#x2019;s capital structure in terms of priority
to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments
of such issuers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsEtfsRiskMember_dU_zhXejp9vVzC4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Exchange
Traded Funds (ETFs) Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in exchange-traded funds, which are investment companies that, in some cases,
aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent,
actively managed, and their shares are traded on a national exchange. ETFs do not sell individual shares directly to investors
and only issue their shares in large blocks known as &#x201c;creation units.&#x201d; The investor purchasing a creation unit may
sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market.
There can be no assurance that an ETF&#x2019;s investment objective will be achieved, as ETFs based on an index may not replicate
and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF&#x2019;s
expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#x2019;s own operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zFrmth9Jzc33" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk&lt;/i&gt;.&lt;/b&gt; Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_zSdMh5N9p9da" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover Risk.&lt;/i&gt;&lt;/b&gt; The Fund cannot predict its securities portfolio turnover rate with certain accuracy. Higher portfolio
turnover rates could result in corresponding increases in brokerage commissions and may generate short-term capital gains taxable
as ordinary income.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSaleRiskMember_dU_zYHTF218nsW3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Short
Sale Risk&lt;/i&gt;.&lt;/b&gt; When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the
obligation to pay an amount equal to that dividend to the lender of the shorted security. By closing out the short position prior
to the ex-dividend date, such dividend expenses are avoided. The Fund&#x2019;s actual dividend expenses paid on securities sold
short may be significantly higher than 0% of its managed assets due to, among other factors, the actual extent of the Fund&#x2019;s
short positions (which may range from 0% to 30% of managed assets), the actual dividends paid with respect to the securities the
Fund sells short, and the actual timing of the Fund&#x2019;s short sale transactions, each of which may vary over time and from
time to time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zuS9ZIV55on8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Small
and Medium Cap Company Risk. &lt;/i&gt;&lt;/b&gt;Compared to investment companies that focus only on large capitalization companies, the Fund&#x2019;s
share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies,
small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses,
(ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large
cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market
values, be harder to sell at times and at prices that the Fund&#x2019;s Investment Adviser believes appropriate, and offer greater
potential for gains and losses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually
cash, U.S. government securities or other liquid securities. The Fund will also be required to designate on its books and records
similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times
at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from
which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not
receive any payments (including interest) on its collateral deposited with such broker-dealer.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased,
and any loss increased, by the transaction costs described above. Although the Fund&#x2019;s gain is limited to the price at which
it sold the security short, its potential loss is unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating
the loss. Short selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on
the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, its investment adviser
is under no obligation to utilize short sales at all.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
requirements of the 1940 Act and the Code provide that the Fund not make a short sale if, after giving effect to such sale, the
market value of all securities sold short by the Fund exceeds 30% of the value of its managed assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_za2vWcitJPZ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Currency Risk&lt;/i&gt;.&lt;/b&gt; Although the Fund will report its NAV and pay expenses and distributions in U.S. dollars, the Fund may
invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency
exchange rates will affect the U.S. dollar value of the Fund&#x2019;s investment securities and NAV. For example, even if the securities
prices are unchanged on their primary foreign stock exchange, the Fund&#x2019;s NAV may change because of a change in the rate
of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more
volatile than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign
currency depreciates against the dollar (&lt;i&gt;i.e.&lt;/i&gt;, if the dollar strengthens), the value of the existing investment in the
securities denominated in that currency will decline. When a given currency appreciates against the dollar (&lt;i&gt;i.e.&lt;/i&gt;, if the
dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign
countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors
located outside of the country, due to a blockage of foreign currency exchanges or otherwise.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="xdx_858_zXszBaDJtNXb"&gt;&lt;/div&gt;
</cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_DeclineInTradingPriceMember"
      id="Fact000114">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_zUyYJ7RIQq7i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Decline
in Trading Price: &lt;/i&gt;&lt;/b&gt;If the Fund&#x2019;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_ValueVersusSubscriptionPriceMember"
      id="Fact000116">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zT0zszzZWfU8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Value
versus Subscription Price. &lt;/i&gt;&lt;/b&gt;The Subscription Price was not determined based on established criteria for valuation, such
as expected future performance, cash flows or financial condition. You should not rely on the Subscription Price to bear a relationship
to those criteria or to be a guaranty of the value of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_TerminationOfOfferingMember"
      id="Fact000118">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zqzE7kurFkF9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"&gt;&lt;b&gt;&lt;i&gt;Termination
                                            of Offering. &lt;/i&gt;&lt;/b&gt;The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund has
                                            no obligation to you except to return, without interest, your subscription payments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_RejectionOfExerciseOfSubscriptionRightsMember"
      id="Fact000120">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zssa3WGxZ3ii" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Rejection
of Exercise of Subscription Rights. &lt;/i&gt;&lt;/b&gt;Rights Holders who desire to purchase Shares in the Offering must act promptly to ensure
that all required forms and payments are actually received by the Subscription Agent before the Expiration Date of the Offering, unless
extended. If you are a beneficial owner of shares of common stock, you must act promptly to ensure that your broker, custodian bank or
other nominee acts for you and that all required forms and payments are actually received by the Subscription Agent before the Expiration
Date. The Fund will not be responsible if your broker, custodian or nominee fails to ensure that all required forms and payments are
actually received by the Subscription Agent before the Expiration Date. If you fail to complete and sign the required subscription forms,
send an incorrect payment amount or otherwise fail to follow the subscription procedures that apply to your exercise in the Offering,
the Subscription Agent may, depending on the circumstances, reject your subscription or accept it only to the extent of the payment received.
Neither the Fund nor the Subscription Agent undertakes to contact you concerning an incomplete or incorrect subscription form or payment,
nor is the Fund under any obligation to correct such forms or payments. The Fund has the sole discretion to determine whether a subscription
exercise properly follows the subscription procedures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_DiscountToNetAssetValueNavMember"
      id="Fact000122">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueNavMember_dU_zJgPxuPZLLug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;b&gt;&lt;i&gt;Discount to Net Asset Value (NAV)&lt;/i&gt;&lt;/b&gt;.
The Fund&#x2019;s shares of common stock have historically traded on the NYSE at a discount to the Fund&#x2019;s NAV per share. On October
20, 2025, the last reported NAV per Share was $7.11 and the last reported sales price per Share on the NYSE was $5.99, which represents
a 15.75% discount to the Fund&#x2019;s NAV per Share. There is no assurance that this Offering will not have an effect on the discount
to NAV experienced by the Fund.&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_DilutionOfwnershipMember"
      id="Fact000124">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfwnershipMember_dU_z5RsAvCeByD1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"&gt;&lt;b&gt;&lt;i&gt;Dilution
of Ownership&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;.&lt;/span&gt;&lt;/b&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;
As a result of the terms of this Offering, Shareholders who do not fully exercise their Rights will own, upon completion of this
Offering, a smaller proportional interest in the Fund than they owned prior to the Offering.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_DilutionToNavMember"
      id="Fact000126">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNavMember_dU_zYsbkBO4TKEa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Dilution
to NAV&lt;/i&gt;&lt;/b&gt;. Shareholders would experience an immediate moderate dilution of the NAV of their Shares as a result of the completion
of the Offering because (i) the Subscription Price per share will be less than the Fund&#x2019;s NAV per share, and (ii) the Fund
will incur expenses in connection with the Offering. This dilution would affect Record Date Shareholders to a great extent if
they do not exercise their Rights in full.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_ClosedEndInvestmentCompanyRiskMember"
      id="Fact000129">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zqtZVjhGwK24" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Closed-End
Investment Company Risk. &lt;/i&gt;&lt;/b&gt;The Fund invests in the securities of other closed-end investment companies. Investing in other
closed-end investment companies involves substantially the same risks as investing directly in the underlying instruments, but
the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such
other closed-end investment companies, including advisory fees. There can be no assurance that the investment objective of any
investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its
pro rata portion of the closed-end investment company&#x2019;s expenses, including advisory fees. These expenses are in addition
to the direct expenses of the Fund&#x2019;s own operations. To the extent the Fund invests a portion of its assets in investment
company securities, those assets will be subject to the risks of the purchased investment company&#x2019;s portfolio securities,
and a shareholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the
expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
higher or lower than the NAV of such closed-end investment company. In accordance with Section 12(d)(1)(F) of the 1940 Act, the
Fund will be limited by provisions of the 1940 Act that limit the amount the Fund, together with its affiliated persons, can invest
in other investment companies to 3% of any other investment company&#x2019;s total outstanding stock. As a result, the Fund may
hold a smaller position in a closed-end investment company than if it were not subject to this restriction.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_SpecialPurposeAcquisitionCompaniesSpacsRiskMember"
      id="Fact000131">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesSpacsRiskMember_dU_zILvRstgsY99" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Special
Purpose Acquisition Companies (SPACs) Risk.&lt;/i&gt;&lt;/b&gt; The Fund may invest in stock, warrants, and other securities of SPACs. Unless
and until an acquisition meeting the SPAC&#x2019;s requirements is completed, a SPAC generally invests its assets (less a portion
retained to cover expenses) in U.S. Government securities, money market securities and cash. If an acquisition that meets the
requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity&#x2019;s
shareholders. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions,
the value of their securities is particularly dependent on the ability of the entity&#x2019;s management to identify and complete
a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the
volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered
illiquid, be subject to restrictions on resale, and/or may trade at a discount.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_MarketRiskMember"
      id="Fact000133">&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zquAr5SG2srh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Market
Risk.&lt;/i&gt;&lt;/b&gt; Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject
to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions
and other factors, which may negatively affect the Fund&#x2019;s performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events affect the securities markets. Securities
markets also may experience long periods of decline in value. When the value of the Fund&#x2019;s investments goes down, your investment
in the Fund decreases in value and you could lose money.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases
to the Fund&#x2019;s NAV. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government
shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related
events and governments&#x2019; reactions to such events have led, and in the future may lead, to economic uncertainty, decreased
economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events
may have significant adverse direct or indirect effects on the Fund and its investments. For example, ongoing armed conflicts
between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could
continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the
United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact
on certain Fund investments, as well as Fund performance. In addition, a widespread health crisis such as a global pandemic could
cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and
affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. The increasing
interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country
or region or events affecting a single or small number of issuers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;COVID-19
resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption
of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings,
supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other
infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire
global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of
infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember"
      id="Fact000136">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_dU_z6MbNA44FCd9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. &lt;/i&gt;&lt;/b&gt;The Fund may invest in fixed income securities,
also referred to as debt securities. Fixed income securities are subject to credit risk and market risk. Credit risk is the risk
of the issuer&#x2019;s inability to meet its principal and interest payment obligations. Market risk is the risk of price volatility
due to such factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market
liquidity. There is no limitation on the maturities or duration of fixed income securities in which the Fund invests. Securities
having longer maturities generally involve greater risk of fluctuations in value resulting from changes in interest rates. The
Fund&#x2019;s credit quality policy with respect to investments in fixed income securities does not require the Fund to dispose
of any debt securities owned in the event that such security&#x2019;s rating declines to below investment grade, commonly referred
to as &#x201c;junk bonds.&#x201d; Although lower quality debt typically pays a higher yield, such investments involve substantial
risk of loss. Junk bonds are considered predominantly speculative with respect to the issuer&#x2019;s ability to pay interest and
principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market
values for junk bonds tend to be very volatile, and those securities are less liquid than investment grade debt securities. Moreover,
junk bonds pose a greater risk that exercise of any of their redemption or call provisions in a declining market may result in
their replacement by lower-yielding bonds. In addition, bonds in the lowest two (2) investment grade categories, despite being
of higher credit rating than junk bonds, have speculative characteristics with respect to the issuer&#x2019;s ability to pay interest
and principal and their susceptibility to default or decline in market value. The Fund&#x2019;s investments in securities of stressed,
distressed or bankrupt issuers, including securities or obligations that are in default, generally trade significantly below par
and are considered speculative. There is even a potential risk of loss by the Fund of its entire investment in such securities.
There are a number of significant risks inherent in the bankruptcy process. A bankruptcy filing by an issuer may adversely and
permanently affect the market position and operations of the issuer. If an issuer of securities held by the Fund declares bankruptcy
or otherwise fails to pay principal or interest on such securities, the Fund would experience a decrease in income and a decline
in the market value of its investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_us-gaap_InterestRateRiskMember"
      id="Fact000138">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_zX0xQyzlnETk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Risk.&lt;/i&gt;&lt;/b&gt; Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a
debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage
securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for
the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the
security&#x2019;s price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the
same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react
to changes in long-term interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_MarketDiscountFromNetAssetValueNavRiskMember"
      id="Fact000141">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueNavRiskMember_dU_zobDZ0VDaCB3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Market
Discount from Net Asset Value (NAV) Risk.&lt;/i&gt;&lt;/b&gt; Shares of closed-end investment companies frequently trade at a discount from
their NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#x2019;s NAV could decrease as a result
of its investment activities and may be greater for investors expecting to sell their Shares in a relatively short period following
completion of the Offering. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering likely being lower than NAV and (ii) the payment of certain
costs of the Offering. Whether investors will realize gains or losses upon the sale of the Shares will depend not upon the Fund&#x2019;s
NAV but entirely upon whether the market price of the Shares at the time of sale is above or below the investor&#x2019;s purchase
price for the Shares. Because the market price of the Shares will be determined by factors such as relative supply of and demand
for the Shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund
cannot predict whether the Shares will trade at, below or above NAV.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_LeverageRiskMember"
      id="Fact000143">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z9evCV2gDgzg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk&lt;/i&gt;.&lt;/b&gt; Transactions by underlying funds may give rise to a form of economic leverage. These transactions may include, among
others, derivatives, and may expose the underlying fund to greater risk and increase its costs. The use of leverage by underlying
funds may cause such funds to liquidate their portfolio positions when it may not be advantageous to do so to satisfy its obligations
or to meet any required asset segregation requirements. Increases and decreases in the value of an underlying fund&#x2019;s portfolio
will be magnified when it uses leverage. Leverage, including borrowing, may cause an underlying fund to be more volatile than
if such fund had not been leveraged.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_DefensivePositionRiskMember"
      id="Fact000145">&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zURPzSkc14Hg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Defensive
Position Risk. &lt;/i&gt;&lt;/b&gt;During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial
portion of its net assets in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances
and could miss favorable market developments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_OptionsAndFuturesRiskMember"
      id="Fact000147">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsAndFuturesRiskMember_dU_zDplWkOBpdGk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Options
and Futures Risk&lt;/i&gt;. &lt;/b&gt;Options and futures transactions can be highly volatile investments. Successful hedging strategies require
the anticipation of future movements in securities prices, interest rates and other economic factors. When a fund uses futures
contracts and options as hedging devices, the prices of the securities subject to the futures contracts and options may not correlate
with the prices of the securities in a portfolio. This may cause the futures and options to react to market changes differently
than the portfolio securities. Even if expectations about the market and economic factors are correct, a hedge could be unsuccessful
if changes in the value of the portfolio securities do not correspond to changes in the value of the futures contracts. The ability
to establish and close out futures contracts and options on futures contracts positions depends on the availability of a secondary
market. If these positions cannot be closed out due to disruptions in the market or lack of liquidity, losses may be sustained
on the futures contract or option. In addition, the Fund&#x2019;s use of options and futures may have the effect of reducing gains
made by virtue of increases in value of the Fund&#x2019;s common stock holdings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_SecuritiesLendingRiskMember"
      id="Fact000149">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--SecuritiesLendingRiskMember_dU_zZ27yiIoZ9N6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Securities
Lending Risk&lt;/i&gt;.&lt;/b&gt; Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely
basis, and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price
of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect
the Fund&#x2019;s performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights
in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund would not have
the right to vote any securities having voting rights during the existence of the loan.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_ChangesInPoliciesRiskMember"
      id="Fact000151">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zQ7frl3bOdR8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Changes
in Policies Risk.&lt;/i&gt;&lt;/b&gt; The Fund&#x2019;s Directors may change the Fund&#x2019;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;





</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_PreferredStockRiskMember"
      id="Fact000154">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zrki4st8Iaei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership
in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of
the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible
into common stock. Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like
debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings
or collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#x2019;s
capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any
legal claims to specific assets or cash flows.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Investment
in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination
and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its
discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the
board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#x2019;s board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Fund&#x2019;s Investment Adviser would consider, among other factors, their
non-cumulative nature in making any decision to purchase or sell such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market
values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers&#x2019; industries or sectors,
including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may
also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated
changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received
deduction for corporate taxpayers or the lower rates applicable to certain dividends.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Because
the claim on an issuer&#x2019;s earnings represented by preferred stock may become onerous when interest rates fall below the rate
payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection
in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#x2019;s holdings of
higher dividend paying preferred stocks may be reduced, and the Fund may be unable to acquire securities paying comparable rates
with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates
of return.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_ConvertibleSecuritiesRiskMember"
      id="Fact000156">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zDCRocmwZ2Pf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in convertible securities. Convertible securities include fixed income securities
that may be exchanged or converted into a predetermined number of shares of the issuer&#x2019;s underlying common stock at the
option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible
bonds or debentures, units consisting of &#x201c;usable&#x201d; bonds and warrants or a combination of the features of several of
these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities
to be employed for a variety of investment strategies. The Fund will exchange or convert convertible securities into shares of
underlying common stock when, in the opinion of the Fund&#x2019;s Investment Adviser, the investment characteristics of the underlying
common shares will assist the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible
securities. In selecting convertible securities, the Fund&#x2019;s Investment Adviser evaluates the investment characteristics
of the convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital
appreciation. In evaluating these matters with respect to a particular convertible security, the Fund&#x2019;s Investment Adviser
considers numerous factors, including the economic and political outlook, the value of the security relative to other investment
alternatives, trends in the determinants of the issuer&#x2019;s profits, and the issuer&#x2019;s management capability and practices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
value of a convertible security, including, for example, a warrant, is a function of its &#x201c;investment value&#x201d; (determined
by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion
privilege) and its &#x201c;conversion value&#x201d; (the security&#x2019;s worth, at market value, if converted into the underlying
common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
may also have an effect on the convertible security&#x2019;s investment value. The conversion value of a convertible security is
determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases
as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds
the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible
security generally will sell at a premium over its conversion value by the extent to which investors place value on the right
to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#x2019;s governing instrument. If a convertible
security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#x2019;s
ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_IssuerSpecificChangesRiskMember"
      id="Fact000159">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zcDxKsONAPKa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Issuer
Specific Changes Risk. &lt;/i&gt;&lt;/b&gt;Changes in the financial condition of an issuer, changes in the specific economic or political
conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect
the credit quality or value of an issuer&#x2019;s securities. Lower-quality debt securities tend to be more sensitive to these
changes than higher-quality debt securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_AntiTakeoverProvisionsRiskMember"
      id="Fact000161">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z1Ds94ENJh68" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover
Provisions Risk.&lt;/i&gt;&lt;/b&gt; The Fund&#x2019;s Articles of Incorporation, as amended to date (the &#x201c;Charter&#x201d;) include certain
provisions that could limit the ability of other persons or entities to acquire control of the Fund or to cause it to engage in
certain transactions or to modify its structure.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_CommonStockRiskMember"
      id="Fact000163">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zZT5Yn1ATpVh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Risk. &lt;/i&gt;&lt;/b&gt;The Fund invests in common stocks. Common stocks represent an ownership interest in a company. The Fund may
also invest in securities that can be exercised for or converted into common stocks (such as convertible preferred stock). Common
stocks and similar equity securities are more volatile and riskier than some other forms of investment. Therefore, the value of
your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including
adverse events such as unfavorable earnings reports, changes in investors&#x2019; perceptions of the financial condition of an
issuer, the general condition of the relevant stock market or when political or economic events affecting the issuers occur. In
addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase
for issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease
as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests are structurally
subordinated to preferred securities, bonds and other debt instruments in a company&#x2019;s capital structure in terms of priority
to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments
of such issuers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_ExchangeTradedFundsEtfsRiskMember"
      id="Fact000166">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsEtfsRiskMember_dU_zhXejp9vVzC4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Exchange
Traded Funds (ETFs) Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in exchange-traded funds, which are investment companies that, in some cases,
aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent,
actively managed, and their shares are traded on a national exchange. ETFs do not sell individual shares directly to investors
and only issue their shares in large blocks known as &#x201c;creation units.&#x201d; The investor purchasing a creation unit may
sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market.
There can be no assurance that an ETF&#x2019;s investment objective will be achieved, as ETFs based on an index may not replicate
and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF&#x2019;s
expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#x2019;s own operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_ForeignSecuritiesRiskMember"
      id="Fact000168">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zFrmth9Jzc33" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk&lt;/i&gt;.&lt;/b&gt; Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_PortfolioTurnoverRiskMember"
      id="Fact000170">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_zSdMh5N9p9da" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover Risk.&lt;/i&gt;&lt;/b&gt; The Fund cannot predict its securities portfolio turnover rate with certain accuracy. Higher portfolio
turnover rates could result in corresponding increases in brokerage commissions and may generate short-term capital gains taxable
as ordinary income.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_ShortSaleRiskMember"
      id="Fact000172">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSaleRiskMember_dU_zYHTF218nsW3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Short
Sale Risk&lt;/i&gt;.&lt;/b&gt; When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the
obligation to pay an amount equal to that dividend to the lender of the shorted security. By closing out the short position prior
to the ex-dividend date, such dividend expenses are avoided. The Fund&#x2019;s actual dividend expenses paid on securities sold
short may be significantly higher than 0% of its managed assets due to, among other factors, the actual extent of the Fund&#x2019;s
short positions (which may range from 0% to 30% of managed assets), the actual dividends paid with respect to the securities the
Fund sells short, and the actual timing of the Fund&#x2019;s short sale transactions, each of which may vary over time and from
time to time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_SmallAndMediumCapCompanyRiskMember"
      id="Fact000174">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zuS9ZIV55on8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Small
and Medium Cap Company Risk. &lt;/i&gt;&lt;/b&gt;Compared to investment companies that focus only on large capitalization companies, the Fund&#x2019;s
share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies,
small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses,
(ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large
cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market
values, be harder to sell at times and at prices that the Fund&#x2019;s Investment Adviser believes appropriate, and offer greater
potential for gains and losses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually
cash, U.S. government securities or other liquid securities. The Fund will also be required to designate on its books and records
similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times
at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from
which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not
receive any payments (including interest) on its collateral deposited with such broker-dealer.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased,
and any loss increased, by the transaction costs described above. Although the Fund&#x2019;s gain is limited to the price at which
it sold the security short, its potential loss is unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating
the loss. Short selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on
the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, its investment adviser
is under no obligation to utilize short sales at all.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
requirements of the 1940 Act and the Code provide that the Fund not make a short sale if, after giving effect to such sale, the
market value of all securities sold short by the Fund exceeds 30% of the value of its managed assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2025-10-232025-10-23_custom_ForeignCurrencyRiskMember"
      id="Fact000177">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_za2vWcitJPZ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Currency Risk&lt;/i&gt;.&lt;/b&gt; Although the Fund will report its NAV and pay expenses and distributions in U.S. dollars, the Fund may
invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency
exchange rates will affect the U.S. dollar value of the Fund&#x2019;s investment securities and NAV. For example, even if the securities
prices are unchanged on their primary foreign stock exchange, the Fund&#x2019;s NAV may change because of a change in the rate
of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more
volatile than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign
currency depreciates against the dollar (&lt;i&gt;i.e.&lt;/i&gt;, if the dollar strengthens), the value of the existing investment in the
securities denominated in that currency will decline. When a given currency appreciates against the dollar (&lt;i&gt;i.e.&lt;/i&gt;, if the
dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign
countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors
located outside of the country, due to a blockage of foreign currency exchanges or otherwise.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
</cef:RiskTextBlock>
    <cef:CapitalStockTableTextBlock contextRef="AsOf2025-10-23" id="Fact000179">&lt;p id="xdx_805_ecef--CapitalStockTableTextBlock_dU_zTHOAss8dSv4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span id="swzn2a014"&gt;&lt;/span&gt;DESCRIPTION
OF CAPITAL STRUCTURE&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"&gt;The
Fund was incorporated in Delaware on October 24, 1986.&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
of June 30, 2025, the Fund had &lt;span id="xdx_908_ecef--OutstandingSecurityNotHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zijHcziUJILd"&gt;12,990,705&lt;/span&gt; Shares issued and outstanding.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Shares
of Common Stock&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s Articles of Incorporation, as amended (the &#x201c;Charter&#x201d;), which has been filed with the SEC, permits the
Fund to issue &lt;span id="xdx_904_ecef--OutstandingSecurityAuthorizedShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zo6qOG7xOCR2"&gt;50,000,000&lt;/span&gt; shares of common stock, par value $.001. Fractional shares are permitted. Each Share represents an equal
proportionate interest in the net assets of the Fund with each other Share. &lt;span id="xdx_901_ecef--SecurityDividendsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3LvXN0eaBv6"&gt;Holders of Shares will be entitled to the payment
of dividends when declared by the Board.&lt;/span&gt; &lt;span id="xdx_902_ecef--SecurityVotingRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAWYaRPV1fe1"&gt;Each whole Share shall be entitled to one vote as to matters on which it is entitled
to vote pursuant to the terms of the Charter on file with the SEC.&lt;/span&gt; &lt;span id="xdx_903_ecef--SecurityLiquidationRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zo1GJsyZd8h9"&gt;Upon liquidation of the Fund, after paying or adequately providing
for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they
deem necessary for the protection of the Directors, the Board may distribute the remaining net assets of the Fund among its Shareholders.&lt;/span&gt;
&lt;span id="xdx_90D_ecef--SecurityPreemptiveAndOtherRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z5K2uP37SG26"&gt;Shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with Shares.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund has no present intention of offering additional Shares, except as described herein in connection with the exercise of the
Rights. Other offerings of its Shares, if made, will require approval of the Board. Any additional offering will not be sold at
a price per Share below the then current NAV (exclusive of underwriting discounts and commissions) except in connection with an
offering to existing Shareholders or with the consent of a majority of the Fund&#x2019;s outstanding Shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund generally will not issue share certificates. The Fund&#x2019;s Transfer Agent will maintain an account for each Shareholder
upon which the registration and transfer of Shares are recorded, and transfers will be reflected by bookkeeping entry, without
physical delivery. The Transfer Agent will require that a Shareholder provide requests in writing, accompanied by a valid signature
guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Outstanding
Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--OutstandingSecuritiesTableTextBlock_dU_zO2s6kWpnux5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table sets forth certain information regarding the Fund&#x2019;s authorized shares and shares outstanding as of &lt;span&gt;June
30, 2025&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(1)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(2)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(3)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(4)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;br/&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Title of Class&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;br/&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount Authorized&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount
    Held By &lt;br/&gt;
Registrant or for its &lt;br/&gt;
Account&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount
    Outstanding &lt;br/&gt;
Exclusive of Amount &lt;br/&gt;
Shown Under (3)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_904_ecef--OutstandingSecurityTitleTextBlock_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbyBny56PkTd"&gt;Shares
    of Common&#160;Stock&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90B_ecef--OutstandingSecurityAuthorizedShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzPSS67yJrb"&gt;50,000,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_908_ecef--OutstandingSecurityHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFry4ZSKIrB4"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90B_ecef--OutstandingSecurityNotHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOQL0x8KfcX6"&gt;12,990,705&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p id="xdx_850_zVsaqZNu0B24" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Trading
and Net Asset Value Information&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&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, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;b&gt;&lt;i&gt;In the past, the Shares have traded at a
discount in relation to NAV. &lt;/i&gt;&lt;/b&gt;Shares of closed-end investment companies such as the Fund frequently trade at a discount from NAV.
See &#x201c;Risk Factors.&#x201d; The Shares are listed and traded on the NYSE. The average weekly trading volume of the Shares during
the calendar year ended December&#160;31, 2024 was 93,475 Shares.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p id="xdx_840_ecef--SharePriceTableTextBlock_dU_zbTtJbAuv0P2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table shows for the quarters indicated: (i) the high and low sale price of the Shares on the NYSE; (ii) the high and
low NAV per Share; and (iii) the high and low premium or discount to NAV at which the Shares were trading (as a percentage of
NAV):&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Fiscal&lt;br/&gt;
    Quarter &lt;br/&gt;
    Ended&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_484_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3110c1B6d2k" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
    Close&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_480_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zW3kxflnSNRi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
    Close&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_486_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zasTYWcEyIll" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
    NAV&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znsAuFR08OT3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
    NAV&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_481_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zYOmxD35AwVa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Premium/
                                            &lt;/b&gt;&lt;/span&gt;&lt;br/&gt;
                                            &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(Discount) to&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
        NAV&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_482_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziuHO6lvRkrg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Premium/&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
                                                                                                     &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(Discount)
                                            to&lt;/b&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
        NAV&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_416_20230101__20230331_zmWu90tVy8M1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;03/31/2023&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.21&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.53&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.47&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.85&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-13.41&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-14.92&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20230401__20230630_zTnLVL1AZDUl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;06/30/2023&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.37&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.97&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.13&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.39&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-17.77&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.12&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41A_20230701__20230930_zfQl6JwRHdx8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;09/30/2023&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.56&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.56&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.09&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.91&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.56&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-14.81&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20231001__20231231_zWtYX5kz2c03" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12/31/2023&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.20&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.12&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.78&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.60&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-17.38&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-16.98&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20240101__20240331_zhXUdFBWDIwc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;03/31/2024&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.25&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.79&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.75&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.27&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.38&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.97&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_412_20240401__20240630_zYPWQAPLI0q5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;06/30/2024&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.27&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.50&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.94&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-17.30&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-16.11&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_417_20240701__20240930_z4P7qzPtMGY8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;09/30/2024&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.03&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.04&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.57&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.57&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.80&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.67&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20241001__20241231_zp4uj4IPEEyl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12/31/2024&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.93&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.49&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.23&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.89&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-12.71&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-14.62&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41D_20250101__20250331_zYis9P1DcPIl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;03/31/2025&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.22&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.57&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.17&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.90&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-9.73&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-9.55&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_415_20250401__20250630_zGEZHsapYAo4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;06/30/2025&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.38&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.13&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.93&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.94&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-5.54&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-7.78&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;

&lt;tr id="xdx_419_20250701__20250930_zlnqpKGidFR7" style="vertical-align: top"&gt;
    &lt;td style="width: 15%; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;09/30/2025&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;6.33&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;6.00&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;7.19&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;6.93&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;-12.10&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 3%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;-12.41&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 3%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 1%; background-color: gainsboro"&gt;&lt;span style="-sec-ix-redline: true"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p id="xdx_850_zvSq8IZaNTba" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Repurchase
of Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may, pursuant to Section 23 of the Investment Company Act, purchase Shares on the open market from time to time, at such
times, and in such amounts as may be deemed advantageous to the Fund. Nothing herein shall be considered a commitment to purchase
such Shares. No limit has been placed on the number of Shares to be repurchased by the Fund other than those imposed by federal
securities laws. All purchases will be made in accordance with federal securities laws, with Shares repurchased held in treasury
for future use by the Fund. In determining to repurchase Shares, the Board will consider such factors as the market price of the
Shares, the NAV of the Shares, the liquidity of the assets of the Fund, the effect on the Fund&#x2019;s expenses, whether such
transactions would impair the Fund&#x2019;s status as a regulated investment company or result in a failure to comply with applicable
asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect
on the Fund&#x2019;s ability to consummate such transactions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Additional
Provisions of the Charter &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s Charter includes provisions that could have the effect of limiting the ability of other entities or persons to acquire
control of the Fund, or to cause it to engage in certain transactions or to modify its structure. Under the Charter, actions by
Shareholders may be taken by a vote of the majority of the outstanding Shares of the Fund, except that the vote of at least 75%
of the outstanding Shares of the Fund is required to authorize any of the following acts:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.75in; text-align: justify"&gt;&lt;/td&gt;&lt;td style="width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;merger
or consolidation of the Fund with another corporation,&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
                                         liquidation or dissolution of the Fund;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.75in; text-align: justify"&gt;&lt;/td&gt;&lt;td style="width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(3)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;the
sale of all or substantially all of the assets of the Fund (other than in the regular course of the Fund&#x2019;s investment activities);&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4)&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;conversion
                                         of the Fund to an open-end investment company; or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.75in; text-align: justify"&gt;&lt;/td&gt;&lt;td style="width: 0.25in; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(5)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;any
amendment to the Charter that reduces the 75% vote required to authorize the actions listed in (1)-(4) above.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Directors have determined that the 75% requirement described above, which is greater than the minimum requirements under the 1940
Act, is in the best interests of the Fund and its Shareholders generally. Please refer to the Fund&#x2019;s Charter, on file with
the SEC, for the full text of these provisions. These provisions could have the effect of depriving Shareholders of an opportunity
to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of
the Fund in a tender offer or similar transaction and may have the effect of inhibiting the Fund&#x2019;s conversion to open-end
status.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:CapitalStockTableTextBlock>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000180"
      unitRef="Shares">12990705</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000181"
      unitRef="Shares">50000000</cef:OutstandingSecurityAuthorizedShares>
    <cef:SecurityDividendsTextBlock
      contextRef="From2025-10-232025-10-23_us-gaap_CommonStockMember"
      id="Fact000182">Holders of Shares will be entitled to the payment
of dividends when declared by the Board.</cef:SecurityDividendsTextBlock>
    <cef:SecurityVotingRightsTextBlock
      contextRef="From2025-10-232025-10-23_us-gaap_CommonStockMember"
      id="Fact000183">Each whole Share shall be entitled to one vote as to matters on which it is entitled
to vote pursuant to the terms of the Charter on file with the SEC.</cef:SecurityVotingRightsTextBlock>
    <cef:SecurityLiquidationRightsTextBlock
      contextRef="From2025-10-232025-10-23_us-gaap_CommonStockMember"
      id="Fact000184">Upon liquidation of the Fund, after paying or adequately providing
for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they
deem necessary for the protection of the Directors, the Board may distribute the remaining net assets of the Fund among its Shareholders.</cef:SecurityLiquidationRightsTextBlock>
    <cef:SecurityPreemptiveAndOtherRightsTextBlock
      contextRef="From2025-10-232025-10-23_us-gaap_CommonStockMember"
      id="Fact000185">Shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with Shares.</cef:SecurityPreemptiveAndOtherRightsTextBlock>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="AsOf2025-10-23" id="Fact000188">&lt;p id="xdx_849_ecef--OutstandingSecuritiesTableTextBlock_dU_zO2s6kWpnux5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table sets forth certain information regarding the Fund&#x2019;s authorized shares and shares outstanding as of &lt;span&gt;June
30, 2025&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(1)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(2)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(3)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(4)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;br/&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Title of Class&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;br/&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount Authorized&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount
    Held By &lt;br/&gt;
Registrant or for its &lt;br/&gt;
Account&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount
    Outstanding &lt;br/&gt;
Exclusive of Amount &lt;br/&gt;
Shown Under (3)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_904_ecef--OutstandingSecurityTitleTextBlock_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbyBny56PkTd"&gt;Shares
    of Common&#160;Stock&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90B_ecef--OutstandingSecurityAuthorizedShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzPSS67yJrb"&gt;50,000,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_908_ecef--OutstandingSecurityHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFry4ZSKIrB4"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90B_ecef--OutstandingSecurityNotHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOQL0x8KfcX6"&gt;12,990,705&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityTitleTextBlock
      contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember"
      id="Fact000189">Shares
    of Common&#160;Stock</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000190"
      unitRef="Shares">50000000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000191"
      unitRef="Shares">0</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2025-06-302025-06-30_us-gaap_CommonStockMember"
      decimals="INF"
      id="Fact000192"
      unitRef="Shares">12990705</cef:OutstandingSecurityNotHeldShares>
    <cef:SharePriceTableTextBlock contextRef="AsOf2025-10-23" id="Fact000194">&lt;p id="xdx_840_ecef--SharePriceTableTextBlock_dU_zbTtJbAuv0P2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table shows for the quarters indicated: (i) the high and low sale price of the Shares on the NYSE; (ii) the high and
low NAV per Share; and (iii) the high and low premium or discount to NAV at which the Shares were trading (as a percentage of
NAV):&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Fiscal&lt;br/&gt;
    Quarter &lt;br/&gt;
    Ended&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_484_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3110c1B6d2k" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
    Close&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_480_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zW3kxflnSNRi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
    Close&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_486_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zasTYWcEyIll" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
    NAV&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znsAuFR08OT3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
    NAV&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_481_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zYOmxD35AwVa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Premium/
                                            &lt;/b&gt;&lt;/span&gt;&lt;br/&gt;
                                            &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(Discount) to&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
        NAV&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_482_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziuHO6lvRkrg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Premium/&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
                                                                                                     &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(Discount)
                                            to&lt;/b&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
        NAV&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_416_20230101__20230331_zmWu90tVy8M1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;03/31/2023&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.21&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.53&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.47&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.85&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-13.41&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-14.92&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20230401__20230630_zTnLVL1AZDUl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;06/30/2023&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.37&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.97&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.13&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.39&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-17.77&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.12&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41A_20230701__20230930_zfQl6JwRHdx8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;09/30/2023&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.56&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.56&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.09&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.91&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.56&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-14.81&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20231001__20231231_zWtYX5kz2c03" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12/31/2023&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.20&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.12&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.78&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.60&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-17.38&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-16.98&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20240101__20240331_zhXUdFBWDIwc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;03/31/2024&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.25&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.79&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.75&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.27&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.38&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.97&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_412_20240401__20240630_zYPWQAPLI0q5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;06/30/2024&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.27&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.50&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.00&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.94&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-17.30&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-16.11&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_417_20240701__20240930_z4P7qzPtMGY8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;09/30/2024&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.03&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.04&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.57&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.57&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.80&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-15.67&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20241001__20241231_zp4uj4IPEEyl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12/31/2024&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.93&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.49&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.23&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.89&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-12.71&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-14.62&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41D_20250101__20250331_zYis9P1DcPIl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;03/31/2025&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.22&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.57&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.17&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 12.75pt; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.90&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-9.73&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-9.55&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_415_20250401__20250630_zGEZHsapYAo4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="-sec-ix-redline: true"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;06/30/2025&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
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      contextRef="From2025-04-012025-06-30_us-gaap_CommonStockMember"
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      contextRef="From2025-07-012025-09-30_us-gaap_CommonStockMember"
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      id="Fact000257"
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      contextRef="From2025-07-012025-09-30_us-gaap_CommonStockMember"
      decimals="INF"
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      contextRef="From2025-07-012025-09-30_us-gaap_CommonStockMember"
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    <link:footnoteLink
      xlink:role="http://www.xbrl.org/2003/role/link"
      xlink:type="extended">
        <link:loc
          xlink:href="#Fact000060"
          xlink:label="Fact000060"
          xlink:type="locator"/>
        <link:footnote id="Footnote000062" xlink:label="Footnote000062" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Assuming
    the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to
    be approximately $218,266 or approximately $0.0084 per Share.</link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Fact000060"
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        <link:loc
          xlink:href="#Fact000061"
          xlink:label="Fact000061"
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        <link:footnote id="Footnote000063" xlink:label="Footnote000063" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">There
    will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever
    Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of
    brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent
    are subject to a fee of $15 plus a sales commission of $0.10 per Share.</link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Fact000061"
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        <link:footnote id="Footnote000073" xlink:label="Footnote000073" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The
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    a monthly advisory fee at an annual rate of 1.00% of the Fund&#x2019;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#x2019;s Chief Compliance Officer) affiliated
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        <link:footnote id="Footnote000075" xlink:label="Footnote000075" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The
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    indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund
    fees and expenses are based on estimated amounts for the current fiscal year.</link:footnote>
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    example assumes that the estimated &#x201c;Other Expenses&#x201d; set forth in the Annual Expenses table remain the same each
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    The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize
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    of return will vary and may be greater or less than the hypothetical 5% annual return.</link:footnote>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<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="11">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Oct. 23, 2025</div></th>
<th class="th"><div>Oct. 20, 2025</div></th>
<th class="th"><div>Jun. 30, 2025</div></th>
<th class="th"><div>Sep. 30, 2025</div></th>
<th class="th"><div>Jun. 30, 2025</div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Sep. 30, 2024</div></th>
<th class="th"><div>Jun. 30, 2024</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Sep. 30, 2023</div></th>
<th class="th"><div>Jun. 30, 2023</div></th>
<th class="th"><div>Mar. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">0000813623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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. 15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">333-290708<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">811-05128<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">Total Return Securities Fund<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">c/o
U.S. Bank Global Fund Services<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">615 East Michigan Street<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">Milwaukee<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">WI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">53202<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">730-2932<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">As soon as practicable 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_FeeTableAbstract', window );"><strong>Fee Table [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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"><p id="xdx_804_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-UHVB_zsXfM6kXSxDh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows Fund expenses that you as an investor in the Fund&#8217;s Shares will bear directly or indirectly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 65%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder
    Transaction Expenses</b></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    load</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_905_ecef--SalesLoadPercent_dpn_c20251023__20251023_zX8rSDJ3pJad" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
    expenses<sup>(1)</sup></span></span></td>
    <td id="xdx_982_ecef--UnderwritersCompensationPercent_dp_c20251023__20251023_fKDEp_ze5wIgQzImX4" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.28%</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    Reinvestment and Cash Purchase Plan Fees<sup>(2)</sup></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90A_ecef--DividendReinvestmentAndCashPurchaseFees_pid_c20251023__20251023_fKDIp_zwRSx0GUu1Bb">15.00</span></span></span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F08_zhtcPXPyZB2k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F11_zNsYWAdLCps9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
    the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to
    be approximately $218,266 or approximately $0.0084 per Share.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span id="xdx_F0A_zNtZJU70i0wj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F16_zTysSr1gckgg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever
    Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of
    brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent
    are subject to a fee of $15 plus a sales commission of $0.10 per Share.</span></td></tr>
</table>
<div></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
    the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to
    be approximately $218,266 or approximately $0.0084 per Share.</span></span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever
    Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of
    brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent
    are subject to a fee of $15 plus a sales commission of $0.10 per Share.</span></td></tr>
</table><span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 15.00<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_UnderwritersCompensationPercent', window );">Underwriters Compensation [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0.28%<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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_80C_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-KPQ_z5NjsMHAmz0b"></div>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 65%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
    Expenses (as a percentage of net assets attributable to the Shares)</b></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 15%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    fees<sup>(3)</sup></span></span></td>
    <td id="xdx_98E_ecef--ManagementFeesPercent_dp_c20251023__20251023_fKDMp_zurPatviGk3l" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00%</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Payments on Borrowed Funds</span></span></td>
    <td id="xdx_987_ecef--InterestExpensesOnBorrowingsPercent_dp0_c20251023__20251023_zPLt5j1Rg5Mk" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 10pt 1.5pt 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    expenses<sup>(4)</sup></span></span></td>
    <td id="xdx_98E_ecef--OtherAnnualExpensesPercent_dp_c20251023__20251023_fKDQp_zMkNsteDtpFl" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.61%</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
    Fund fees and expenses<sup>(5)</sup></span></span></td>
    <td id="xdx_988_ecef--AcquiredFundFeesAndExpensesPercent_dp_c20251023__20251023_fKDUp_z72vGZAHZf83" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Annual Expenses</span></span></td>
    <td id="xdx_98E_ecef--TotalAnnualExpensesPercent_dp_c20251023__20251023_zG7mhwfaZbH" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.62%</span></span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span id="xdx_F00_zQ7chfl58O1g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F11_zoXlycVdtWDd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund&#8217;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#8217;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#8217;s Chief Compliance Officer) affiliated
    with Bulldog.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span id="xdx_F09_znInLyXr0Nw2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F1A_zxMPB8QMSfub" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Other
    Expenses&#8221; are based on estimated amounts for the current fiscal year.</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt"><span id="xdx_F0F_z0ZW0YTNqrw3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F15_zppi0ZdT7gAl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
    indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund
    fees and expenses are based on estimated amounts for the current fiscal year.</span></td></tr>
</table>
<div></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20251023__20251023_zxEnBPMH5GK1">The
    Fund&#8217;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#8217;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#8217;s Chief Compliance Officer) affiliated
    with Bulldog.</span></span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecef--OtherExpensesNoteTextBlock_c20251023__20251023_zn8RluJII8K1">&#8220;Other
    Expenses&#8221; are based on estimated amounts for the current fiscal year.</span> </span></td></tr>
</table><div></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
    indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund
    fees and expenses are based on estimated amounts for the current fiscal year.</span></td></tr>
</table><span></span>
</td>
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</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">1.00%<span></span>
</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
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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="top.Show.showAR( this, 'defref_cef_AcquiredFundFeesAndExpensesPercent', window );">Acquired Fund Fees and Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">0.01%<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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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="top.Show.showAR( this, 'defref_cef_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">0.61%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">1.62%<span></span>
</td>
<td class="text">&#160;<span></span>
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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="top.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_800_ecef--ExpenseExampleTableTextBlock_gL1EETTB-FIF_z6gTBJMNEwO2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Example</b><sup>(6)</sup></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following example illustrates the hypothetical
expenses (including estimated expenses with respect to year 1 of this Offering of approximately $218,266) that you would pay on a $1,000
investment in the Shares, assuming (i) annual expenses of 1.62% of net assets attributable to the Shares and (ii) a 5% annual return:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 33%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    Year</b></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    Years</b></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5
    Years</b></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 1%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; width: 11%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10
    Years</b></span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    would pay the following expenses on a $1,000 investment, assuming a 5% annual return</span></span></td>
    <td id="xdx_988_ecef--ExpenseExampleYear01_c20251023__20251023_fKDYp_zSswcNhvxSeb" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$19</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td id="xdx_983_ecef--ExpenseExampleYears1to3_c20251023__20251023_fKDYp_zpIwnNemdGrd" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$54</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td id="xdx_98C_ecef--ExpenseExampleYears1to5_c20251023__20251023_fKDYp_zelFXzr0MULe" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$91</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td id="xdx_98E_ecef--ExpenseExampleYears1to10_c20251023__20251023_fKDYp_zx1T9MoWnAHc" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$195
    </span></span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F04_zFbPLUhxn4Ri" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span id="xdx_F15_z6ZAXE1LhUPe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    example assumes that the estimated &#8220;Other Expenses&#8221; set forth in the Annual Expenses table remain the same each
    year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed.
    The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize
    any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund&#8217;s actual rate
    of return will vary and may be greater or less than the hypothetical 5% annual return.</span></td></tr>
</table>

<div></div>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.85in">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    example assumes that the estimated &#8220;Other Expenses&#8221; set forth in the Annual Expenses table remain the same each
    year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed.
    The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize
    any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund&#8217;s actual rate
    of return will vary and may be greater or less than the hypothetical 5% annual return.</span></td></tr>
</table><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">$ 19<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">91<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">$ 195<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The
purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly
or indirectly. <b>The example should not be considered a representation of actual future expenses. Actual expenses may be higher
or lower than those shown.</b><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock', window );">Management Fee not based on Net Assets, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The
    Fund&#8217;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#8217;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#8217;s Chief Compliance Officer) affiliated
    with Bulldog.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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_807_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zQYrViOYScM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a007"></span>INVESTMENT
OBJECTIVE AND INVESTMENT STRATEGIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
disclosure below describes the Fund&#8217;s current Investment Objective and Investment Strategies. As noted earlier, at a special
meeting on February 21, 2025, the Shareholders approved an investment advisory agreement (the &#8220;Advisory Agreement&#8221;)
between the Fund and Bulldog whereby Bulldog will provide investment management services to the Fund. At the February 21, 2025
special meeting, the Shareholders also approved replacing the Fund&#8217;s fundamental investment objective of capital appreciation
by investing in equity and equity-linked securities of Swiss companies with a non-fundamental investment objective of providing
long-term total return and changes to the Fund&#8217;s fundamental investment restrictions in order to expand the types of investments
the Fund can make to meet its new investment objective (the &#8220;Investment Changes&#8221;).</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Objective</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s current investment objective is to seek to provide long-term total return. There can be no assurance that the Fund&#8217;s
objective will be achieved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Strategies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser currently manages the Fund&#8217;s assets with a primary focus on purchasing U.S. securities or other assets
that, in its opinion, are undervalued at the time of purchase and (1) have the potential for growth and/or (2) where the perceived
discount from their intrinsic value is likely to narrow over time. When advisable, the Investment Adviser may seek to influence
the management of a portfolio company to take actions to increase the market price of the Fund&#8217;s investment in that company&#8217;s
securities (e.g., by such company repurchasing its securities, paying a special dividend, or by considering restructuring actions,
such as selling or liquidating the company).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s investments may also include the securities of companies undergoing a corporate event such as mergers, liquidations,
reorganizations, or spin-offs. Investments are not restricted to any types of securities (e.g., equity, fixed income) or their
liquidity. At times, the portfolio may be highly concentrated. The Fund may invest in securities of companies with any market
capitalization and is not required to be fully invested at any time. There is no limitation with respect to the portion of the
Fund&#8217;s total assets held in cash and cash equivalents. The Fund may use leverage and may hedge its investments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund&#8217;s principal investment
strategies in attempting to respond to adverse market, economic, political or other conditions. During such times, the Fund may
temporarily invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial
paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities.
In these and in other cases, the Fund may not achieve its investment objective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Adviser may invest the Fund&#8217;s cash balances in any investments it deems appropriate, subject to the restrictions
set forth in the Fund&#8217;s Statement of Additional Information under the heading &#8220;Investment Restrictions &#8211; Fundamental
Policies&#8221; and as permitted under the 1940 Act, including investments in repurchase agreements, money market funds, additional
repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such
investments will ordinarily be reinvested by the Fund in accordance with its investment program. Many of the considerations entering
into the Investment Adviser&#8217;s recommendations and decisions are subjective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolio
Investments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Closed-End Investment Companies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will invest in the securities of other closed-end investment companies. To the extent the Fund invests a portion of its assets
in investment company securities, those assets will be subject to the risks of the purchased investment company&#8217;s portfolio
securities, and a stockholder of the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly,
the expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
higher or lower than the NAV of such closed-end investment company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Section 12(d)(1)(F) of the 1940 Act, the Fund will be limited by provisions of the 1940&#160;Act that limit the
amount the Fund can invest in other investment companies to 3% of any other investment company&#8217;s total outstanding stock.
As a result, the Fund may hold a smaller position in a closed-end investment company than if it were not subject to this restriction.
To comply with provisions of the 1940 Act, on any matter upon which stockholders of a closed-end investment company in which the
Fund has invested are solicited to vote, the Fund&#8217;s Investment Adviser will vote such shares in the same general proportion
as shares held by other stockholders of such closed-end investment company or seek instructions from the Fund&#8217;s stockholders
with regard to the voting on such matter. Compliance with such provisions regarding its voting of proxies may cause the Fund to
incur additional costs. In addition, if the Fund votes its proxies in the same general proportion as shares held by other stockholders,
the Fund may, in such instances, not vote in the Fund&#8217;s best interests in light of its investment objective and strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies (&#8220;SPACs&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in stock, warrants, and other securities of SPACs. Unless and until an acquisition meeting the SPAC&#8217;s requirements
is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money
market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed within a pre-established
period of time, the invested funds are returned to the entity&#8217;s stockholders. Because SPACs and similar entities have no
operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent
on the ability of the SPAC&#8217;s management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions
only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which
are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale and/or
may trade at a discount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stocks</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will invest in common stocks. Common stocks represent an ownership interest in a company. The Fund may also invest in securities
that can be exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity
securities are more volatile and riskier than some other forms of investment. Therefore, the value of your investment in the Fund
may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including adverse events such as unfavorable
earnings reports, changes in investors&#8217; perceptions of the financial condition of an issuer, the general condition of the
relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices may be
sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase for issuers. Because convertible
securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying
equity securities increase or decrease. The common stocks in which the Fund will invest are structurally subordinated to preferred
securities, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and
assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exchange
Traded Funds (&#8220;ETFs&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in exchange-traded funds, which are investment companies that, in general, aim to track or replicate a desired
index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent, actively managed, and their shares
are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their shares in large
blocks known as &#8220;creation units.&#8221; The investor purchasing a creation unit may sell the individual shares on a secondary
market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that an ETF&#8217;s
investment objective will be achieved, as ETFs based on an index may not replicate and maintain exactly the composition and relative
weightings of securities in the index. ETFs are subject to the risks of investing in the underlying securities. The Fund, as a
holder of the securities of the ETF, will bear its pro rata portion of the ETF&#8217;s expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fixed
Income Securities, Including Non-Investment Grade Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in fixed income securities, also referred to as debt securities. Fixed income securities are subject to credit
risk and market risk. Credit risk is the risk of the issuer&#8217;s inability to meet its principal and interest payment obligations.
Market risk is the risk of price volatility due to such factors such as interest rate sensitivity, market perception of the creditworthiness
of the issuer and general market liquidity. There is no limitation on the maturities or duration of fixed income securities in
which the Fund invests. Securities having longer maturities generally involve greater risk of fluctuations in value resulting
from changes in interest rates. The Fund&#8217;s credit quality policy with respect to investments in fixed income securities
does not require the Fund to dispose of any debt securities owned in the event that such security&#8217;s rating declines to below
investment grade, commonly referred to as &#8220;junk bonds.&#8221; Although lower quality debt typically pays a higher yield,
such investments involve substantial risk of loss. Junk bonds are considered predominantly speculative with respect to the issuer&#8217;s
ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business
developments. The market values for junk bonds tend to be very volatile, and those securities are less liquid than investment
grade debt securities. Moreover, junk bonds pose a greater risk that exercise of any of their redemption or call provisions in
a declining market may result in their replacement by lower-yielding bonds. In addition, bonds in the lowest two (2) investment
grade categories, despite being of higher credit rating than junk bonds, have speculative characteristics with respect to the
issuer&#8217;s ability to pay interest and principal and their susceptibility to default or decline in market value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
Bonds, Government Debt Securities and Other Debt Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in corporate bonds, debentures and other debt securities. Debt securities in which the Fund may invest may pay
fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations and other issuers to
borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount
borrowed on or before maturity. Certain debt securities are &#8220;perpetual&#8221; in that they have no maturity date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These
securities may be U.S. dollar-denominated or non-U.S. dollar-denominated and include: (a) debt obligations issued or guaranteed
by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of supranational entities. Government debt securities include: debt securities issued or guaranteed by
governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owned,
controlled or sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment
characteristics issued by the above noted issuers; or debt securities issued by supranational entities such as the World
Bank or the European Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging
market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated
and considered to be of comparable quality to lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental
authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the
Fund may have limited resources in the event of a default. Some of these risks do not apply to issuers in large, more developed
countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly
in one country.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in foreign securities, including direct investments in securities of foreign issuers that are traded on a U.S.
securities exchange or over the counter and investments in depository receipts (such as American Depositary Receipts (&#8220;ADRs&#8221;)),
ETFs, and other closed-end investment companies that represent indirect interests in securities of foreign issuers. The Fund is
not limited in the amount of assets it may invest in such foreign securities. These investments involve certain risks not generally
associated with investments in the securities of U.S. issuers, including the risk of fluctuations in foreign currency exchange
rates, unreliable and untimely information about the issuers and political and economic instability. These risks could result
in the Fund&#8217;s Investment Adviser misjudging the value of certain securities or in a significant loss in the value of those
securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding and confiscatory
taxes), government policies (in this country or abroad), relations between nations and trading, settlement, custodial and other
operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign securities
markets may be less liquid, more volatile and less subject to governmental supervision than markets in the U.S. As an alternative
to holding foreign traded securities, the Fund may invest in dollar-denominated securities of foreign companies that trade on
U.S. exchanges or in the U.S. over-the-counter market (including depositary receipts as described below, which evidence ownership
in underlying foreign securities, and ETFs as described above).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements
comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than
about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of
some foreign companies are less liquid and more volatile than securities of comparable U.S. companies. There is generally less
government supervision and regulation of securities exchanges, broker dealers and listed companies than in the United States.
Mail service between the United States and foreign countries may be slower or less reliable than within the United States, thus
increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment
for securities before delivery may be required. In addition, with respect to certain foreign countries, including those with emerging
markets, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments
which could affect investments in those countries. For example, prior governmental approval for foreign investments may be required
in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries.
Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of
gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Foreign
securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States,
and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile
than securities of comparable U.S. companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may purchase ADRs, international depositary receipts (&#8220;IDRs&#8221;) and global depository receipts (&#8220;GDRs&#8221;),
which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying
foreign securities in their national markets and currencies. However, such depository receipts continue to be subject to many
of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the
political and economic risks associated with the underlying issuer&#8217;s country. ADRs, IDRs and GDRs may be sponsored or unsponsored.
Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses,
they may not pass-through voting or other stockholder rights, and they may be less liquid. Less information is normally available
on unsponsored receipts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid on foreign securities may not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under
the Code. As a result, there can be no assurance as to what portion of the Fund&#8217;s distributions attributable to foreign
securities will be designated as qualified dividend income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging
Market Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest up to 5% of its net assets in emerging market securities, although through its investments in ETFs, other investment
companies or depositary receipts that invest in emerging market securities, up to 20% of the Fund&#8217;s assets may be invested
indirectly in issuers located in emerging markets. The risks of foreign investments described above apply to an even greater extent
to investments in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid,
and more volatile than the securities markets of the United States and developed foreign markets. Disclosure and regulatory standards
in many respects are less stringent than in the United States and developed foreign markets. There also may be a lower level of
monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and
enforcement of existing regulations has been extremely limited. Many emerging countries have experienced substantial, and in some
periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may
continue to have very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging
markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely
by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed
or negotiated by the countries with which they trade. The economies of these countries also have been and may continue to be adversely
affected by economic conditions in the countries in which they trade. The economies of countries with emerging markets may also
be predominantly based on only a few industries or dependent on revenues from particular commodities. In addition, custodial services
and other costs relating to investment in foreign markets may be more expensive in emerging markets than in many developed foreign
markets, which could reduce the Fund&#8217;s income from such securities. In many cases, governments of emerging countries continue
to exercise significant control over their economies, and government actions relative to the economy, as well as economic developments
generally, may affect the Fund&#8217;s investments in those countries. In addition, there is a heightened possibility of expropriation
or confiscatory taxation, imposition of withholding taxes on interest payments, or other similar developments that could affect
investments in those countries. There can be no assurance that adverse political changes will not cause the Fund to suffer a loss
of any or all of its investments. Dividends paid by issuers in emerging market countries will generally not qualify for the reduced
U.S. federal income tax rates applicable to qualified dividends under the Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stocks</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership in an issuer. Generally,
preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common
stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock.
Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like debt, their promised
income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or collection
activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#8217;s
capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any
legal claims to specific assets or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination
and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its
discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the
board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#8217;s board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Fund&#8217;s Investment Adviser would consider, among other factors, their
noncumulative nature in making any decision to purchase or sell such securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market
values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers&#8217; industries or sectors,
including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may
also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated
changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received
deduction for corporate taxpayers or the lower rates applicable to certain dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the claim on an issuer&#8217;s earnings represented by preferred stock may become onerous when interest rates fall below the rate
payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection
in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of
higher dividend paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates
with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates
of return.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in convertible securities. Convertible securities include fixed income securities that may be exchanged or converted
into a predetermined number of shares of the issuer&#8217;s underlying common stock at the option of the holder during a specified
period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting
of &#8220;usable&#8221; bonds and warrants or a combination of the features of several of these securities. The investment characteristics
of each convertible security vary widely, which allows convertible securities to be employed for a variety of investment strategies.
The Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Fund&#8217;s
Investment Adviser, the investment characteristics of the underlying common shares will assist the Fund in achieving its investment
objective. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Fund&#8217;s
Investment Adviser evaluates the investment characteristics of the convertible security as a fixed income instrument, and the
investment potential of the underlying equity security for capital appreciation. In evaluating these matters with respect to a
particular convertible security, the Fund&#8217;s Investment Adviser considers numerous factors, including the economic and political
outlook, the value of the security relative to other investment alternatives, trends in the determinants of the issuer&#8217;s
profits, and the issuer&#8217;s management capability and practices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a convertible security, including, for example, a warrant, is a function of its &#8220;investment value&#8221; (determined
by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion
privilege) and its &#8220;conversion value&#8221; (the security&#8217;s worth, at market value, if converted into the underlying
common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
may also have an effect on the convertible security&#8217;s investment value. The conversion value of a convertible security is
determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases
as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds
the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible
security generally will sell at a premium over its conversion value by the extent to which investors place value on the right
to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. If a convertible
security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#8217;s
ability to achieve its investment objective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
Estate Investment Trusts</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in real estate investment trusts (&#8220;REITs&#8221;). REITs are financial vehicles that pool investors&#8217;
capital to purchase or finance real estate. Investments in REITs will subject the Fund to various risks. REIT share prices may
decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values
can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of
different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged properties.
Returns from REITs, which typically are small or medium capitalization stocks, may trail returns from the overall stock market.
In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing
investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualification
as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance
that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An
entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends
paid to its stockholders and would not pass through to its stockholders the character of income earned by the entity. If the Fund
were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund&#8217;s yield on
that investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REITs
can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental
income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be
affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs
invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged
properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid
REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be
diversified and are subject to the risks of financing projects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under
the Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s investments in REITs may include an additional risk to stockholders. Some or all of a REIT&#8217;s annual distributions
to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund&#8217;s
basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund&#8217;s
basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return
of capital, Fund distributions to stockholders may also include a nontaxable return of capital. Stockholders that receive such
a distribution will also reduce their tax basis in their common shares of the Fund, but not below zero. To the extent the distribution
exceeds a stockholder&#8217;s basis in the Fund&#8217;s common shares, such stockholder will generally recognize a capital gain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund does not have any investment restrictions with respect to investments in REITs other than its concentration policy, which
limits its investments in REITs to no more than 25% of its assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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_803_ecef--RiskFactorsTableTextBlock_dU_zZZkLbtGKaL8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a008"></span>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed
or guaranteed by the FDIC or any other government agency; and is subject to investment risks. The value of the Fund&#8217;s investments
will increase or decrease based on changes in the prices of the investments it holds. You could lose money by investing in the
Fund. By itself, the Fund does not constitute a balanced investment program. You should consider carefully the following principal
and non-principal risks before investing in the Fund. There may be additional risks that the Fund does not currently foresee or
consider material. You may wish to consult with your legal or tax advisors before deciding whether to invest in the Fund. This
section describes the risk factors associated with investment in the Fund specifically, as well as those factors generally associated
with investment in an investment company with investment objectives, investment policies, capital structure or trading markets
similar to the Fund&#8217;s. Each risk summarized below is a risk of investing in the Fund, and different risks may be more significant
at different times depending upon market conditions or other factors.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Fund may invest in securities of other investment companies (&#8220;underlying funds&#8221;). The Fund may be subject to the risks
of the securities and other instruments described below through its own direct investments and indirectly through investments
in the underlying funds.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Risks
Related to this Offering</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_zUyYJ7RIQq7i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Decline
in Trading Price: </i></b>If the Fund&#8217;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zT0zszzZWfU8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Value
versus Subscription Price. </i></b>The Subscription Price was not determined based on established criteria for valuation, such
as expected future performance, cash flows or financial condition. You should not rely on the Subscription Price to bear a relationship
to those criteria or to be a guaranty of the value of the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zqzE7kurFkF9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Termination
                                            of Offering. </i></b>The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund has
                                            no obligation to you except to return, without interest, your subscription payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zssa3WGxZ3ii" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rejection
of Exercise of Subscription Rights. </i></b>Rights Holders who desire to purchase Shares in the Offering must act promptly to ensure
that all required forms and payments are actually received by the Subscription Agent before the Expiration Date of the Offering, unless
extended. If you are a beneficial owner of shares of common stock, you must act promptly to ensure that your broker, custodian bank or
other nominee acts for you and that all required forms and payments are actually received by the Subscription Agent before the Expiration
Date. The Fund will not be responsible if your broker, custodian or nominee fails to ensure that all required forms and payments are
actually received by the Subscription Agent before the Expiration Date. If you fail to complete and sign the required subscription forms,
send an incorrect payment amount or otherwise fail to follow the subscription procedures that apply to your exercise in the Offering,
the Subscription Agent may, depending on the circumstances, reject your subscription or accept it only to the extent of the payment received.
Neither the Fund nor the Subscription Agent undertakes to contact you concerning an incomplete or incorrect subscription form or payment,
nor is the Fund under any obligation to correct such forms or payments. The Fund has the sole discretion to determine whether a subscription
exercise properly follows the subscription procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueNavMember_dU_zJgPxuPZLLug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Discount to Net Asset Value (NAV)</i></b>.
The Fund&#8217;s shares of common stock have historically traded on the NYSE at a discount to the Fund&#8217;s NAV per share. On October
20, 2025, the last reported NAV per Share was $7.11 and the last reported sales price per Share on the NYSE was $5.99, which represents
a 15.75% discount to the Fund&#8217;s NAV per Share. There is no assurance that this Offering will not have an effect on the discount
to NAV experienced by the Fund.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfwnershipMember_dU_z5RsAvCeByD1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b><i>Dilution
of Ownership</i></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></b><span style="font: 10pt Times New Roman, Times, Serif">
As a result of the terms of this Offering, Shareholders who do not fully exercise their Rights will own, upon completion of this
Offering, a smaller proportional interest in the Fund than they owned prior to the Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNavMember_dU_zYsbkBO4TKEa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dilution
to NAV</i></b>. Shareholders would experience an immediate moderate dilution of the NAV of their Shares as a result of the completion
of the Offering because (i) the Subscription Price per share will be less than the Fund&#8217;s NAV per share, and (ii) the Fund
will incur expenses in connection with the Offering. This dilution would affect Record Date Shareholders to a great extent if
they do not exercise their Rights in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>





<p id="xdx_85C_z69eEsDaN6Fe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Principal
Risks</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zqtZVjhGwK24" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Closed-End
Investment Company Risk. </i></b>The Fund invests in the securities of other closed-end investment companies. Investing in other
closed-end investment companies involves substantially the same risks as investing directly in the underlying instruments, but
the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such
other closed-end investment companies, including advisory fees. There can be no assurance that the investment objective of any
investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its
pro rata portion of the closed-end investment company&#8217;s expenses, including advisory fees. These expenses are in addition
to the direct expenses of the Fund&#8217;s own operations. To the extent the Fund invests a portion of its assets in investment
company securities, those assets will be subject to the risks of the purchased investment company&#8217;s portfolio securities,
and a shareholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the
expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
higher or lower than the NAV of such closed-end investment company. In accordance with Section 12(d)(1)(F) of the 1940 Act, the
Fund will be limited by provisions of the 1940 Act that limit the amount the Fund, together with its affiliated persons, can invest
in other investment companies to 3% of any other investment company&#8217;s total outstanding stock. As a result, the Fund may
hold a smaller position in a closed-end investment company than if it were not subject to this restriction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesSpacsRiskMember_dU_zILvRstgsY99" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies (SPACs) Risk.</i></b> The Fund may invest in stock, warrants, and other securities of SPACs. Unless
and until an acquisition meeting the SPAC&#8217;s requirements is completed, a SPAC generally invests its assets (less a portion
retained to cover expenses) in U.S. Government securities, money market securities and cash. If an acquisition that meets the
requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity&#8217;s
shareholders. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions,
the value of their securities is particularly dependent on the ability of the entity&#8217;s management to identify and complete
a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the
volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered
illiquid, be subject to restrictions on resale, and/or may trade at a discount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zquAr5SG2srh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk.</i></b> Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject
to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions
and other factors, which may negatively affect the Fund&#8217;s performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events affect the securities markets. Securities
markets also may experience long periods of decline in value. When the value of the Fund&#8217;s investments goes down, your investment
in the Fund decreases in value and you could lose money.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases
to the Fund&#8217;s NAV. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government
shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related
events and governments&#8217; reactions to such events have led, and in the future may lead, to economic uncertainty, decreased
economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events
may have significant adverse direct or indirect effects on the Fund and its investments. For example, ongoing armed conflicts
between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could
continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the
United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact
on certain Fund investments, as well as Fund performance. In addition, a widespread health crisis such as a global pandemic could
cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and
affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. The increasing
interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country
or region or events affecting a single or small number of issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption
of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings,
supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other
infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire
global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of
infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_dU_z6MbNA44FCd9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. </i></b>The Fund may invest in fixed income securities,
also referred to as debt securities. Fixed income securities are subject to credit risk and market risk. Credit risk is the risk
of the issuer&#8217;s inability to meet its principal and interest payment obligations. Market risk is the risk of price volatility
due to such factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market
liquidity. There is no limitation on the maturities or duration of fixed income securities in which the Fund invests. Securities
having longer maturities generally involve greater risk of fluctuations in value resulting from changes in interest rates. The
Fund&#8217;s credit quality policy with respect to investments in fixed income securities does not require the Fund to dispose
of any debt securities owned in the event that such security&#8217;s rating declines to below investment grade, commonly referred
to as &#8220;junk bonds.&#8221; Although lower quality debt typically pays a higher yield, such investments involve substantial
risk of loss. Junk bonds are considered predominantly speculative with respect to the issuer&#8217;s ability to pay interest and
principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market
values for junk bonds tend to be very volatile, and those securities are less liquid than investment grade debt securities. Moreover,
junk bonds pose a greater risk that exercise of any of their redemption or call provisions in a declining market may result in
their replacement by lower-yielding bonds. In addition, bonds in the lowest two (2) investment grade categories, despite being
of higher credit rating than junk bonds, have speculative characteristics with respect to the issuer&#8217;s ability to pay interest
and principal and their susceptibility to default or decline in market value. The Fund&#8217;s investments in securities of stressed,
distressed or bankrupt issuers, including securities or obligations that are in default, generally trade significantly below par
and are considered speculative. There is even a potential risk of loss by the Fund of its entire investment in such securities.
There are a number of significant risks inherent in the bankruptcy process. A bankruptcy filing by an issuer may adversely and
permanently affect the market position and operations of the issuer. If an issuer of securities held by the Fund declares bankruptcy
or otherwise fails to pay principal or interest on such securities, the Fund would experience a decrease in income and a decline
in the market value of its investments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_zX0xQyzlnETk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk.</i></b> Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a
debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage
securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for
the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the
security&#8217;s price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the
same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react
to changes in long-term interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueNavRiskMember_dU_zobDZ0VDaCB3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Discount from Net Asset Value (NAV) Risk.</i></b> Shares of closed-end investment companies frequently trade at a discount from
their NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#8217;s NAV could decrease as a result
of its investment activities and may be greater for investors expecting to sell their Shares in a relatively short period following
completion of the Offering. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering likely being lower than NAV and (ii) the payment of certain
costs of the Offering. Whether investors will realize gains or losses upon the sale of the Shares will depend not upon the Fund&#8217;s
NAV but entirely upon whether the market price of the Shares at the time of sale is above or below the investor&#8217;s purchase
price for the Shares. Because the market price of the Shares will be determined by factors such as relative supply of and demand
for the Shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund
cannot predict whether the Shares will trade at, below or above NAV.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z9evCV2gDgzg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leverage
Risk</i>.</b> Transactions by underlying funds may give rise to a form of economic leverage. These transactions may include, among
others, derivatives, and may expose the underlying fund to greater risk and increase its costs. The use of leverage by underlying
funds may cause such funds to liquidate their portfolio positions when it may not be advantageous to do so to satisfy its obligations
or to meet any required asset segregation requirements. Increases and decreases in the value of an underlying fund&#8217;s portfolio
will be magnified when it uses leverage. Leverage, including borrowing, may cause an underlying fund to be more volatile than
if such fund had not been leveraged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zURPzSkc14Hg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defensive
Position Risk. </i></b>During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial
portion of its net assets in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances
and could miss favorable market developments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsAndFuturesRiskMember_dU_zDplWkOBpdGk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Options
and Futures Risk</i>. </b>Options and futures transactions can be highly volatile investments. Successful hedging strategies require
the anticipation of future movements in securities prices, interest rates and other economic factors. When a fund uses futures
contracts and options as hedging devices, the prices of the securities subject to the futures contracts and options may not correlate
with the prices of the securities in a portfolio. This may cause the futures and options to react to market changes differently
than the portfolio securities. Even if expectations about the market and economic factors are correct, a hedge could be unsuccessful
if changes in the value of the portfolio securities do not correspond to changes in the value of the futures contracts. The ability
to establish and close out futures contracts and options on futures contracts positions depends on the availability of a secondary
market. If these positions cannot be closed out due to disruptions in the market or lack of liquidity, losses may be sustained
on the futures contract or option. In addition, the Fund&#8217;s use of options and futures may have the effect of reducing gains
made by virtue of increases in value of the Fund&#8217;s common stock holdings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--SecuritiesLendingRiskMember_dU_zZ27yiIoZ9N6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Securities
Lending Risk</i>.</b> Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely
basis, and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price
of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect
the Fund&#8217;s performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights
in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund would not have
the right to vote any securities having voting rights during the existence of the loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zQ7frl3bOdR8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Policies Risk.</i></b> The Fund&#8217;s Directors may change the Fund&#8217;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zrki4st8Iaei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership
in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of
the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible
into common stock. Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like
debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings
or collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#8217;s
capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any
legal claims to specific assets or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination
and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its
discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the
board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#8217;s board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Fund&#8217;s Investment Adviser would consider, among other factors, their
non-cumulative nature in making any decision to purchase or sell such securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market
values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers&#8217; industries or sectors,
including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may
also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated
changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received
deduction for corporate taxpayers or the lower rates applicable to certain dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the claim on an issuer&#8217;s earnings represented by preferred stock may become onerous when interest rates fall below the rate
payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection
in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of
higher dividend paying preferred stocks may be reduced, and the Fund may be unable to acquire securities paying comparable rates
with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates
of return.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zDCRocmwZ2Pf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities Risk. </i></b>The Fund may invest in convertible securities. Convertible securities include fixed income securities
that may be exchanged or converted into a predetermined number of shares of the issuer&#8217;s underlying common stock at the
option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible
bonds or debentures, units consisting of &#8220;usable&#8221; bonds and warrants or a combination of the features of several of
these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities
to be employed for a variety of investment strategies. The Fund will exchange or convert convertible securities into shares of
underlying common stock when, in the opinion of the Fund&#8217;s Investment Adviser, the investment characteristics of the underlying
common shares will assist the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible
securities. In selecting convertible securities, the Fund&#8217;s Investment Adviser evaluates the investment characteristics
of the convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital
appreciation. In evaluating these matters with respect to a particular convertible security, the Fund&#8217;s Investment Adviser
considers numerous factors, including the economic and political outlook, the value of the security relative to other investment
alternatives, trends in the determinants of the issuer&#8217;s profits, and the issuer&#8217;s management capability and practices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a convertible security, including, for example, a warrant, is a function of its &#8220;investment value&#8221; (determined
by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion
privilege) and its &#8220;conversion value&#8221; (the security&#8217;s worth, at market value, if converted into the underlying
common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
may also have an effect on the convertible security&#8217;s investment value. The conversion value of a convertible security is
determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases
as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds
the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible
security generally will sell at a premium over its conversion value by the extent to which investors place value on the right
to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. If a convertible
security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#8217;s
ability to achieve its investment objective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zcDxKsONAPKa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer
Specific Changes Risk. </i></b>Changes in the financial condition of an issuer, changes in the specific economic or political
conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect
the credit quality or value of an issuer&#8217;s securities. Lower-quality debt securities tend to be more sensitive to these
changes than higher-quality debt securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_850_zsanr8rPg5B4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Non-Principal
Risks</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the principal risks set forth above, the following additional risks may apply to an investment in the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z1Ds94ENJh68" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-Takeover
Provisions Risk.</i></b> The Fund&#8217;s Articles of Incorporation, as amended to date (the &#8220;Charter&#8221;) include certain
provisions that could limit the ability of other persons or entities to acquire control of the Fund or to cause it to engage in
certain transactions or to modify its structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zZT5Yn1ATpVh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Risk. </i></b>The Fund invests in common stocks. Common stocks represent an ownership interest in a company. The Fund may
also invest in securities that can be exercised for or converted into common stocks (such as convertible preferred stock). Common
stocks and similar equity securities are more volatile and riskier than some other forms of investment. Therefore, the value of
your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including
adverse events such as unfavorable earnings reports, changes in investors&#8217; perceptions of the financial condition of an
issuer, the general condition of the relevant stock market or when political or economic events affecting the issuers occur. In
addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase
for issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease
as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests are structurally
subordinated to preferred securities, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority
to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments
of such issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsEtfsRiskMember_dU_zhXejp9vVzC4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exchange
Traded Funds (ETFs) Risk. </i></b>The Fund may invest in exchange-traded funds, which are investment companies that, in some cases,
aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent,
actively managed, and their shares are traded on a national exchange. ETFs do not sell individual shares directly to investors
and only issue their shares in large blocks known as &#8220;creation units.&#8221; The investor purchasing a creation unit may
sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market.
There can be no assurance that an ETF&#8217;s investment objective will be achieved, as ETFs based on an index may not replicate
and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF&#8217;s
expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zFrmth9Jzc33" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Securities Risk</i>.</b> Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_zSdMh5N9p9da" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk.</i></b> The Fund cannot predict its securities portfolio turnover rate with certain accuracy. Higher portfolio
turnover rates could result in corresponding increases in brokerage commissions and may generate short-term capital gains taxable
as ordinary income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSaleRiskMember_dU_zYHTF218nsW3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Short
Sale Risk</i>.</b> When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the
obligation to pay an amount equal to that dividend to the lender of the shorted security. By closing out the short position prior
to the ex-dividend date, such dividend expenses are avoided. The Fund&#8217;s actual dividend expenses paid on securities sold
short may be significantly higher than 0% of its managed assets due to, among other factors, the actual extent of the Fund&#8217;s
short positions (which may range from 0% to 30% of managed assets), the actual dividends paid with respect to the securities the
Fund sells short, and the actual timing of the Fund&#8217;s short sale transactions, each of which may vary over time and from
time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zuS9ZIV55on8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Small
and Medium Cap Company Risk. </i></b>Compared to investment companies that focus only on large capitalization companies, the Fund&#8217;s
share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies,
small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses,
(ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large
cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market
values, be harder to sell at times and at prices that the Fund&#8217;s Investment Adviser believes appropriate, and offer greater
potential for gains and losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually
cash, U.S. government securities or other liquid securities. The Fund will also be required to designate on its books and records
similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times
at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from
which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not
receive any payments (including interest) on its collateral deposited with such broker-dealer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased,
and any loss increased, by the transaction costs described above. Although the Fund&#8217;s gain is limited to the price at which
it sold the security short, its potential loss is unlimited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating
the loss. Short selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on
the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, its investment adviser
is under no obligation to utilize short sales at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
requirements of the 1940 Act and the Code provide that the Fund not make a short sale if, after giving effect to such sale, the
market value of all securities sold short by the Fund exceeds 30% of the value of its managed assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_za2vWcitJPZ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Risk</i>.</b> Although the Fund will report its NAV and pay expenses and distributions in U.S. dollars, the Fund may
invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency
exchange rates will affect the U.S. dollar value of the Fund&#8217;s investment securities and NAV. For example, even if the securities
prices are unchanged on their primary foreign stock exchange, the Fund&#8217;s NAV may change because of a change in the rate
of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more
volatile than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign
currency depreciates against the dollar (<i>i.e.</i>, if the dollar strengthens), the value of the existing investment in the
securities denominated in that currency will decline. When a given currency appreciates against the dollar (<i>i.e.</i>, if the
dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign
countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors
located outside of the country, due to a blockage of foreign currency exchanges or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<div id="xdx_858_zXszBaDJtNXb"></div>
<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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_840_ecef--SharePriceTableTextBlock_dU_zbTtJbAuv0P2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows for the quarters indicated: (i) the high and low sale price of the Shares on the NYSE; (ii) the high and
low NAV per Share; and (iii) the high and low premium or discount to NAV at which the Shares were trading (as a percentage of
NAV):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal<br/>
    Quarter <br/>
    Ended</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="2" id="xdx_484_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3110c1B6d2k" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    Close</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="2" id="xdx_480_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zW3kxflnSNRi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    Close</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="2" id="xdx_486_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zasTYWcEyIll" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    NAV</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znsAuFR08OT3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    NAV</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="3" id="xdx_481_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zYOmxD35AwVa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/
                                            </b></span><br/>
                                            <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Discount) to</b></span></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
        NAV</b></span></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="3" id="xdx_482_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziuHO6lvRkrg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/</b></span></span></p>
                                                                                                     <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Discount)
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        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
        NAV</b></span></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr id="xdx_416_20230101__20230331_zmWu90tVy8M1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/31/2023</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.21</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.53</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.47</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.85</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-13.41</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-14.92</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr id="xdx_410_20230401__20230630_zTnLVL1AZDUl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/30/2023</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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<tr id="xdx_41A_20230701__20230930_zfQl6JwRHdx8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_419_20231001__20231231_zWtYX5kz2c03" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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<tr id="xdx_419_20240101__20240331_zhXUdFBWDIwc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_412_20240401__20240630_zYPWQAPLI0q5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr id="xdx_417_20240701__20240930_z4P7qzPtMGY8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_419_20250701__20250930_zlnqpKGidFR7" style="vertical-align: top">
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
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<td class="text"><p id="xdx_805_ecef--CapitalStockTableTextBlock_dU_zTHOAss8dSv4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="swzn2a014"></span>DESCRIPTION
OF CAPITAL STRUCTURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">The
Fund was incorporated in Delaware on October 24, 1986.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2025, the Fund had <span id="xdx_908_ecef--OutstandingSecurityNotHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zijHcziUJILd">12,990,705</span> Shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
of Common Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Articles of Incorporation, as amended (the &#8220;Charter&#8221;), which has been filed with the SEC, permits the
Fund to issue <span id="xdx_904_ecef--OutstandingSecurityAuthorizedShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zo6qOG7xOCR2">50,000,000</span> shares of common stock, par value $.001. Fractional shares are permitted. Each Share represents an equal
proportionate interest in the net assets of the Fund with each other Share. <span id="xdx_901_ecef--SecurityDividendsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3LvXN0eaBv6">Holders of Shares will be entitled to the payment
of dividends when declared by the Board.</span> <span id="xdx_902_ecef--SecurityVotingRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zAWYaRPV1fe1">Each whole Share shall be entitled to one vote as to matters on which it is entitled
to vote pursuant to the terms of the Charter on file with the SEC.</span> <span id="xdx_903_ecef--SecurityLiquidationRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zo1GJsyZd8h9">Upon liquidation of the Fund, after paying or adequately providing
for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they
deem necessary for the protection of the Directors, the Board may distribute the remaining net assets of the Fund among its Shareholders.</span>
<span id="xdx_90D_ecef--SecurityPreemptiveAndOtherRightsTextBlock_c20251023__20251023__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z5K2uP37SG26">Shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with Shares.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has no present intention of offering additional Shares, except as described herein in connection with the exercise of the
Rights. Other offerings of its Shares, if made, will require approval of the Board. Any additional offering will not be sold at
a price per Share below the then current NAV (exclusive of underwriting discounts and commissions) except in connection with an
offering to existing Shareholders or with the consent of a majority of the Fund&#8217;s outstanding Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund generally will not issue share certificates. The Fund&#8217;s Transfer Agent will maintain an account for each Shareholder
upon which the registration and transfer of Shares are recorded, and transfers will be reflected by bookkeeping entry, without
physical delivery. The Transfer Agent will require that a Shareholder provide requests in writing, accompanied by a valid signature
guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Outstanding
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_ecef--OutstandingSecuritiesTableTextBlock_dU_zO2s6kWpnux5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding the Fund&#8217;s authorized shares and shares outstanding as of <span>June
30, 2025</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(3)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(4)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Class&#160;</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount Authorized&#160;</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    Held By <br/>
Registrant or for its <br/>
Account</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    Outstanding <br/>
Exclusive of Amount <br/>
Shown Under (3)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecef--OutstandingSecurityTitleTextBlock_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbyBny56PkTd">Shares
    of Common&#160;Stock</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecef--OutstandingSecurityAuthorizedShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzPSS67yJrb">50,000,000</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecef--OutstandingSecurityHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zFry4ZSKIrB4">0</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecef--OutstandingSecurityNotHeldShares_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zOQL0x8KfcX6">12,990,705</span></span></td></tr>
</table>
<p id="xdx_850_zVsaqZNu0B24" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trading
and Net Asset Value Information</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>In the past, the Shares have traded at a
discount in relation to NAV. </i></b>Shares of closed-end investment companies such as the Fund frequently trade at a discount from NAV.
See &#8220;Risk Factors.&#8221; The Shares are listed and traded on the NYSE. The average weekly trading volume of the Shares during
the calendar year ended December&#160;31, 2024 was 93,475 Shares.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p id="xdx_840_ecef--SharePriceTableTextBlock_dU_zbTtJbAuv0P2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows for the quarters indicated: (i) the high and low sale price of the Shares on the NYSE; (ii) the high and
low NAV per Share; and (iii) the high and low premium or discount to NAV at which the Shares were trading (as a percentage of
NAV):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal<br/>
    Quarter <br/>
    Ended</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="2" id="xdx_484_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z3110c1B6d2k" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    Close</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="2" id="xdx_480_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zW3kxflnSNRi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    Close</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="2" id="xdx_486_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zasTYWcEyIll" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    NAV</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znsAuFR08OT3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    NAV</b></span></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="3" id="xdx_481_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zYOmxD35AwVa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/
                                            </b></span><br/>
                                            <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Discount) to</b></span></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
        NAV</b></span></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td colspan="3" id="xdx_482_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_ziuHO6lvRkrg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/</b></span></span></p>
                                                                                                     <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Discount)
                                            to</b>&#160;</span></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
        NAV</b></span></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr id="xdx_416_20230101__20230331_zmWu90tVy8M1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/31/2023</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.21</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.53</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 14.1pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.47</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 12.75pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.85</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-13.41</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-14.92</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></span></td>
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<tr id="xdx_410_20230401__20230630_zTnLVL1AZDUl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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<tr id="xdx_41A_20230701__20230930_zfQl6JwRHdx8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr id="xdx_419_20231001__20231231_zWtYX5kz2c03" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr id="xdx_419_20240101__20240331_zhXUdFBWDIwc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td></tr>
<tr id="xdx_412_20240401__20240630_zYPWQAPLI0q5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 14.1pt; text-align: right"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></td>
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<tr id="xdx_417_20240701__20240930_z4P7qzPtMGY8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_41D_20250101__20250331_zYis9P1DcPIl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_415_20250401__20250630_zGEZHsapYAo4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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<tr id="xdx_419_20250701__20250930_zlnqpKGidFR7" style="vertical-align: top">
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    <td style="width: 1%"><span style="-sec-ix-redline: true">&#160;</span></td>
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  </table>

<p id="xdx_850_zvSq8IZaNTba" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Repurchase
of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, pursuant to Section 23 of the Investment Company Act, purchase Shares on the open market from time to time, at such
times, and in such amounts as may be deemed advantageous to the Fund. Nothing herein shall be considered a commitment to purchase
such Shares. No limit has been placed on the number of Shares to be repurchased by the Fund other than those imposed by federal
securities laws. All purchases will be made in accordance with federal securities laws, with Shares repurchased held in treasury
for future use by the Fund. In determining to repurchase Shares, the Board will consider such factors as the market price of the
Shares, the NAV of the Shares, the liquidity of the assets of the Fund, the effect on the Fund&#8217;s expenses, whether such
transactions would impair the Fund&#8217;s status as a regulated investment company or result in a failure to comply with applicable
asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect
on the Fund&#8217;s ability to consummate such transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Additional
Provisions of the Charter </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Charter includes provisions that could have the effect of limiting the ability of other entities or persons to acquire
control of the Fund, or to cause it to engage in certain transactions or to modify its structure. Under the Charter, actions by
Shareholders may be taken by a vote of the majority of the outstanding Shares of the Fund, except that the vote of at least 75%
of the outstanding Shares of the Fund is required to authorize any of the following acts:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: justify"></td><td style="width: 0.25in; text-align: justify"><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">merger
or consolidation of the Fund with another corporation,</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         liquidation or dissolution of the Fund;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: justify"></td><td style="width: 0.25in; text-align: justify"><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">the
sale of all or substantially all of the assets of the Fund (other than in the regular course of the Fund&#8217;s investment activities);</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conversion
                                         of the Fund to an open-end investment company; or</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: justify"></td><td style="width: 0.25in; text-align: justify"><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">any
amendment to the Charter that reduces the 75% vote required to authorize the actions listed in (1)-(4) above.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors have determined that the 75% requirement described above, which is greater than the minimum requirements under the 1940
Act, is in the best interests of the Fund and its Shareholders generally. Please refer to the Fund&#8217;s Charter, on file with
the SEC, for the full text of these provisions. These provisions could have the effect of depriving Shareholders of an opportunity
to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of
the Fund in a tender offer or similar transaction and may have the effect of inhibiting the Fund&#8217;s conversion to open-end
status.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_849_ecef--OutstandingSecuritiesTableTextBlock_dU_zO2s6kWpnux5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding the Fund&#8217;s authorized shares and shares outstanding as of <span>June
30, 2025</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(3)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(4)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Class&#160;</b></span></p></td>
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<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount Authorized&#160;</b></span></p></td>
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Registrant or for its <br/>
Account</b></span></td>
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Exclusive of Amount <br/>
Shown Under (3)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecef--OutstandingSecurityTitleTextBlock_c20250630__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbyBny56PkTd">Shares
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</table>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_DeclineInTradingPriceMember', window );">Decline in Trading Price [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_zUyYJ7RIQq7i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Decline
in Trading Price: </i></b>If the Fund&#8217;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_ValueVersusSubscriptionPriceMember', window );">Value versus Subscription Price [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zT0zszzZWfU8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Value
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as expected future performance, cash flows or financial condition. You should not rely on the Subscription Price to bear a relationship
to those criteria or to be a guaranty of the value of the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zqzE7kurFkF9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Termination
                                            of Offering. </i></b>The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund has
                                            no obligation to you except to return, without interest, your subscription payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_RejectionOfExerciseOfSubscriptionRightsMember', window );">Rejection of Exercise of Subscription Rights [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zssa3WGxZ3ii" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rejection
of Exercise of Subscription Rights. </i></b>Rights Holders who desire to purchase Shares in the Offering must act promptly to ensure
that all required forms and payments are actually received by the Subscription Agent before the Expiration Date of the Offering, unless
extended. If you are a beneficial owner of shares of common stock, you must act promptly to ensure that your broker, custodian bank or
other nominee acts for you and that all required forms and payments are actually received by the Subscription Agent before the Expiration
Date. The Fund will not be responsible if your broker, custodian or nominee fails to ensure that all required forms and payments are
actually received by the Subscription Agent before the Expiration Date. If you fail to complete and sign the required subscription forms,
send an incorrect payment amount or otherwise fail to follow the subscription procedures that apply to your exercise in the Offering,
the Subscription Agent may, depending on the circumstances, reject your subscription or accept it only to the extent of the payment received.
Neither the Fund nor the Subscription Agent undertakes to contact you concerning an incomplete or incorrect subscription form or payment,
nor is the Fund under any obligation to correct such forms or payments. The Fund has the sole discretion to determine whether a subscription
exercise properly follows the subscription procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_DiscountToNetAssetValueNavMember', window );">Discount to Net Asset Value (NAV) [Member]</a></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueNavMember_dU_zJgPxuPZLLug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Discount to Net Asset Value (NAV)</i></b>.
The Fund&#8217;s shares of common stock have historically traded on the NYSE at a discount to the Fund&#8217;s NAV per share. On October
20, 2025, the last reported NAV per Share was $7.11 and the last reported sales price per Share on the NYSE was $5.99, which represents
a 15.75% discount to the Fund&#8217;s NAV per Share. There is no assurance that this Offering will not have an effect on the discount
to NAV experienced by the Fund.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_DilutionOfwnershipMember', window );">Dilution of Ownership [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfwnershipMember_dU_z5RsAvCeByD1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b><i>Dilution
of Ownership</i></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></b><span style="font: 10pt Times New Roman, Times, Serif">
As a result of the terms of this Offering, Shareholders who do not fully exercise their Rights will own, upon completion of this
Offering, a smaller proportional interest in the Fund than they owned prior to the Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_DilutionToNavMember', window );">Dilution to NAV [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNavMember_dU_zYsbkBO4TKEa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dilution
to NAV</i></b>. Shareholders would experience an immediate moderate dilution of the NAV of their Shares as a result of the completion
of the Offering because (i) the Subscription Price per share will be less than the Fund&#8217;s NAV per share, and (ii) the Fund
will incur expenses in connection with the Offering. This dilution would affect Record Date Shareholders to a great extent if
they do not exercise their Rights in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zqtZVjhGwK24" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Closed-End
Investment Company Risk. </i></b>The Fund invests in the securities of other closed-end investment companies. Investing in other
closed-end investment companies involves substantially the same risks as investing directly in the underlying instruments, but
the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such
other closed-end investment companies, including advisory fees. There can be no assurance that the investment objective of any
investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its
pro rata portion of the closed-end investment company&#8217;s expenses, including advisory fees. These expenses are in addition
to the direct expenses of the Fund&#8217;s own operations. To the extent the Fund invests a portion of its assets in investment
company securities, those assets will be subject to the risks of the purchased investment company&#8217;s portfolio securities,
and a shareholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the
expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
higher or lower than the NAV of such closed-end investment company. In accordance with Section 12(d)(1)(F) of the 1940 Act, the
Fund will be limited by provisions of the 1940 Act that limit the amount the Fund, together with its affiliated persons, can invest
in other investment companies to 3% of any other investment company&#8217;s total outstanding stock. As a result, the Fund may
hold a smaller position in a closed-end investment company than if it were not subject to this restriction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember', window );">Special Purpose Acquisition Companies (SPACs) Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesSpacsRiskMember_dU_zILvRstgsY99" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies (SPACs) Risk.</i></b> The Fund may invest in stock, warrants, and other securities of SPACs. Unless
and until an acquisition meeting the SPAC&#8217;s requirements is completed, a SPAC generally invests its assets (less a portion
retained to cover expenses) in U.S. Government securities, money market securities and cash. If an acquisition that meets the
requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity&#8217;s
shareholders. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions,
the value of their securities is particularly dependent on the ability of the entity&#8217;s management to identify and complete
a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the
volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered
illiquid, be subject to restrictions on resale, and/or may trade at a discount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_MarketRiskMember', window );">Market Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zquAr5SG2srh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk.</i></b> Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject
to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions
and other factors, which may negatively affect the Fund&#8217;s performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events affect the securities markets. Securities
markets also may experience long periods of decline in value. When the value of the Fund&#8217;s investments goes down, your investment
in the Fund decreases in value and you could lose money.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases
to the Fund&#8217;s NAV. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government
shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related
events and governments&#8217; reactions to such events have led, and in the future may lead, to economic uncertainty, decreased
economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events
may have significant adverse direct or indirect effects on the Fund and its investments. For example, ongoing armed conflicts
between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could
continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the
United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact
on certain Fund investments, as well as Fund performance. In addition, a widespread health crisis such as a global pandemic could
cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and
affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. The increasing
interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country
or region or events affecting a single or small number of issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption
of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings,
supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other
infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire
global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of
infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember', window );">Risk Related to Fixed Income Securities, including Non-Investment Grade Securities [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember_dU_z6MbNA44FCd9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. </i></b>The Fund may invest in fixed income securities,
also referred to as debt securities. Fixed income securities are subject to credit risk and market risk. Credit risk is the risk
of the issuer&#8217;s inability to meet its principal and interest payment obligations. Market risk is the risk of price volatility
due to such factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market
liquidity. There is no limitation on the maturities or duration of fixed income securities in which the Fund invests. Securities
having longer maturities generally involve greater risk of fluctuations in value resulting from changes in interest rates. The
Fund&#8217;s credit quality policy with respect to investments in fixed income securities does not require the Fund to dispose
of any debt securities owned in the event that such security&#8217;s rating declines to below investment grade, commonly referred
to as &#8220;junk bonds.&#8221; Although lower quality debt typically pays a higher yield, such investments involve substantial
risk of loss. Junk bonds are considered predominantly speculative with respect to the issuer&#8217;s ability to pay interest and
principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market
values for junk bonds tend to be very volatile, and those securities are less liquid than investment grade debt securities. Moreover,
junk bonds pose a greater risk that exercise of any of their redemption or call provisions in a declining market may result in
their replacement by lower-yielding bonds. In addition, bonds in the lowest two (2) investment grade categories, despite being
of higher credit rating than junk bonds, have speculative characteristics with respect to the issuer&#8217;s ability to pay interest
and principal and their susceptibility to default or decline in market value. The Fund&#8217;s investments in securities of stressed,
distressed or bankrupt issuers, including securities or obligations that are in default, generally trade significantly below par
and are considered speculative. There is even a potential risk of loss by the Fund of its entire investment in such securities.
There are a number of significant risks inherent in the bankruptcy process. A bankruptcy filing by an issuer may adversely and
permanently affect the market position and operations of the issuer. If an issuer of securities held by the Fund declares bankruptcy
or otherwise fails to pay principal or interest on such securities, the Fund would experience a decrease in income and a decline
in the market value of its investments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_MarketDiscountFromNetAssetValueNavRiskMember', window );">Market Discount from Net Asset Value (NAV) Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueNavRiskMember_dU_zobDZ0VDaCB3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Discount from Net Asset Value (NAV) Risk.</i></b> Shares of closed-end investment companies frequently trade at a discount from
their NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#8217;s NAV could decrease as a result
of its investment activities and may be greater for investors expecting to sell their Shares in a relatively short period following
completion of the Offering. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering likely being lower than NAV and (ii) the payment of certain
costs of the Offering. Whether investors will realize gains or losses upon the sale of the Shares will depend not upon the Fund&#8217;s
NAV but entirely upon whether the market price of the Shares at the time of sale is above or below the investor&#8217;s purchase
price for the Shares. Because the market price of the Shares will be determined by factors such as relative supply of and demand
for the Shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund
cannot predict whether the Shares will trade at, below or above NAV.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_LeverageRiskMember', window );">Leverage Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z9evCV2gDgzg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leverage
Risk</i>.</b> Transactions by underlying funds may give rise to a form of economic leverage. These transactions may include, among
others, derivatives, and may expose the underlying fund to greater risk and increase its costs. The use of leverage by underlying
funds may cause such funds to liquidate their portfolio positions when it may not be advantageous to do so to satisfy its obligations
or to meet any required asset segregation requirements. Increases and decreases in the value of an underlying fund&#8217;s portfolio
will be magnified when it uses leverage. Leverage, including borrowing, may cause an underlying fund to be more volatile than
if such fund had not been leveraged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zURPzSkc14Hg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defensive
Position Risk. </i></b>During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial
portion of its net assets in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances
and could miss favorable market developments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsAndFuturesRiskMember_dU_zDplWkOBpdGk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Options
and Futures Risk</i>. </b>Options and futures transactions can be highly volatile investments. Successful hedging strategies require
the anticipation of future movements in securities prices, interest rates and other economic factors. When a fund uses futures
contracts and options as hedging devices, the prices of the securities subject to the futures contracts and options may not correlate
with the prices of the securities in a portfolio. This may cause the futures and options to react to market changes differently
than the portfolio securities. Even if expectations about the market and economic factors are correct, a hedge could be unsuccessful
if changes in the value of the portfolio securities do not correspond to changes in the value of the futures contracts. The ability
to establish and close out futures contracts and options on futures contracts positions depends on the availability of a secondary
market. If these positions cannot be closed out due to disruptions in the market or lack of liquidity, losses may be sustained
on the futures contract or option. In addition, the Fund&#8217;s use of options and futures may have the effect of reducing gains
made by virtue of increases in value of the Fund&#8217;s common stock holdings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_SecuritiesLendingRiskMember', window );">Securities Lending Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--SecuritiesLendingRiskMember_dU_zZ27yiIoZ9N6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Securities
Lending Risk</i>.</b> Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely
basis, and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price
of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect
the Fund&#8217;s performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights
in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund would not have
the right to vote any securities having voting rights during the existence of the loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_ChangesInPoliciesRiskMember', window );">Changes in Policies Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zQ7frl3bOdR8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Policies Risk.</i></b> The Fund&#8217;s Directors may change the Fund&#8217;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"></p>





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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_PreferredStockRiskMember', window );">Preferred Stock Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zrki4st8Iaei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership
in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of
the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible
into common stock. Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like
debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings
or collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#8217;s
capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any
legal claims to specific assets or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination
and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its
discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the
board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred
stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#8217;s board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred stock, although the Fund&#8217;s Investment Adviser would consider, among other factors, their
non-cumulative nature in making any decision to purchase or sell such securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market
values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers&#8217; industries or sectors,
including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may
also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated
changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received
deduction for corporate taxpayers or the lower rates applicable to certain dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the claim on an issuer&#8217;s earnings represented by preferred stock may become onerous when interest rates fall below the rate
payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection
in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of
higher dividend paying preferred stocks may be reduced, and the Fund may be unable to acquire securities paying comparable rates
with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates
of return.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_ConvertibleSecuritiesRiskMember', window );">Convertible Securities Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zDCRocmwZ2Pf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities Risk. </i></b>The Fund may invest in convertible securities. Convertible securities include fixed income securities
that may be exchanged or converted into a predetermined number of shares of the issuer&#8217;s underlying common stock at the
option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible
bonds or debentures, units consisting of &#8220;usable&#8221; bonds and warrants or a combination of the features of several of
these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities
to be employed for a variety of investment strategies. The Fund will exchange or convert convertible securities into shares of
underlying common stock when, in the opinion of the Fund&#8217;s Investment Adviser, the investment characteristics of the underlying
common shares will assist the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible
securities. In selecting convertible securities, the Fund&#8217;s Investment Adviser evaluates the investment characteristics
of the convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital
appreciation. In evaluating these matters with respect to a particular convertible security, the Fund&#8217;s Investment Adviser
considers numerous factors, including the economic and political outlook, the value of the security relative to other investment
alternatives, trends in the determinants of the issuer&#8217;s profits, and the issuer&#8217;s management capability and practices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a convertible security, including, for example, a warrant, is a function of its &#8220;investment value&#8221; (determined
by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion
privilege) and its &#8220;conversion value&#8221; (the security&#8217;s worth, at market value, if converted into the underlying
common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors
may also have an effect on the convertible security&#8217;s investment value. The conversion value of a convertible security is
determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value,
the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases
as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds
the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible
security generally will sell at a premium over its conversion value by the extent to which investors place value on the right
to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption
at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. If a convertible
security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#8217;s
ability to achieve its investment objective.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zcDxKsONAPKa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer
Specific Changes Risk. </i></b>Changes in the financial condition of an issuer, changes in the specific economic or political
conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect
the credit quality or value of an issuer&#8217;s securities. Lower-quality debt securities tend to be more sensitive to these
changes than higher-quality debt securities.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z1Ds94ENJh68" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-Takeover
Provisions Risk.</i></b> The Fund&#8217;s Articles of Incorporation, as amended to date (the &#8220;Charter&#8221;) include certain
provisions that could limit the ability of other persons or entities to acquire control of the Fund or to cause it to engage in
certain transactions or to modify its structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_CommonStockRiskMember', window );">Common Stock Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zZT5Yn1ATpVh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Risk. </i></b>The Fund invests in common stocks. Common stocks represent an ownership interest in a company. The Fund may
also invest in securities that can be exercised for or converted into common stocks (such as convertible preferred stock). Common
stocks and similar equity securities are more volatile and riskier than some other forms of investment. Therefore, the value of
your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including
adverse events such as unfavorable earnings reports, changes in investors&#8217; perceptions of the financial condition of an
issuer, the general condition of the relevant stock market or when political or economic events affecting the issuers occur. In
addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase
for issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease
as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests are structurally
subordinated to preferred securities, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority
to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments
of such issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_ExchangeTradedFundsEtfsRiskMember', window );">Exchange Traded Funds (ETFs) Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsEtfsRiskMember_dU_zhXejp9vVzC4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exchange
Traded Funds (ETFs) Risk. </i></b>The Fund may invest in exchange-traded funds, which are investment companies that, in some cases,
aim to track or replicate a desired index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent,
actively managed, and their shares are traded on a national exchange. ETFs do not sell individual shares directly to investors
and only issue their shares in large blocks known as &#8220;creation units.&#8221; The investor purchasing a creation unit may
sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market.
There can be no assurance that an ETF&#8217;s investment objective will be achieved, as ETFs based on an index may not replicate
and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing
in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF&#8217;s
expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zFrmth9Jzc33" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Securities Risk</i>.</b> Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_zSdMh5N9p9da" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk.</i></b> The Fund cannot predict its securities portfolio turnover rate with certain accuracy. Higher portfolio
turnover rates could result in corresponding increases in brokerage commissions and may generate short-term capital gains taxable
as ordinary income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSaleRiskMember_dU_zYHTF218nsW3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Short
Sale Risk</i>.</b> When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the
obligation to pay an amount equal to that dividend to the lender of the shorted security. By closing out the short position prior
to the ex-dividend date, such dividend expenses are avoided. The Fund&#8217;s actual dividend expenses paid on securities sold
short may be significantly higher than 0% of its managed assets due to, among other factors, the actual extent of the Fund&#8217;s
short positions (which may range from 0% to 30% of managed assets), the actual dividends paid with respect to the securities the
Fund sells short, and the actual timing of the Fund&#8217;s short sale transactions, each of which may vary over time and from
time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=swz_SmallAndMediumCapCompanyRiskMember', window );">Small and Medium Cap Company Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zuS9ZIV55on8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Small
and Medium Cap Company Risk. </i></b>Compared to investment companies that focus only on large capitalization companies, the Fund&#8217;s
share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies,
small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses,
(ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large
cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market
values, be harder to sell at times and at prices that the Fund&#8217;s Investment Adviser believes appropriate, and offer greater
potential for gains and losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually
cash, U.S. government securities or other liquid securities. The Fund will also be required to designate on its books and records
similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times
at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from
which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not
receive any payments (including interest) on its collateral deposited with such broker-dealer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased,
and any loss increased, by the transaction costs described above. Although the Fund&#8217;s gain is limited to the price at which
it sold the security short, its potential loss is unlimited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating
the loss. Short selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on
the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, its investment adviser
is under no obligation to utilize short sales at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
requirements of the 1940 Act and the Code provide that the Fund not make a short sale if, after giving effect to such sale, the
market value of all securities sold short by the Fund exceeds 30% of the value of its managed assets.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_za2vWcitJPZ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Risk</i>.</b> Although the Fund will report its NAV and pay expenses and distributions in U.S. dollars, the Fund may
invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency
exchange rates will affect the U.S. dollar value of the Fund&#8217;s investment securities and NAV. For example, even if the securities
prices are unchanged on their primary foreign stock exchange, the Fund&#8217;s NAV may change because of a change in the rate
of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more
volatile than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign
currency depreciates against the dollar (<i>i.e.</i>, if the dollar strengthens), the value of the existing investment in the
securities denominated in that currency will decline. When a given currency appreciates against the dollar (<i>i.e.</i>, if the
dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign
countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors
located outside of the country, due to a blockage of foreign currency exchanges or otherwise.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_zX0xQyzlnETk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk.</i></b> Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a
debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage
securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for
the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the
security&#8217;s price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the
same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react
to changes in long-term interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>





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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">c/o Bulldog Investors,
    LLP<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Park 80 West |
    250 Pehle Avenue, Suite 708<span></span>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Saddle Brook<span></span>
</td>
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<td class="text">NJ<span></span>
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<td class="text">07663<span></span>
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<td class="text">Andrew
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</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">$ 6.00<span></span>
</td>
<td class="nump">$ 6.13<span></span>
</td>
<td class="nump">$ 7.57<span></span>
</td>
<td class="nump">$ 7.49<span></span>
</td>
<td class="nump">$ 8.04<span></span>
</td>
<td class="nump">$ 7.50<span></span>
</td>
<td class="nump">$ 7.79<span></span>
</td>
<td class="nump">$ 7.12<span></span>
</td>
<td class="nump">$ 7.56<span></span>
</td>
<td class="nump">$ 7.97<span></span>
</td>
<td class="nump">$ 7.53<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">6.33<span></span>
</td>
<td class="nump">9.38<span></span>
</td>
<td class="nump">9.22<span></span>
</td>
<td class="nump">8.93<span></span>
</td>
<td class="nump">9.03<span></span>
</td>
<td class="nump">8.27<span></span>
</td>
<td class="nump">8.25<span></span>
</td>
<td class="nump">8.20<span></span>
</td>
<td class="nump">8.56<span></span>
</td>
<td class="nump">8.37<span></span>
</td>
<td class="nump">8.21<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">6.93<span></span>
</td>
<td class="nump">6.94<span></span>
</td>
<td class="nump">8.90<span></span>
</td>
<td class="nump">8.89<span></span>
</td>
<td class="nump">9.57<span></span>
</td>
<td class="nump">8.94<span></span>
</td>
<td class="nump">9.27<span></span>
</td>
<td class="nump">8.60<span></span>
</td>
<td class="nump">8.91<span></span>
</td>
<td class="nump">9.39<span></span>
</td>
<td class="nump">8.85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">$ 7.19<span></span>
</td>
<td class="nump">$ 9.93<span></span>
</td>
<td class="nump">$ 10.17<span></span>
</td>
<td class="nump">$ 10.23<span></span>
</td>
<td class="nump">$ 10.57<span></span>
</td>
<td class="nump">$ 10.00<span></span>
</td>
<td class="nump">$ 9.75<span></span>
</td>
<td class="nump">$ 9.78<span></span>
</td>
<td class="nump">$ 10.09<span></span>
</td>
<td class="nump">$ 10.13<span></span>
</td>
<td class="nump">$ 9.47<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="top.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">(12.10%)<span></span>
</td>
<td class="num">(5.54%)<span></span>
</td>
<td class="num">(9.73%)<span></span>
</td>
<td class="num">(12.71%)<span></span>
</td>
<td class="num">(15.80%)<span></span>
</td>
<td class="num">(17.30%)<span></span>
</td>
<td class="num">(15.38%)<span></span>
</td>
<td class="num">(17.38%)<span></span>
</td>
<td class="num">(15.56%)<span></span>
</td>
<td class="num">(17.77%)<span></span>
</td>
<td class="num">(13.41%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">(12.41%)<span></span>
</td>
<td class="num">(7.78%)<span></span>
</td>
<td class="num">(9.55%)<span></span>
</td>
<td class="num">(14.62%)<span></span>
</td>
<td class="num">(15.67%)<span></span>
</td>
<td class="num">(16.11%)<span></span>
</td>
<td class="num">(15.97%)<span></span>
</td>
<td class="num">(16.98%)<span></span>
</td>
<td class="num">(14.81%)<span></span>
</td>
<td class="num">(15.12%)<span></span>
</td>
<td class="num">(14.92%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">$ 5.99<span></span>
</td>
<td class="nump">$ 6.34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.49<span></span>
</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">$ 8.20<span></span>
</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">$ 7.56<span></span>
</td>
<td class="nump">$ 9.94<span></span>
</td>
<td class="nump">$ 8.94<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="top.Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">NAV Per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.11<span></span>
</td>
<td class="nump">$ 7.13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.94<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.76<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.80<span></span>
</td>
<td class="nump">$ 11.50<span></span>
</td>
<td class="nump">$ 10.45<span></span>
</td>
<td class="nump">$ 9.71<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">(15.75%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">Holders of Shares will be entitled to the payment
of dividends when declared by the Board.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">Each whole Share shall be entitled to one vote as to matters on which it is entitled
to vote pursuant to the terms of the Charter on file with the SEC.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">Upon liquidation of the Fund, after paying or adequately providing
for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they
deem necessary for the protection of the Directors, the Board may distribute the remaining net assets of the Fund among its Shareholders.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_SecurityPreemptiveAndOtherRightsTextBlock', window );">Security Preemptive and Other Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with Shares.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Shares
    of Common&#160;Stock<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="text">&#160;<span></span>
</td>
<td class="nump">12,990,705<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="19"></td></tr>
<tr><td colspan="19"><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">There
    will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever
    Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of
    brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent
    are subject to a fee of $15 plus a sales commission of $0.10 per Share.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Assuming
    the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to
    be approximately $218,266 or approximately $0.0084 per Share.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">The
    Fund&#8217;s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through
    a monthly advisory fee at an annual rate of 1.00% of the Fund&#8217;s average weekly total assets, deducting all officer and
    director fees paid to those officers and directors of the Fund (other than the Fund&#8217;s Chief Compliance Officer) affiliated
    with Bulldog.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The
    Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
    indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund
    fees and expenses are based on estimated amounts for the current fiscal year.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">&#8220;Other
    Expenses&#8221; are based on estimated amounts for the current fiscal year.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">The
    example assumes that the estimated &#8220;Other Expenses&#8221; set forth in the Annual Expenses table remain the same each
    year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed.
    The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize
    any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund&#8217;s actual rate
    of return will vary and may be greater or less than the hypothetical 5% annual return.</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_AcquiredFundFeesAndExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 10<br> -Subparagraph a, g, h<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AcquiredFundFeesAndExpensesPercent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
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</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AnnualExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AnnualExpensesTableTextBlock</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_BusinessDevelopmentCompanyFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_DividendReinvestmentAndCashPurchaseFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<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_cef_ExpenseExampleYear01">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<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_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InterestExpensesOnBorrowingsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityAuthorizedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityAuthorizedShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityNotHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityNotHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RegisteredClosedEndFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_SecurityPreemptiveAndOtherRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 5<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SecurityPreemptiveAndOtherRightsTextBlock</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_UnderwritersCompensationPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_UnderwritersCompensationPercent</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of changes contained within amended document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_EntityAddressAddressLine2</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_PreEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_DeclineInTradingPriceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_DeclineInTradingPriceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_ValueVersusSubscriptionPriceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_ValueVersusSubscriptionPriceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_TerminationOfOfferingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_TerminationOfOfferingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_RejectionOfExerciseOfSubscriptionRightsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_RejectionOfExerciseOfSubscriptionRightsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_DiscountToNetAssetValueNavMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_DiscountToNetAssetValueNavMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_DilutionOfwnershipMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_DilutionOfwnershipMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_DilutionToNavMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_DilutionToNavMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_ClosedEndInvestmentCompanyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_ClosedEndInvestmentCompanyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_SpecialPurposeAcquisitionCompaniesSpacsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_MarketRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_MarketRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_RiskRelatedToFixedIncomeSecuritiesIncludingNonInvestmentGradeSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_MarketDiscountFromNetAssetValueNavRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_MarketDiscountFromNetAssetValueNavRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_LeverageRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_LeverageRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_DefensivePositionRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_DefensivePositionRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_OptionsAndFuturesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_OptionsAndFuturesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_SecuritiesLendingRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_SecuritiesLendingRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_ChangesInPoliciesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_ChangesInPoliciesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_PreferredStockRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_PreferredStockRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_ConvertibleSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_ConvertibleSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_IssuerSpecificChangesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_IssuerSpecificChangesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_AntiTakeoverProvisionsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_AntiTakeoverProvisionsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_CommonStockRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_CommonStockRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_ExchangeTradedFundsEtfsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_ExchangeTradedFundsEtfsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_ForeignSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_ForeignSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_PortfolioTurnoverRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_PortfolioTurnoverRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_ShortSaleRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_ShortSaleRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_SmallAndMediumCapCompanyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_SmallAndMediumCapCompanyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=swz_ForeignCurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=swz_ForeignCurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=us-gaap_InterestRateRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=us-gaap_InterestRateRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Oct. 21, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></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="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000813623<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">TOTAL
RETURN SECURITIES FUND<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-290708<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">N-2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">N-2/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</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_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</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_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd: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_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</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_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</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_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_RegnFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd: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_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</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_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd: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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Oct. 21, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></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="top.Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Shares
    of common stock, par value $.001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 77,957,220.71<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 10,765.89<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Estimated&#160; pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) solely for the purpose of determining the registration fee.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</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_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</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_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</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_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</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_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</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_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</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_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</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_ffd_Rule457oFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="top.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 457<br> -Subsection o<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_Rule457oFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</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_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Oct. 21, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 77,957,220.71<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">10,765.89<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">10,765.89<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</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_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</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_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</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_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_TtlOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</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_ffd_TtlOffsetAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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></p></div>
<a href="javascript:void(0);" onclick="top.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;">ffd_TtlOffsetAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</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>
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